Jay Z’s Roc Nation Sports is being sued for $20 million by two boxing promoters for trying to steal top fighter, Demetrius Andrade, away from an existing deal.
Per New York Daily News, Joe DeGuardia (Star Boxing) and Artie Pelullo (Banner Promotions) are claiming that Roc Nation initially agreed to pay the 27 year old undefeated fighter $550,000 to drop out of a fight already negotiated by DeGuardia and Pelullo. The fight was set to air on Showtime last December.
This was part of a plan by Roc Nation to sign Andrade as a client. Roc Nation reps persuaded Andrade to drop the Showtime fight and his existing promoters so that the company could negotiate a bigger and better deal with HBO. Andrade eventually dropped out of the match, but was never paid, the suit claims, and “no serious efforts” were made to buyout the fighter’s contract.
“Roc Nation’s promise to Andrade was made under false pretenses, namely, that Roc Nation was negotiating to purchase Andrade’s contract from the promoters and thereafter would negotiate a more lucrative bout for Andrade on HBO,” the official filing states. “Ultimately, Andrade agreed to Roc Nation’s false inducements and spurned the professional boxing match the promoters had negotiated with Showtime.”
The filing against Jay-Z’s agency is seeking $20 million and punitive damages on the basis that Roc Nation acted “willfully, maliciously, recklessly, wantonly and with intent to injure Star Boxing and Banner Promotions.”
Per New York Business Journal, DeGuardia and Pelullo are also aggravated that their relationship with Showtime has been irreversibly damaged.
To learn more about Roc Nation Sports please visit http://www.rocnation.com/sports/
To learn more about Star Boxing please visit http://www.starboxing.com/
To learn more about Banner Promotions please visit http://www.banner-promotions.com/