While still in jail for his RICO case from last May, Young Thug is facing yet another massive legal battle. AEG Presents, a concert promoter, is now suing the rapper for $6 million.
With the RICO case still pending and multiple felony charges still pending, it appears that Young Thug’s fortune may be in jeopardy.
Aside from having to pay a hefty sum, he risks losing the YSL brand, as well as his own name, Young Thug.
According to All Hip-Hop, Young Thug is being sued for another breach of contract. According to reports, he received an “exorbitant” advance of $5 million from his concert promoter, AEG Presents.
AEG is requesting a refund of the amount paid for the exclusive rights to Thugger’s concert. According to the complaint, the rapper allegedly breached the contract after agreeing for the advance in 2017 – claiming that despite AEG owning the rights to his concert, Young Thug canceled the shows but continued to collect performance fees.
The problem with AEG began long before he was arrested in May on RICO and other felony charges.
AEG pointed out:
“Despite having granted AEG the exclusive right to promote Mr. Williams’ concert performances under the terms of the 2017 Artist Agreement, YSL and Mr. Williams immediately failed and refused to honor their respective obligations under the 2017 Artist Agreement by, among other things, disregarding AEG’s rights, performing concerts without AEG’s involvement, and retaining all proceeds generated therefrom.”
AEG is seeking $6 million in total damages, including attorney fees, among other things. The trial was supposed to take place in October, but because Thugger was still imprisoned, he was unable to attend and will now be tried in October 2023.
Aside from the $6 million, Young Thug may lose his name trademark and YSL brand rights.
According to the most recent data on Young Thug’s net worth, he would go bankrupt with that loss.
Young Thug’s net worth is only $8 million, according to Celebrity Net Worth. So, if he is convicted and fined $6 million, he may be left with only $2 million.
But, with so many lawsuits already pending against him, Thugger could go bankrupt while rotting in jail if he doesn’t make a strong case to defend himself on the charges.