"Flavor Of Love" & "I Love NY" Contestants Battle For Cash

VH1 is scheduled to premiere yet another spinoff show this summer, "I Love Money" which pits contestants from "Flavor of Love," "I Love New York" and "Rock of Love" against each other for cash prizes.

According to Variety, "I Love Money" is the latest brainstorm from 51 Minds Entertainment, the production company that brought to life previous VH1 shows including "Flavor of Love," "Gotti's Way," "The Surreal Life," "Strange Love," "Rock of Love" and "I Love New York." Instead of competing for love, this time contestants will face off in the hopes of gaining some quick cash.

A spokesperson for VH1 says the series was shot several weeks ago and is currently scheduled for a July 13th premiere, which will follow a July 6th casting special.

Chris Abrego and Mark Cronin of 51 Minds will serve as executive producers while MTV veejay Craig Jackson hosts the show.