Prize fight is more about prize than fight
We thought we already knew why Floyd Mayweather was coming out of retirement to fight Conor McGregor. He had stated that he would not do so for less than $100 million US, and the Ultimate Fighting Championships superstar provided the grabby name for just such a payday, while McGregor’s complete inexperience in a boxing-only matchup would likely help Mayweather boost his record to 50-0.
But a new reason emerged Monday: Mayweather needs some help in paying his 2015 tax bill.
That’s according to Forbes, which reported that the boxer filed a petition with U.S. Tax Court to forestall any action on those IRS-related liabilities until after the McGregor fight, scheduled for Aug. 26. The event is expected to generate hundreds of millions in total revenue, with Mayweather earning a nine-figure sum, much as he did for fighting Manny Pacquiao in May 2015.
“Although (Mayweather) has substantial assets, those assets are restricted and primarily illiquid,” the petition, filed last week, states. “The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding.”
Mayweather is also asking for the IRS to waive certain failure-topay penalties, but the IRS’s position is he has the ability to settle the bill by selling off a few of his assets. The agency has had several interactions with Mayweather in the past, reportedly filing liens against him at least five times since 2001.
Mayweather, who goes by the nickname “Money” and licenses a slogan, “The Money Team,” on merchandise, frequently flaunts his wealth on his social-media accounts. That often includes showing off huge amounts of cash, as well as expensive cars and massive wagers on sports events.
Monday also brought word that the Mayweather-McGregor fight pay-per-view will cost $89.95, plus an extra $10 to watch it in high definition.