The Red Hot Chili Peppers were set to cash in on their music library, but then their old manager stepped in and is causing them a legal hurdle.
According to Variety, the RHCP were set to sell their music catalog to Hipgnosis for $140 MILLION. That is now contested by their former managers in a new complaint.
The band’s ex-managers claim they own a percentage of that catalog. They want to get paid. The Blast reports that the four original members of the band were sued by Q Prime management company, a company that represented the band since the late 1990s.
The complaint says that their deal with the band included a percentage of the money made in “gross earnings.” They want a gross percentage of that $140 million now. The band only recently split with their now-former management company.
The band’s music catalog was largely written by lead singer Anthony Kiedis, bassist Flea, drummer Chad Smith and guitarist John Frusciante. It really is a collaborative effort for them and they have millions of records sold to show for it.
Should the Chili Peppers’ old management get in on this deal? Sound off in the comments!