A.R.I. says OVO sale left more than five million Canadian dollars debt unpaid

October’s Very Own (OVO), the lifestyle and apparel label co-founded by Drake, is facing further legal complications following its recent deal with Authentic Brands Group and Vince Holding Corp., with lender A.R.I. OVO Growth Capital claiming it was not informed of the transaction and remains owed more than five million Canadian dollars.

In a court filing accepted in Ontario on August 13, A.R.I. said it calculated 5.04 million dollars in unpaid contractual obligations as of July 31, with further amounts continuing to accrue. The claim includes interest, fees, legal expenses and a contractual “Make Whole Fee”.

A.R.I. had already launched legal proceedings against OVO in British Columbia in June, seeking to recover at least 4.6 million dollars. The lender now says it learned of OVO’s sale only through the public announcement on August 27, three days after the transaction closed.

According to A.R.I., it was not asked to provide a payoff amount or release its claims and received no proceeds from the transaction. The lender said it had “worked extensively with OVO through a formal workout process” before pursuing its contractual remedies.

The dispute comes shortly after Authentic announced it had acquired a 51 percent stake in OVO’s intellectual property, with Drake retaining 44 percent and Vince 5 percent. Vince separately acquired OVO’s operating companies, including its 12 stores and e-commerce platform.

The transaction assigned a stated 117.65 million dollar price to OVO’s IP, while the operating companies were acquired for three dollars. A.R.I. said it will continue pursuing its contractual rights through the court process, while the public transaction documents do not explain how its claim was treated in the deal.