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A New York judge has denied adidas‘ request for a temporary restraining order (TRO) to re-freeze $75 million in Yeezy funds.
The frozen funds were part of the now-terminated adidas Yeezy partnership. The TRO motioned by adidas was to prevent Ye, formerly known as Kanye West, and his team to access the money and having them return any amount that was already withdrawn.
The latest news is part of the adidas and Kanye West saga that continues to develop despite the Three Stripes dropping Ye in October 2022.
Earlier this month, adidas CEO Bjørn Gulden decided that the brand would sell its remaining Yeezy inventory with proceeds going towards anti-hate organizations. Gulden also noted that Ye would receive his royalty from the sale per the original contractual agreement between the brand and Ye.
After careful consideration, we have decided to begin releasing some of the remaining adidas Yeezy products. Selling and donating was the preferred option among all organizations and stakeholders we spoke to.
We believe this is the best solution as it respects the created designs and produced shoes, it works for our people, resolves an inventory problem, and will have a positive impact in our communities.
There is no place in sport or society for hate of any kind and we remain committed to fighting against it
adidas CEO Bjørn Gulden (May 19, 2023)
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