Bacardi Claims Jay-Z Backed Out Of D’Usse Sale
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Jay-Z has allegedly backed out of the “handshake deal” in place between himself and Bacardi over D’usse.
Back in October, it was reported that the Roc Nation mogul was seeking to sell his stake in D’usse to Bacardi. His entity, SC Liquor, “negotiated [a 50-50 deal] in good faith” with Bacardi’s subsidiary, Empire Investments Inc. according to those reports. But now, according to TMZ, Bacardi claims Hov “abruptly reneged on its agreement and doubled its demanded valuation.” They also have issue with his attempt to “outrageously inflate” the price.
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The outlet also reported that the Brooklyn native feels he’s being lowballed. He believes Empire Investments Inc., is attempting to “stall and stonewall” the deal.
Prior to rumors of the sale, the 52-year-old rapper sued Bacardi, claiming lack of financial transparency in their partnership. In the lawsuit, Hov demanded access to all of D’usse’s books and records, as well as the locations of all its warehouses and barrel storages.
According to court documents, SC Liquor stated it needs to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” a partner with the company. The legal team also mentioned, “Empire sought to stall and stonewall SC’s efforts in an attempt to wrest SC’s 50% membership interest in D’Usse at a cheaper price by, among other things, refusing to provide necessary information,” Billboard reports.
Hov and Bacardi have co-owned D’Usse since 2012, after which the rapper pushed the cognac to prominence through his hit records and lavish lifestyle.
A hearing on the lawsuit and subsequent aftermath is scheduled for Friday, Nov. 4 in New York City.
