Adidas claims Kanye West "mishandled" millions in funds
New York, New York - Adidas is now claiming that Kanye West "mishandled" millions of dollars during their business partnership, and they want their money back.
According to a new report from Bloomberg, Adidas says West was sent a total of $100 million that was to be used specifically for marketing Yeezy products.
The funds were deposited in two separate bank accounts, but Ye allegedly took out $75 million, deposited it into a personal account, and used the money for other means.
Adidas says he "mishandled virtually all of the marketing funds," effectively breaching their contract, which states he must repay any money that was inappropriately used.
While West has been trying to stay out of the public eye, Adidas has been desperately trying to pick up the pieces as they lost millions after dropping him.
The company has even resorted to reselling product stock left over from the partnership.
In 2020, West said in an interview that he spent $50 million of Yeezy's marketing funds on his gospel choir, Sunday Service. He did not specify if the money came from Adidas.
Cover photo: PATRICK KOVARIK / AFP