Mathew 'father of Beyonce' Knowles' Music World management company and record label has ended its partnership with the struggling Sanctuary Group.
Knowles, perhaps most famous for managing Destiny's Child, entered an alliance with Sanctuary back in 2003. In a $10 million deal Sanctuary acquired Knowles' Music World Entertainment company, while Knowles took on the top job at Sanctuary's then fledgling urban music division.
But, as previously reported, his future with Sanctuary came into question last November when, as the company streamlined its operations following a year of financial crises, it was announced the group was parting company with three American artist managers. Although Knowles was not one of them, reports at the time said his relationship with the group was being reviewed.
Then in February of this year Sanctuary announced it was closing down its urban division, with the group's top man Andy Taylor telling reporters: "Mathew had overall responsibility for the urban division, but that doesn't mean we should blame Mathew". Sanctuary said Knowles would stay with the company in an artist management role, but insiders said he was already negotiating his way out.
Although the specifics of the latest deal are not clear, a press statement says Knowles should regain complete ownership of both his former management company and record label. Details of his future plans won't be revealed until the deal is completed later this month.