Young Thug Sued for $5.25 Million

Young Thug may be out of prison, but he’s still facing some legal trouble after selling a portion of his music catalog for $16 million.

Anschutz Entertainment Group (AEG), a major player in the global sports and live music game, recently filed a lawsuit against Young Thug, claiming that the rapper owes it millions of dollars. According to the company, Young Thug violated his contract with AEG when he sold his music publishing rights to more than 400 songs to Kobalt Music in 2021. AEG claims that these songs were originally used as collateral for a $5.25 million loan the industry giant gave him and his label, YSL, in 2017.

In exchange for the loan, AEG secured exclusive rights to promote Young Thug’s live performances worldwide. Young Thug was supposed to pay back the loan plus insterest through concert revenue made from these live performances. However, AEG says that by 2019, Young Thug and YSL had defaulted on the loan, leaving a $5 million balance. It also accuses the rapper and his label of misrepresenting their ability to repay the loan and feels that the $16 million payout Thug received from Kobalt Music should’ve been used towards his AEG loan balance.

It’s worth noting that Thug’s decision to sell his music rights prior to his 2022 arrest in the YSL RICO case may have helped him cover his substantial legal costs. After being jailed for nearly three years and facing trial, he pleaded guilt to several charges, including participation in a criminal street gang and multiple gun offenses. Thug was sentenced to 40 years, but with time served and 15 years of probation, he was able to make it home before the holidays.