Floyd Mayweather is one of the most well-known boxing champions in the world, making over a billion dollars during his career.
However, he is speaking out and suing Showtime, claiming he never got all the money he earned, and the company played a big role in siphoning away hundreds of millions of dollars.
The Lawsuit
The lawsuit was filed by Floyd in California, and he is looking to “recover hundreds of millions of dollars in the misappropriated funds and damages resulting from a long-running and elaborate scheme of financial fraud.”
Longtime advisor Al Haymon allegedly perpetrated the scheme, and he got “substantial participation and aid” from Showtime and former Showtime Sports president Stephen Espinoza.
The misappropriated earnings come to about $340 million, which, according to Mayweather, is still “missing and unaccounted for.”
Showtime and Espinoza are listed as defendants in the legal documents, while Haymon is not being sued.
Along with the money, Mayweather is suing Showtime and Espinoza for punitive damages, “aiding and abetting breach of fiduciary duty, civil conspiracy to commit fraud, conversion, and unjust enrichment.”
Within the suit, Mayweather names some of his biggest fights, basically alleging that Showtime and Espinoza delivered money that was meant for Mayweather directly into Haymon’s hands by sending accounts that Haymon controlled.
Non-accessible Funds
Years after his fights and contract with Showtime, Mayweather switched managers.
When his new team asked to see Showtime’s books, Mayweather claims the network told him they were “lost in a flood,” or weren’t accessible.
This further muddies the waters on what the truth about Mayweather’s money is.
Attorney Statement
Mayweather’s attorney Bobby Samini spoke to TMZ about the legal case.
He said, “Floyd is one of boxing’s biggest pay-per-view draws. He generated hundreds of millions of dollars in revenue for Showtime. Mr. Mayweather now takes this fight to the courtroom to recover what he rightfully earned. Retiring undefeated at 50-0, Mr. Mayweather will go the distance in the courtroom just as he has in the ring.”
Mayweather’s Deal with Showtime
Floyd Mayweather signed a six-fight, 30-month deal with Showtime/CBS in February 2013. Before signing with Showtime, Mayweather worked with HBO.
During his time with Showtime from 2013 to 2017, he was considered one of the world’s highest-paid athletes, fighting against Robert Guerrero, Canelo Alvarez, Marcos Maidana (twice), Manny Pacquiao, Andre Berto, and Conor McGregor. He also faced Logan Paul in a one-off exhibition presented by Showtime in 2021.
As for Espinoza and Haymon’s involvement during that time, the pair differed. Espinoza was constantly promoting Mayweather’s fights in the limelight, while Haymon stayed behind the scenes and did his work there.
In a 2014 interview, Mayweather talked about Haymon, stating, “[Al Haymon and I] work hand in hand. Al Haymon is a great guy, a tremendous guy. One thing that I can say is that Al Haymon is a man of his word. Whatever he says he’s going to do, he’s going to do. Al Haymon is one of the best people I have ever met in my life.”
The Impact on Mayweather
Mayweather’s unaccounted-for money doesn’t just impact him.
His family and future generations could possibly miss out on that wealth, which he earned through hard work and dedication. It also brings to light the safety of letting others control your money, and how even those with lots of money can lose it from alleged schemes.
Many celebrities have lost out on money over the years due to family members or spouses controlling the income. It has ushered in a shift in athletes being more aware of their business affairs than ever before.
From managing their earnings to understanding contracts, current athletes are using the past as cautionary tales, so their money doesn’t fall into the wrong hands.