Allen Klein

Allen Klein (December 18, 1931 – July 4, 2009) was an American businessman who was the manager of the Rolling Stones and later the Beatles, along with many other artists. This made him one of the most powerful individuals in the music industry during his era.

Klein acquired a reputation as a tough negotiator who could bring money to his clients. Klein set up what he called "buy/sell agreements" through which a company that Klein owned became an intermediary between his client and the record label, owning the rights to the music, financing the recording and production of the music, and selling them to record labels to manufacture and distribute the music. Klein would subsequently pay royalties and cash advances to his client. Although Klein greatly increased his clients' incomes, he also enriched himself, sometimes without his clients' knowledge. The Rolling Stones' $1.25 million advance from the Decca Records label in 1965, for example, was deposited into a company that Klein had established, and the fine print of the contract did not require Klein to release it for 20 years (it was paid in 1971 after the Stones sued Klein). Klein's involvement with both the Beatles and the Rolling Stones would lead to years of litigation. The Rolling Stones in particular accused Klein of withholding royalty payments, stealing the publishing rights to their songs, and neglecting to pay their taxes for five years, thereby necessitating their French "exile" in 1971.