Chief Keef

Court Releases Documents on Chief Keef $6 Million Record Deal


(AllHipHop News) A Cook County, Illinois chancery court released information that details Chief Keef’s record contract.

The agreements became public due to the fact that the controversial Chicago rapper is a minor (17-years-old) and thus, his contract needs a judge’s approval.

The three album deal is reportedly worth $6 million, but is incentivized throughout as it is based on record sales and other metrics.

According to DNAinfo.com, Chief Keef reportedly will be given a $440,000 advance, half of which Chief Keef’s legal guardian and Grandmother, Margaret Carter will administer in a trust fund.

In addition, the rapper received over $300,000 to record his project, Finally Rich, which sold 50,000 copies in its first week of sales.

The deal also states that if Keef doesn’t sell at least 250,000 records by December 2013, Interscope reserves the right to drop the subsequent album releases which include two albums and a compilation record.

Chief Keef’s “Glory Boyz Entertainment” also known as GBE, received another $440,000 advance that states that his manager, Rovan Manuel, will be paid at least 180,000.

It also states that 15% of Chief Keef’s advance money will be put in his aforementioned trust fund, although Interscope Records reserves the right to terminate the Glory Boyz deal if Interscope’s losses exceed $4.5 million.

According to the GBE deal, Chief Keef and Rovan Manuel each own 40 percent of the record label, which will be a subsidiary of Interscope.

Also, GBE’s Fredo Santana is to receive $40,000 in advance and received 10-percent interest in the GBE label, while Chief Keef’s uncle Alonzo Carter and Anthony H. Dade also holds 5-percent interest in the GBE’s imprint.

GBE also receives $200,000 for “overhead” expenses associated with offices, travel, entertainment, salary cost and additional money for marketing.

Currently, Chief Keef is in a juvenile detention center for 60 days after he violated his probation in a Pitchfork Media interview last year in New York at a gun range.

Chief Keef will see a judge again on March 14th at which point he may be released from custody.

More news as details emerge.

  • Choppa

    #300

  • Sean Taylor

    booooooootay

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  • Linux

    6 million dollar deal more like 6 million dollar LOAN this kid is gonna get pimped….

  • s0rethumb

    The contingencies are unreachable for an artist like Chief Keef. 250,000 he and his posse will be an Interscope write off by Summer.

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  • Dointer

    Damn, he should be trying to make friends in Chicago rather than beefing if he ever wants to make 250,000 by December.

  • Sir_Salty_Mcginty

    So with all of the advances and what not this kid is in the hole for over 1.4 million. That boy had better work that a$$ off when he gets outta the bing.

  • Tre C

    he better come out and perform EVERY show possible. How’s his album supposed to sell 250k?

  • Kayne Ysmg

    Sum of y’all R stupid, he’z already sold a lil ova 100k in a month so how do y’all figure he can’t sell anutha 150k in 12monthz??

    • Harriet__Tubman

      he only sold 50k wheres ur sources?

      • AK

        nah that was first week he is well over 100k right now

      • brotha_man

        so u actually think he will reach 250k by dec? u are either optimistic or gulliable

      • JusNathaniel

        if he sold 100k in 1 and a half months why wouldnt he be able to sell another 150 in 11 more months dont be silly

      • acb87

        hes at 106,000 right now he has about 48 weeks to move another 150k, he doing about 4-5 k a week right now with no real singles out or video. all he needs to to drops vids for the ross track, wiz/50 track and the french montana track. he can do it and its not outrageous to think so.

      • Sir_Salty_Mcginty

        He didn’t show up for the 50 and Wiz video. Had cats waiting around and sh@t. That boy just ain’t right.

      • FOLK103

        because he didnt want to shoot it when he could do it with a iphone and it would get the same attention lol

      • Harriet__Tubman

        again…where’s your sources? LOL u cant just assume shit bro.

      • AK

        its called soundscan

      • FOLK103

        FIRST WEEK U IDIOT LMFAO wow

      • thats first week idiot he sold 123,000 now

      • Harriet__Tubman

        and i posted that comment a month ago idiot.

  • EQ

    luck and hard work might not be enough for this kid to sell more than 250,000,he for damn sure doesnt have the talent..

  • All that is before Taxes, accounting and legal fees

    • johnblacksad

      Ouch!

  • doo doo butter

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  • OaklandOxymoron

    So basically, he’ll be dropped by December…

    • FOLK103

      he will be at 250k

  • coast

    A 6 mill loan, that’s that shit I don’t like.

  • vinsanity

    reminds me of O-Dogg

  • Harriet__Tubman

    Man he’s not getting paid SHIT! $440,000 advance in which HALF goes in a trust fund. That means as far as POCKET MONEY this nigga only has $110,000!!! And thats all he’s gonna get too because he ain’t selling no 250,000 records by next year. Plus a venue in London is suing him for $80,000 for a no show. Plus this nigga has THREE baby mommas!!!! Lawyers, managers,baby mommas, food, clothes, “bling”, freeloaders= NO MONEY. #moremoneymoreproblems

    • How you got three baby moms and one kid?

      • Harriet__Tubman

        How do you look like a female and a male at the same time?

      • Papi Peligro

        Tracy Chapman.

      • Quit flirting and answer my question.

      • FOLK103

        i dnt know about three but he told judge he just got a kid last month so he was 2 atleast

  • AK

    idc what anyone says for a 17 year old to have that much money hes living the life other then being locked up for a lil he is still set when he is out not like he needs to fnd a job

    • ThatBostonMan

      Just goes to show hes an idiot. If any of us got 6 million at 17 while we might not know what to do with it we damn sure wouldn’t be getting arrested and trying hard to not make more money. He has the chance of a lifetime which most people who work their whole lives will never get. Many rappers with more talent than him never get a 6 million dollar deal.

