Boxing promoter and rapper Curtis '50 Cent' Jackson has agreed to release boxer Ryan Martin from his promotional contract.
Martin filed legal papers last year requesting that his promotional contract be voided after Jackson's promotional company, SMS Promotions, filed for bankruptcy. The boxer claimed Jackson failed to promote him and he wanted to be free to work with other promoters.
According to Martin's agreement, he was contracted to fight 20 bouts over five years, but he claimed they only arranged and promoted one fight. However, the 40-year-old Jackson hit back at the allegations, insisting he provided him with a boxing gym and training facilities. He also claimed he and his partners were planning to revamp the company after the bankruptcy was finalised.
Jackson claimed Martin fought in 11 bouts and was featured in his music video as part of a promotional package. He requested to have the lawsuit dismissed, but earlier this month (Mar16) the parties reached an agreement.
According to TheJasmineBrand.com, Martin will be released from his contract but it won't be for free. He will have to pay Jackson 20 percent of his fight earnings over the next three years. The rapper will also receive a percentage of his signing bonus and sponsorship deals.