AP investigation says Floyd Mayweather Jr.'s debts are substantial
A lot of the scuttlebutt surrounding Floyd Mayweather Jr.'s imminent return to boxing centered on people in and out of boxing believing that the former pound-for-pound ruler needed a big payday. Talk of debts to the IRS and others was denied by both the fighter and his friend and business partner, Leonard Ellerbe.
Now, though, the Associated Press has hard evidence.
The IRS hit the former pound-for-pound boxing king with a lien in October for $6.17 million in unpaid taxes from 2007, according to the Clark County Recorder in Las Vegas. A New Jersey Superior Court judgment from the same year shows he owes $193,000 in state taxes there.
...
Besides taxes, county records in Las Vegas show the former five-division champ has unresolved debts worth $9,400 to three homeowners associations. Other liens filed with the county say the boxer did not pay nearly $3,900 to a contractor that programmed electronics at one of his homes and $320.10 to his trash collector.
Add it all up: $6,376,620. And ten cents.
Ellerbe continues to deny the claims:
"Floyd Mayweather does not have a problem with the IRS," Ellerbe told the AP on Thursday. "He doesn't owe the IRS $6.1 million ... I don't (care) what a lien says."
"When you have a problem with them, you ain't hard to find — ask Wesley Snipes," Ellerbe said. "You go to jail, they come take your (stuff). He doesn't have a problem."
I know they want to spin this as best they can, but it took years for Wesley Snipes' troubles to become known. More than that, Mayweather has a September 19 date that even after taxes on that and paying his corner and the like will still single-handedly erase this debt. Don't forget he's also the lead promoter for his fight with Juan Manuel Marquez.
This isn't about disgracing Floyd or anything. These things happen. Richer folks than Mayweather have screwed up their finances beyond belief. As huge a figure as $6 million-plus is, it's quite fixable in his position.
It is, though, hard to take Ellerbe seriously with this news now so readily available to the public. Like it or not, Mayweather-Marquez will now be firmly associated with one thing: Floyd needing the money.
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Comments
I don't know about that.
Why shouldn’t he still be called “Pretty Boy”?
;)
Boxing is the beginning of all sports. I'm willing to bet that the first sport was a man against another man in a fight. (Omar Epps)
by Chaos100 on Jul 3, 2009 10:16 AM EDT up reply actions 0 recs
Not surprising...
Well if it is true he invested all his money in the propery and stock market in the USA then this is not surprising at all.
When the recession hit the value of nearly everythin was wiped clean.
There are people a lot richer than Mayweather that have lost practically everything due to the crisis.
All he would have left is the money he didn’t invest in the stock market and the property market because those markets are pretty much dead on many levels.
If he invested all his money there then hes broke its just that simple.
by MannyPacquiao on Jul 3, 2009 12:39 PM EDT reply actions 0 recs
um....
Stuff dropped between 40 and 60% but I haven’t heard of any rich people having lost everything. Everybody invested heavily got hit pretty evenly unless he by some bizarre chance invested all his money in GM.
He just blew his money acting like an ass and making it rain.
Gimme 1 round!
by ItBurnzWhenIP on Jul 5, 2009 9:29 AM EDT up reply actions 0 recs
At least he’s not having to come out of retirement in his 40s
Keep firing Assholes!
Out out, you demons of stupidity!
by Ubernoober on Jul 3, 2009 3:30 PM EDT reply actions 0 recs
having seen parts of the 24/7 i’d guess it was spending millions on jewelry in cars (some of which was stolen straight out his house)…just a theory.
Gatti. Dekkers. Pele. Aoki. Kang. Vanderlei.
http://theworldsoldestsport.blogspot.com/
by theworldsoldestsport on Jul 6, 2009 3:13 PM EDT reply actions 0 recs

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