Kanye West picked up a significant win as a Manhattan judge denied adidas’ motion for a temporary restraining order (TRO) that would’ve kept the artist from accessing $75 million in Yeezy funds.
The German sportswear company worried it would face “irreparable harm” if the funds became available. From what we understand, adidas will move forward and continue to battle with West in private arbitrations.
Judge’s oral order recites that JPM Chase is closing Yeezy’s account(s). Adidas is free to keep chasing funds – but asset freeze against Yeezy is denied. Meanwhile Yeezy is demanding $40 million from Adidas. Story later
— Inner City Press (@innercitypress) May 30, 2023
— Inner City Press (@innercitypress) May 30, 2023
“Adidas has multiple causes of action against Yeezy, resulting from Ye’s highly public and offensive conduct described above, which violated the terms of the agreement and justified adidas’ termination of that contract,” the company shared in a statement to Billboard.
Last year, adidas ended its contract with West after the rapper and fashion designer shared antisemitic statements. The two appeared in court shortly after.
In other news, adidas has begun to sell its leftover Yeezy models. CEO Bjørn Gulden considered burning the merchandise but ultimately elected not to. In doing so, Gulden announced, “a significant amount will be donated to organizations working to combat discrimination and hate, including racism and antisemitism.”
Stay tuned for the latest developments.
