30
Nov
2015

(EXCLUSIVE) 50 Cent Denies Owing Boxer $1.1 Million

Written by TJB Writer in Blog
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50 cent boxing lawsuit-the jasmine brand

theJasmineBRAND.com exclusively reports, 50 Cent has returned to court in the nasty battle with one of the top fighters signed to his promotion company — blasting the fighter for lying about being owed $1.1 million + from the rapper’s company, this according to documents filed in bankruptcy court.

As previously reported, the rapper’s boxing company SMS Promotions filed for Chapter 11 bankruptcy stating it had between 100k – 600k in debt, only 3 years after it launched strong by signing Gamboa and other champs James Kirkland and Andre Dirrell.

According to court docs in the bankruptcy, SMS Promotions stated their liabilities over $2.3 million dollars and only $644,903 in assets.

Yuriorkis Gamboa

Yuriorkis Gamboa

At the time, Gamboa spoke publicly stating, “I will support 50. He has always been a good friend and supporter” and “Regardless 50 can count me in his corner no matter what.”

However, the boxing champ has now filed docs in SMS Promotions bankruptcy demanding the court void his contract with the company and let him be free to sign with another co.

Gamboa explained that he signed a contract with 50’s company back in 2012. The deal stated that he would be offered a minimum of 3 bouts per contract year. Per the deal, SMS would have the exclusive rights to produce, publicize, market and promote his fights. Further, the boxer agreed not to work with any other promoters or fight in any other matches not put on by SMS Promotions.

The boxer said that the company has failed to provide him with the 3 fight minimum required per the contract — however, he cannot terminate the deal without their consent and therefore he is stuck in limbo and his career is being ruined as a result.

The boxer stated that SMS refuses to communicate with him or his legal team about the state of his contract and he believes they plan on continuing to breach their deal with him. He said he continues to put in countless hours training for a fight that probably won’t ever happen with SMS.

He pleaded with the court to terminate the contract with SMS and let him sign with another company so his career doesn’t die.

Then on October 21st, 50’s company fired back at Gamboa’s attempt to get out of his contract and demanded the court NOT void their agreement with him.

[READ MORE ON THE NEXT PAGE.]

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  • gigi

    This guy need to get a Good Attorney and Collect his $$$…#Truth