Jimmy Butler of the Miami Heat has been hit with a lawsuit over by his former management company over a lucrative sportswear brand deal.
According to The Blast, Butler’s former management company claims the basketball star screwed them over after they helped him land a $5 million deal with Nike.
The Blast obtained documents that reveal Independent Sports & Entertainment is suing Butler for breach of contract.⠀
Allegedly back in 2013, Butler signed with the company to help with marketing and public relations. Per their agreement, Butler was supposed to pay “15% of the Gross Compensation, paid to, earned by, or credited to the Athlete in connection with each such Activity.”
According to The Blast, their agreement had a “Gross Compensation” agreement, meaning all sources of income, salaries, earnings, royalties, residuals, bonuses, percentages, and shares of profits.
However, following Butler’s $5 million Nike deal, Independent Sports & Entertainment claims Butler failed to pay up.
“While under the PR Agreement, Butler entered into a contract with Nike. Butler was paid over $616,666.67 in compensation on the Nike contract,” the lawsuit states. “[Butler] failed to pay fees owed to ISE on $616,666.67 in compensation he warned from the Nike Contract which consists of base compensation and performance base payments, and thus owes $92,250 for such compensation.”
Of the $5,000,000 received from Nike from the four-year deal, Independent Sports & Entertainment believes they are entitled to $750,000.
As a result, the company is suing Butler for $842,250 in unpaid commissions as well as interest and attorney fees.
The company is also demanding that Butler reveal the full amount of money he’s received.
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
