(EXCLUSIVE) 50 Cent Agrees to Void Contract With His Boxer, Receives 3 Year Commission Off Fighter
theJasmineBRAND.com exclusively reports, 50 Cent (real name Curtis Jackson) has finally given up his battle with his boxer, Ryan Martin, who was signed to the rapper, actor and business man’s boxing company SMS Promotions by reaching an agreement to let the fighter out of his contract — but the deal has 50 still profiting a ton of cash off the boxer for the next 3 years.
Martin filed docs in SMS Promotions bankruptcy last year, demanding his contract with 50 Cent’s company be voided and he be allowed to work with others, accusing the rapper of screwing him over by failing to promote him at the height of his career.
As previously reported, 50 Cent’s boxing company SMS Promotions filed for Chapter 11 bankruptcy last year stating it had between 100k – 600k in debt, only 3 years after it launched strong by signing various boxing champs.
Back in September, lightweight champ Ryan Martin filed docs in the bankruptcy explaining he is 22-years-old and he needs fights to move up in the ranks of boxing. He explained he is currently 13-0 with his fights.
Martin said he entered into a contract with 50’s company back in 2013, where SMS Promotions promised to market and promote him as a professional boxer and hold 20 bouts for him over 5 years. Per their deal, Martin agreed to work exclusively with SMS and not sign with any other companies.
He said that since the deal was signed SMS has only coordinated and promoted 1 bout for him. Martin blasted 50’s company saying they have failed in every aspect as a promotion company and ruined his finances by not marketing him as a sports personality and failed to develop him into a superstar
Martin explained since SMS Promotions filed for bankruptcy they had not done a single thing to advance his career. He claimed that a boxing career is short and having to wait any longer will ruin his chances at being a household name. He said he was worried he is missing opportunities and he will continue to lose out on these jobs if he is forced to stay in his contract.
He pled for the bankruptcy judge to void his deal SMS and allow him to freely sign with another company to promote his career.
50 Cent responded, explaining the boxer was provided a state of the art boxing gym and training facilities and despite the company’s bankruptcy he said they planned to get back to business as soon as their debt was restructured.
SMS said their boxer had fought in a total of 14 fights since he signed with them, well over the 11 bouts the contract stated he would and more than most fighters his age.
They claimed they spent countless hours promoting Martin in the boxing world. SMS pointed out 2 of his fights were even broadcast on ESPN. Further, he was even featured in one of 50 Cent’s music videos as promotion.
SMS said they even offered a bout for Martin recently but he refused since he is attempting to void his contract. 50 Cent demanded the boxer’s attempt to breach their deal be shut down by the judge.
Then on March 15th, docs were filed by SMS and Ryan Martin explaining they had reached a settlement agreement in the case. Per the deal, Martin will be allowed out of his contact with the boxing promotion company.
However, the company will be paid a total of 20% from Martin or his new promoter on all future gross purse earnings per fight for the next three years. 50 Cent will also be paid the percentage on any signing bonus his former boxer is paid along with any sponsorship money he pulls in. The agreement will release all claims against the parties.
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