Rod Stewart calls off sale of his music catalog after deciding deal wasn’t “right”

Rod Stewart was all set to become the latest rock legend to cash in by selling off his music catalog, but he’s now called off the deal.

Music Week reports that Rod, 78, had been negotiating with Hipgnosis Songs, which has purchased the catalogs, publishing rights or significant stakes in the catalogs of Justin Timberlake, Fleetwood Mac‘s Lindsey Buckingham and Christine McVie, Soundgarden‘s Chris Cornell, the Red Hot Chili Peppers, Neil Young and dozens of other artists, writers and producer.

However, he’s now opted to retain ownership of his catalog and terminated the sale. In a statement provided to Music Week, Sir Rod says, “This catalogue represents my life’s work. And it became abundantly clear after much time and due diligence that this was not the right company to manage my song catalogue, career or legacy.”

Rod’s recorded music output includes not just his solo work, but his recordings with The Faces and Jeff Beck Group.

The U.S. leg of Rod’s current tour starts July 29 in Sparks, Nevada.