Master P is sharing his side of the story behind his business relationship with Fat Trel and why the Washington, D.C., repper wasn't a good fit for No Limit Records. 

Last week Trel told MTV News that "things weren't done correctly" on the business side and that he and P have "no relationship." This week, P released a statement to AllHipHop.com to explain why the situation crumbled and denied that No Limit didn't fulfill their end of the bargain. 

Trel and his Louis V Mob partner, Alley Boy, dropped a New World Order mixtape with Master P last February. "What didn't go right?" questioned P. "I didn't have any business deal with Trel, we only did a mixtape. We had no other business but I wish him the best of luck."

The No Limit mastermind claims he "went above and beyond" for Trel, took him "out of a negative environment" and covered him financially, but the rapper was a little too focused on money. "Fat Trel is a good rap artist but the No Limit Forever brand is about building entrepreneurs and business partners," he started. "When I was around Fat Trel, he was in a rush to getting a check and a record deal versus being patient and building his own to be a true boss. I even spoke with his manager and told him that this was not an overnight process."

P continued, "I'm not in the business of signing artists, this second go round I want to help all of my artists/partners to become their own boss but that requires sacrifice and hard work if you want to make millions. I’m not just cutting checks and taking care of artists anymore. No Limit Forever is a real independent company, this is not just a write-off for us."

The New Orleans native winds up the statement on mostly positive notes, reiterating that he "believed in" Trel's talents but admits to being blindsided by him signing to Maybach Music. "I admit I was surprised when I heard that he did a deal with Wale because I thought they didn't like each other. But I wish him the best with MMG, I think it's a better fit for him as an artist."

Trel hasn't slowed down after the No Limit fallout. He recently dropped the mixtape Gleesh and, even though his mind isn't in "album mode" yet, the DMV spitter told BET.com that being with MMG is a good fit. "I'm just taking it one day at a time. Whatever [Rick] Ross say we gotta do, that's what's going on," he said.

Check our entire interview with Trel below.

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(Photos from left: Michael Loccisano/Getty Images, Ricky Carioti/The Washington Post)