Derek Jeter Backs Out Of Frigo Deal Due To 50 Cent’s Involvement
50 Cent is involved in some drama once again. Just one week after he blasted his ex Vivica Fox for insinuating that he was gay on Watch What Happens Live, the Queens native has taken to social media to insert his two cents on Frigo’s lawsuit against Derek Jeter, a filing he stands at the center of.
According to TMZ, the former Yankee signed a three-year deal as director of Frigo, a Swedish underwear company, in 2011.
When the company began its U.S. launch in 2013, Jeter allegedly requested that his association with the company be kept secret. According to the court filing, Frigo tapped Fifty as its new brand ambassador instead, a hire that did not sit well with the former New York Yankee because he felt the rapper’s involvement would make the brand too “urban.”
Matthias Ingvarsson, the majority owner of the line, claims that because Jeter backed out of his role which included his participation at major publicity events, Frigo lost $30 million in value. As a result of the financial loss, the company is suing the newly-retired athlete for $4.7 million.
50 Cent, never one to bite his tongue, took to Instagram Wednesday (Nov. 18), to share his thoughts on the new suit in typical Fifty fashion.
“Wow, guess I’m not a Yankees fan anymore,” he said before employing a confused face emoji. “LETS GO METS? Man you can’t trust nobody these day.smh #EFFENVODKA #FRIGO #SMSAUDIO.”
Frigo, which also boasts Carmelo Anthony and Timbaland as representatives, has asked that the case be arbitrated for privacy.
Derek Jeter issued a statement on the matter. Read his response below.
The allegations made by Mr. Ingvarsson of RevolutionWear are categorically false. I facilitated the introductory meeting between 50 Cent and the Company, so it makes absolutely no sense that I would object to 50 Cent being a Frigo brand ambassador or think that 50 Cent is “too urban” for the brand. Mr. Ingvarsson’s statements are particularly malicious because he knew all along that I never agreed to be a spokesperson or ambassador for the brand, and that is confirmed in documents that Mr. Ingvarsson himself signed. Contrary to Mr. Ingvarsson’s allegations in the press, I am unaware of any action commenced by the Company against me. Instead, I have been forced to file a lawsuit against the Company for its failure to fulfill its obligations to me as a substantial investor and creditor. That lawsuit is pending in a Delaware court.
It is unfortunate that Mr. Ingvarsson continues to make false claims and bad decisions with respect to RevolutionWear, Inc. As president of the Company, he was responsible for launching the Frigo brand, generating sales, and acting in the best interests of shareholders. When he failed in those responsibilities, and lost many millions of dollars of investors’ money and left many of the Company’s creditors unpaid, he came to me threatening litigation and a negative publicity campaign in an effort to get me to fund additional capital into the failed business. When I refused to do so, Mr. Ingvarsson and his affiliates made additional threats to commence litigation or arbitration against me in Sweden, but I am aware of no such actions or claims having been filed. At that point, I was forced to commence the current lawsuit in Delaware.
As a major investor, current stockholder and lender to the Company, I am disgusted by Mr. Ingvarsson’s decision to make these false allegations against me in the press, instead of attempting to work out our business dispute in private. I will take all necessary steps to prove these allegations to be untrue.