    • Celz

      He got a business investment not 6 mil cash.. Dude is a thousandaire fa sho his paper is long.. but it’s not that long.. Over the next few years (or 10 months if he doesn’t sell 200,000 more albums) him and his uncles should be able to make at least a cool 100,000 each a year take home that’s damn good money.. But that money desperately needs to be invested and he needs a new way to make money after his days as a music entertainer come to an end. If he can make it as an artist then music trends are irrelevant and he’ll have a long career, but that’s a big if. If not he needs good investments and a stable, legal business to keep that six figure salary coming in..

      • Weedras

        based on his current actions he seems more interested in the gang life rather than finding ventures to flip his money… needs to take a cue from Shia Lebeouf dude dropped 20k in a Wall Street account and within 3months money was flipped to 300k and this was in 010/011 in the recession… lets hope someone out the bunch has some sense to protect the cents…

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  • The vigilant thing to do with an advance is to put a chunk of it in equities and only keep liquid what is NEEDED for the immediate future (5-8 months). The gains can help offset the debt. And only having so much liquid is just good practice. Let show money be blow money… And I’m not talking about cocaine. Also, instead of copping a fully loaded Benz for $85k + mods/labor, cop a fully loaded Nissan Maxima for $35k + mods/labor… After 3-4 years depreciation, the Benz would only be worth about $5-$10k more than the Maxima anyway. Buy a property that’s not so expensive that taking care of property taxes and homeowner’s insurance on a regular wage is doable…

    • LikkleGal BigGun

      Realest shit ever written

    • Celz

      Hey bro.. Where do poppin bands at birds fit in? /s

    • someone share this shit with his ENTIRE GBE…word up

    • Fck that Maixma sh*T you a citizen watch wearer that aint no rolex….who keeping a new benz 3 or 4 years, N8gga switch up when the years change, take a 100k and cop 4 bricks and break them sh*ts down sellin by the gram, thats what them GBE n8ggas is there for,…. thats coming back to 350k, open up a laundry mat and a car wash,…. buy a whole bunch of guns, hit the halfway house and start recruiting after a good 18 month run, switch ya style up cuz the Feds coming, relocate different state different city and do the same sh*t again

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  • ThatBostonMan

    6 million dollar deal?! WTF? He’s not worth 6 million. He needs all the money he can get just so he can survive the next few years though.

    • 1) You underestimate the reach of record companies… When you consider their reach, you will understand not only the value of recording artists (even the seemingly crappiest of artists) but the value of actors, athletes, etc. Besides, while the internet has shrunk the industry, it’s expanded the playing field. 2) Look at $6 million as a cap! If this nigga ended up with a huge record, his compensation would be capped at $6 million… That’s not the record company necessarily doing him a favor, that’s them covering bases.

  • nombree

    am gunna go buy this album just to make sure he dont get drop YALL DO THE SAME THING lol dont even google sosa if you dont like him go listen to some ASAP ROCKY OR KENDRICK IF IT AINT YOUR THING NO DEEN TO DISS KEEP IT BLISS

  • Dadon850

    Chief Keef rap skills make Trinidad James look like Rakim.. He’ll end up 6 mil in the hole. Dude dont have enough common sense to make that wack contract work for him.

  • Bossladi Thomas

    Quiet as kept,he broke already,sad story.hate to this he already dead just to evil to lay down.

  • Yeah “rappers get there money off of tours”
    you dont make money off albums.

    Singles and Tours and shows is where rappers get there money.

    but chief keef deal is kinda sad

    • Celz

      Niccas don’t get tour money no more lol.. These niccas aint Nelly, cats is signed to 360 deals most of the time and the label gets show money.. Hopefully he gets his but standing up an Overseas show and 50 and Wiz aint a good look..

  • iamKingG

    this fool is broke

  • Damn Sosa should have just signed to Puff cause he damn sure ain’t selling 200k more units in 11 months.

    • Weedras

      had he gone there he would be in Bad Boy oblivion…

    • FOLK103

      he is over 100k he will

      • Gross Bro

        A year later and he still haven’t hit 200k LOL

      • FOLK103

        FALSE. he actually did over 200k long time ago

      • Charter

        False. He didn’t. And for which he has been DROPPED!

  • Geese Malteese

    This kid’s gonna get raped & pillaged!!!

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  • Abrasive Angel

    Let’s see if he does a Tupac when he gets out or continue to bury himself along with his career being a dumbass goon.

  • WillVetterGoodin

    Hope this lame gets dropped, nothing like another great role model for our youth right?

    • Charter

      AAAnnnnd he got dropped LOL

  • ImaFoolBoy

    I hate to say this…but after reading the details of that contract I will be surprised if he is not in debt in 2 years…shit maybe 1 year

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  • MR.DARK MENTAL

    If you don’t know ’bout this business by now…check it negative press is the way this business is ran. first if you did’nt know him then! look!! you know him now and one thing i know is people flock to the negative side of things, sayin’ A lot people now wanna know what the fuss is about now the tv shows radio,internet,news paper, news day and night wanna keep you posted, throw guns in the mix and what do you get is thousand and thousands of viewer cause everybody is tuned in to see what happens next, THINK OUTSIDE THE BOX!! once they flip the script watch them numbers grow cause everybody loves change. you’ll get the meaning keep watching….

  • Steeve

    Chief keef in jail? Those convicts love sosa, yo rap days is ova. Better not drop the soapa, you might get bent ova. BANG BANG