It's on! Lil Wayne sues Cash Money for $51 Million

It's not news that former best friends and business partners Lil Wayne and Birdman have fallen out over money, record deals, and artists under their label. What's new now is that the rapper is suing Cash Money for $51million with the hopes of ending his contract with the label.

According to TMZ, Lil Wayne filed a lawsuit asking a judge to end his contract with Cash Money. According to the lawsuit, Wayne says Birdman and company violated the deal by withholding tens of millions of dollars Cash Money owes him for his long-delayed album, "Tha Carter V." 

From TMZ

Wayne claims because Cash Money is refusing to pay, he's entitled to walk. But Lil Wayne wants more than just a declaration of freedom. He's suing for $51 MILLION. 

And Wayne wants the judge to declare he's the joint copyright owner of all Young Money recordings ... which includes Drake, Nicki Minaj and several others.

Sources connected to Wayne tell TMZ ... if Birdman antes up then he can release "Tha Carter V," but only if Wayne gets paid. Wayne says he was supposed to get an $8 million advance when he began recording in December, 2013 and another 2M when he completed the album a year later, but so far he's gotten nothing.

Update: Lil Wayne to Birdman - I'm willing to stay if the price is right

Lil Wayne will stay with Cash Money and Birdman IF they ante up the money he's owed ... in fact, we're told if Cash Money antes up, Wayne has no choice but to stay.

Sources involved in the case tell TMZ ... Wayne feels Birdman's decision to avoid paying him is nothing more than a power play. TMZ broke the story that Wayne is suing, and a central claim is that Birdman has consistently stiffed him over the last year.

There are 2 payments that have irked Wayne -- he says he was owed $8 million when he went into the studio to record "Tha Carter V" in December 2013, and another $2 mil when he completed the album last month.

We're told the hope is that Universal -- which distributes Cash Money records -- will step in and earmark the $10 mil for Wayne. And we're told Universal is already putting pressure on Cash Money to settle.

If Cash Money pays Wayne the $10 mil, it would essentially eliminate any breach of contract. That means Wayne would have no legal basis to ask out of the contract. Even though Wayne's suing for $51 million, most of that is predicated on future lost profits which would not be an issue if they settle.

As for the release of "Tha Carter V" ... even if the case settles the power would be in Birdman's claws.