HIP-HOP Exclusive: Lil Wayne's Manager Clarifies Rapper's Comment About Signing With Jay Z

Lil Wayne's manager Cortez Bryant has clarified to Billboard a comment his client made during a live performance on Saturday (June 13) about signing a "deal" with Jay Z.

Watch: Lil Wayne Says He 'Signed a Deal' With Jay Z -- Updated

At the KMEL Summer Jam in Oakland, Calif., on Saturday, Lil Wayne announced to screaming fans that "I just signed a deal with my motherf--king idol Jay Z." Watch below.

Lil Wayne announces he has now signed a deal with JAY-Z #tidal #rocnation #jayz #lilwayne @liltunechi A video posted by HELLABOOTSY (@hellabootsy) on Jun 14, 2015 at 1:27am PDT

In the hours that followed, numerous reports speculated that Weezy's announcement could be in reference to signing with Jay Z's Roc Nation for label representation amid his widely publicized problems with Cash Money Records. But Bryant of Maverick tells Billboard that those rumors are untrue.

Lil Wayne vs. Cash Money: Can the Rapper Leave the Label He's Been With Since He Was 13?

"The Internet and blogs took his words out of context," Bryant tells Billboard. "When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal."

As previously reported, Lil Wayne is a co-owner of the Jay Z-led music subscription service Tidal and exclusively released the track "Glory" through the service in early June.

As for his problems with Cash Money, Lil Wayne sued the label for $51 million earlier this year. TMZ has reported that he's owed $10 million, solely for the recording and completion of Tha Carter V. The rapper has referred to himself as a "prisoner" of Cash Money and blames the label for the delay of his new album, Tha Carter V.