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Kanye West to face ‘financial disaster’ in a few months

Kanye West may be just months away from financial disaster, reports Page Six.

As the rapper gets dumped by the corporations and condemned by industry figuressources say that while he has a large supply of money, he also has huge expenses and could soon be in trouble if he doesn’t find a way to turn the tide.

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Sources familiar with his finances say the 45-year-old West has five sources of income, and that four of them have either been shut down entirely or heavily compromised by his anti-Semitic antics and support for white supremacists.

We’re told that in recent years, West has made money from his massive Adidas deal, Gap deal, music catalogue, new music sales and concerts.

Adidas, which is the real engine behind his vast wealth, already said earlier this week that after it rips off a major Yeezy sneaker deal with him, it will stop payments immediately.

And sources say the decision will be difficult to fight because his threats to Jews and the incident in which he played p*rn with adidas executives “That means they can play tough,” the insider said.

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The source says Gap, which ended its two-year deal with him in September, owes him some money for the YEEZYxGAP products it sold between the end of the deal and Tuesday, when it announced it was taking his merchandise off the shelves. over controversy.

As for concerts – which should be the easiest money a star like West can make and a reliable source of quick liquid money – the rapper was due to perform at SoFi Stadium in Los Angeles on November 4th.

It has been canceled by the venue and has no other seats booked, according to insiders, adding that it’s unlikely venues will book it amid the scandals.

In regards to new music, we were told that West has the album in the jar, but there is currently no deal to distribute it. His contract with longtime label Def Jam ended in 2021. The insider says the record will probably still be something of a lifeline, but it’s unlikely to get as much as previous albums.

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“He’s a multiple Grammy winner and has such a large following that his albums go platinum instantly,” the source said, adding that it’s hard to believe no one would be willing to accept such a win-win deal.

That leaves the royalties, which, according to Billboard, bring him about $7.8 million a year. “That’s enough to pay the gas bill for his plane,” the insider laughed.

Last month, the music trade reported that West’s team was testing the ground to sell his catalog for around $211 million, but didn’t seem to generate much interest.

Meanwhile, we’re told that he has “a lot of money by any standard” but he also has a “high money-burning rate.”

West bought an $89 million Malibu, California home last year and gutted it. It is in the process of being rebuilt almost from scratch. We were told that the project was at serious risk due to its financial problems. He also has many other houses, but we were told that many of them are mortgaged.

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West, of course, has had money problems before. Let’s not forget that in 2016 he revealed that he had $84 million in personal debt, which was reportedly due to his many attempts to launch a fashion line, as well as his free-spend style.

According to an insider, it all comes down to West’s lavish lifestyle being based on an Adidas deal and everything else was a breeze. But as the sneaker brand goes uphill, it has lost about three-quarters of its fortune. according to Forbes – large opening for plugging.

So sources believe that while he has over $150 million in the bank, he probably has enough in the bank to last a few “months.”

“It’s all about cash flow and, if cut, when can it revive it,” the source said.

The West representative could not be contacted.

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This story originally appeared on Page six and is published here with permission.

Read related topics:Kanye West

#Kanye #West #face #financial #disaster #months

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