The co-founder of the Big Baller Brand has lost his connection to his biggest baller.
Injured Los Angeles Lakers guard Lonzo Ball is "severing ties" with the apparel and shoe company’s co-founder, according to ESPN's Ramona Shelburne and Paula Lavigne.
Alan Foster, who owns 16.3 percent owner of Big Baller Brand, allegedly took $1.5 million so he could "enrich himself" in 2018. The cash has still not been returned to the company.
From ESPN.
"The first significant concerns about Lonzo’s and Big Baller Brand’s finances came in the fall, when [adviser Humble] Lukanga sent two emails to Lonzo and LaVar about a financial review that raised questions.
In an October email sent to Lonzo and his father under the subject line “Urgent – $1.5 million Dollars Missing,” Lukanga wrote that he had been unsuccessful in having Foster “track down where $1.5 MILLION DOLLARS IN CASH HAS [gone].” Lukanga wrote that he had repeatedly asked Foster about transactions totalling that amount, but Foster “won’t show any invoices or documentation of these expenses. He won’t even give me the number to the vendors he says he paid. I’VE NEVER SEEN A COMPANY OPERATE BY WITHDRAWING MILLIONS IN CASH … Only you and Alan can withdraw cash and I know you didn’t take out $1.5 million dollars … SO WHERE IS THE MONEY???”
Foster helped convince LaVar to start the company. Over the last number of months, the 21-year-old, who owns 50.1 percent of the company expressed concerns about the financial handlings but deferred to his father to handle the fiasco. LaVar owns 16.4 percent, while Foster and Lonzo's mother each own 16.3 percent each.
LaVar released the following statement to ESPN.
"I've always believed in the best in people. Regretfully, I put my complete trust in Alan Foster to manage my son's business affairs," LaVar said. "At the end of the day, family comes first, and I support Zo wholeheartedly. Together, we will make this right."
Foster had previously served jail time for a multi-million dollar investment scheme.
(h/t ESPN)
