Drake struck gold this year with ICEMAN, but some other questions around his October's Very Own (OVO) company threaten to taint that success story. That's because of a new report from The National Law Review about an alleged lawsuit against the company for failing to satisfy outstanding debt.
Per the outlet, the suit over multiple loan payment defaults comes from A.R.I. OVO Growth Capital I, LLC (A.R.I.) against the OVO ULC in British Columbia, Canada. The 6ix God cofounded OVO alongside Oliver El-Khatib and Noah "40" Shebib, expanding its musical borders to lifestyle, investment, and other consumer products and initiatives.
A.R.I. reportedly seeks at least $4.6 million in addition to default interest, legal fees, and other accruing amounts under financing arrangements. The lawsuit claims OVO generated $72 million in revenue in 2024 and almost $400 million between 2019 and 2024 while operating at a loss, reportedly losing $8 million in that timeframe and $12 million from 2022 to 2024.
The lawsuit reportedly claims A.R.I. provided OVO with various financing transition plans in 2025. However, it claims the company defaulted under Convertible Promissory Notes of over $5 million, failing to make the proper payments and breaching other elements of the financing agreements. OVO reportedly entered a formal Forbearance Agreement in March of this year.
OVO Lawsuit
But A.R.I. claims they only partially paid the money they were supposed to, refusing and disputing alleged obligations to comply with other contractual amounts. As such, we will see if this lawsuit leads to a win for OVO or a deeper financial hole.
This follows the news of Drake's OVO potentially experiencing a sale. There are reportedly conversations about selling 50 percent of the company to Authentic Brands Group, one of the largest licensors in the business space. Some fans believe this sale might be a way to mitigate these debt issues, or it could be a separate matter.
Amid other unrelated and unverified allegations concerning OVO, we will see if the Toronto superstar himself speaks out about any of this. None of this has slowed down his success. But it does provide more discussion and debate for an already hot topic.
