Fans waited three years for Kanye West's new album but if Martin Shkreli has anything to do with it, they will be waiting indefinitely. The controversial former pharmaceutical executive might have thrown a spanner into the works after offering the hip hop star and his record company $10m (£6.9m) for The Life Of Pablo.

Shkreli, who is a rap fan and the owner of the only master of Wu-Tang Clan's Once Upon A Time In Shaolin after acquiring it for $2m in December 2015, revealed the shock proposal just hours after the 38-year-old debuted his seventh solo studio album at New York's Madison Square Garden, where he also unveiled his Yeezy Season Three collection.

In series of tweets, he revealed he had already fired of a letter to West's representatives offering the deal. He added that if successful, he had no plans to release it publicly. The letter read in part: "Instead of releasing this product for your millions of fans, I ask you to sell this recording solely to me, for the price of $10,000,000.

"I believe you (and your partners) will find this financial arrangement more attractive than your current course of action."

Although West has yet to respond, following a fierce backlash online, Shkreli continued to riled up incensed fans by dropping the bombshell that his stunt could mean a delay even if West did not play ball.

Shkreli is no stranger to controversy. He is currently under investigation after increasing the price of antiparasitic drug Daraprim 5,000% overnight – from $13.50 to $750 a pill. He is also embroiled in feud with Wu-Tang Clan member Ghostface Killah, who claims the album sale was agreed in May 2015, before Shkreli's practices came to light.

West played new tracks for the upcoming album as dozens of models strutted their stuff on the runaway lead by Naomi Campbell. The new record features collaborations from the likes of Rihanna, Frank Ocean, Chance The Rapper, Young Thug, Kid Cudi and Sia.