Breaking partner buy in?

I've got a very unique situation (I think) and was wondering if I could get some suggestions and ideas.

I had a website back last year that was failing so I dediced to let two individuals buy in to the ownership group. One was a friend and one was an online associate that I completely trusted at the time.

As time has went on however, I've come to find out the second partner (online associate) is undermining the site (with the help of a couple other members manipulating him) and plans on starting a new one and basically attempting to steal all users and the traffic I've built up.

How do you suggest I handle the situation? Is there any legal way to break the deal and refund him his buy-in?

 

Sell the site 50/50? I guess that works the non-legal way.

 

What does your contract say?

 

I dont think they had one.

 

Well, there's problem number one then.

Live and learn.

 

Update: Long story short, but the third partner ended up giving up his share in the website.

 

Wow, how did that happen. What was his initial investment? Hopefully not anything substantial!

 

He just decided it was in his best interest to leave. His initial investment was under $500. Who am I to argue?

 

wow, you got lucky there.

 

Without a doubt.