Amidst the Big Adidas Yeezy Sale, the Sportswear Giant Accused Kanye West of Mishandling a Whopping Amount of $75 Million

Published 07/21/2023, 5:30 PM EDT

via Imago

Kanye West suffered a colossal hit after his anti-Semitic comments on social media. The American rapper faced a loss in his business, as many companies broke ties with him, including Adidas. However, Adidas and Yeezy even went into a legal battle after dissolving their contracts. But their struggle is not yet over as Adidas accused Ye of mishandling a whopping amount of money.

After ending his partnership with Nike, Ye decided to join hands with Adidas in 2015. Yeezy and Adidas tied professional knots in 2015 with the contract of continuing to stay together till 2026. However, because of Ye’s problematic comments, along with many other organizations, the sportswear giant also proclaimed their decision to break their bond. However, as reported by Bloomberg, Adidas is now trying to recover its $75 million from Yeezy.

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The companies are battling over $100 million annual marketing fund. Adidas apparently admitted to depositing $75 million into Yeezy’s 2 bank accounts. As per the company’s claims, the 46-year-old rapper and his colleagues mishandled most of the money. Adidas accused Ye of not maintaining the proper separation of funds, along with using them for unauthorized purposes. Because their marketing fund was not supposed to be mingled with anything else. But if Yeezy would use the money, it should reimburse to Adidas’ account.

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On the one hand, the sportswear giant is planning to sell the remaining YZY products in an August sale. But on the other hand, both companies are still fighting this legal battle. Amidst these chaotic times, the ‘Runaway’ singer explained himself.

Kanye West explained himself over these accusations by Adidas

Despite being a brilliant musician, the Donda creator has faced several backlashes throughout his professional life. While these legal battles are not leaving Ye anytime soon, he explained about the recent allegations. According to the sources, Ye admitted the Yeezy products were selling themselves. Therefore, instead of spending the money on marketing, he spent it on Sunday Service.

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Although when he opened up about spending money on the church, he did not specifically reveal where the amount of $50 million came from. However, he admitted to spending a lot of money certainly.

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Despite moving on in their professions after the termination of their contract, both companies still have some unresolved legal issues. Therefore, while they solve them and finally put an end to their battle, tell us what you think about this. What are your thoughts about the allegations of Adidas? Tell us in the comments below.

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Neha Chande

1879 articles

Meet Neha Chande, an entertainment writer at Netflix Junkie, who has written more than 1100 articles. With a Master's degree in English Literature, Neha believes in unbiased journalism. Before delving into her passion for writing and cinema, she taught English and communication skills as a facilitator and lecturer.

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