Baller Alert It's a lifestyle!
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.
