Elvis Presley signs management deal with "Colonel" Tom Parker

On August 15, 1955, "Colonel" Tom Parker became Presley's manager, signing him to a one year contract, plus renewals. Several record labels had shown interest in signing Presley and, by the end of October 1955, three major labels had made offers up to $25,000. On November 21, 1955, Parker and Phillips negotiated a deal with RCA Victor Records to acquire Presley's Sun contract for an unprecedented $40,000, $5,000 of which was a bonus for the singer for back royalties owed to him by Sun Records (Presley, at 20, was officially still a minor, so his father had to sign the contract).