Former Van Halen singer Sammy Hagar was the recent guest of The Forward Podcast by Lance Armstrong, and revealed an interesting statement about an untold business deal.
Here is the conversation transcribed by Alternative Nation.
“You sold Cabo Wabo to Campari group for ninety million dollars. Good investors?”
“Well, it was one-hundred million dollars but I wanted to keep twenty-percent. I got greedy which is the last thing that anybody should ever do in their lives I have a new album called Space Between which is about – money, greed, enlightenment, and truth.
Greed is the stumbling block for everything and everyone, and we are all greedy. I mean here, guys give me a hundred million bucks and I say: “Well I wanna keep twenty-percent because I was going they’ll build this brand they launched, launched it worldwide and my twenty percent will be worth another one hundred million.”
“You wanted two bites of the apple?”
“I did, yeah, it was wrong and I got fucked. So I ended up with ninety-three million. However, when I sold it back I got thirteen for what was worth twenty at the first time. I saw back seven years later, and because they’re a big company they said: “Oh, our overhead and now our ten percent of this and so here’s your blah blah”
Sure, I was getting twenty percent royalties and I’m going: “They’re dying with my brand, ya know!” I was making all that money but they weren’t. It’s just the way they build a brand a brand, they put thirteen people on payroll for just that brand, all these things.”
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