The ink is dry. Earlier on Tuesday (April 26), it was reported that Odd Future were close to finalizing a [article id="1662665"]deal with RED Distribution/Sony[/article], and in an interview with MTV News the group's manager, Chris Clancy, has confirmed that the deal is officially done.

The newly created label's name? Odd Future Records -- that is, unless Tyler and his bandmates haven't already changed their minds. "They have creative control, they can call it F--- Off Records by noon," Clancy said with a laugh.

"We kinda joke that they signed to themselves, but it's actually the truth," Clancy added. "The way it's working is Odd Future Records is an entity that will live on RED Distribution, which will be run and operated by Odd Future. That means in regards to releases, art, music, schedule, we're not bound to quarters and that type of stuff."

Under RED, Odd Future will operate as an independent even though they technically fall under Sony's major umbrella. When asked about the internal structure of the label, Clancy described it as a democracy of sorts.

"When it comes down to building this label within itself, it's going to be all of us sitting down and doing it and building a schedule. Full creative control, it's not just the creative control, it's the business control. It's both."

OFWGKTA member Earl Sweatshirt, who's spending time in a Samoan military school, according to Complex magazine, will most likely be part of the deal even if he wasn't physically present to sign the paperwork. "The best thing that I can say from my perspective is that Earl is family to them and anything that is Odd Future-related, obviously, in any way shape or form that can include Earl will include Earl," Clancy said.

Frank Ocean, Odd Future's alternative/R&B singer, however, is a different story. "Frank is on Def Jam," Clancy confirmed. "Frank is absolutely a part of Odd Future. Def Jam has been great about understanding that and we'll be working together."

Fans can expect OF frontman [article id="1660136"]Tyler, the Creator's Goblin[/article] album to come out in May on XL Recordings as expected.

"Regardless of this label situation, there is nothing more important right now than the Goblin album," the manager assured MTV News. "XL has allowed us to be as independent as any label can allow us to be."

As for the first official release from Odd Future Records, the Wolf Gang's manager said we'll have to wait and see. "We'll know soon, that's a group decision and this is all kinda brand new," he said. "The next step will be to kinda figure that out and start laying the groundwork for a release schedule."