Damon Dash severs ties with Jay-Z

Sept. 27, 2005 at 3:40 PM
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NEW YORK, Sept. 27 (UPI) -- Hip-hop entrepreneur Damon Dash has severed ties with former partner Jay-Z by selling back his stake in Rocawear for $22.5 million, it was reported Tuesday.

Rocawear has grossed over $500 million dollars since its 1999 inception, AllHipHop.com reported Tuesday. Dash told the Web site he received $22.5 million cash and other entities for his part of the company.

Rocawear was part of the empire shared by Dash and Jay-Z that included Roc-A-Fella Records, which they sold to Island Def Jam in 2004.

Dash denied to AllHipHop.com there were any ill feelings between him and his former partner.

"When the original Roc-A-Fella broke up, it was time for everybody to do their own thing," Dash said.

Dash still holds investments in Tiret watches, his film production-company Dash Films, America magazine, State Property clothing, a licensing deal with Pro-Keds sneakers and his record label, Dame Dash Music Group, AllHipHop.com said.

"Now that I know the business world, I don't need partners," Dash said. "I got my own connects with the bank."

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