Raymone Bain, a spokesperson for Michael Jackson, announced the pop icon is no longer affiliated with Bahrain-based record company Two Seas, putting aside the plan to release his new album, his first since 2001, which previously was set to be released under the label.

Two Seas reportedly is a joint venture between Jackson and a member of the Bahraini royal family, Abdulla Hamad Al-Khalifa. And it was reported earlier that British music exec Guy Holmes would serve as CEO of the label and oversee production on Jackson's new disc, which had been aiming for a 2007 release.

In fact, a rep for Holmes' U.K. label, Gut Records, claimed that the deal between Holmes and Jackson had never been formalized. And as for now on, Jackson is said to have formed a new firm called the Michael Jackson Company, which will take care of his business affairs as well as release a new album se to hit stores 2007.