Now I see why Chief Keef has been screaming he’s “Finally Rich.” Details of his record deal with Interscope were made public in a Cook County chancery because it is required by law for a judge to approve the deal for the rapper to finalize agreements with Interscope because he is a minor.
Apparently, Sosa signed a three-album deal with Interscope that is worth $6 million dollars. Interscope agreed to pay Chief Keef a $440,000 advance, half of that upfront and the other half after the judge signs off on the deal, that will be deposited in a court-administered trust fund on his behalf. The trust fund is controlled by Chief Keef’s grandmother and he will not be able to withdrawal any of that money until he is 18.
With Chief Keef’s debut album,Finally Rich, released and selling about 50,000 units its first week, he has till December 2013 to sell about 250,000 copies. If he doesn’t, acccording to the deal, Interscope has the right to not go further with the release of his next two albums and a compilation of hits.
Along with signing with Interscope, he also signed a deal for his label, Glory Boyz Entertainment, and received another $440,000 advance. Both Keef and his manager Rovan Manuel each receive $180,000 and own 40 percent of the label. Interscope must also pay GBE $200,000 for “overhead expenses,” and will split profits equally with the imprint.