Floyd Mayweather has filed a petition saying he doesn’t have enough cash on hand to meet his 2015 taxes, and he’s asking the IRS for a reprieve until after his fight against Conor McGregor next month, according to Law360.
Mayweather currently has a net worth estimated by Forbes at $340 million. His luxurious lifestyle outside the ring, filled with fancy suits, fancier cars, expensive mansions, calling himself “Money,” and dubbing his lifestyle brand “The Money Team,” are as much a part of his persona as his boxing. But his petition says the boxer still owes some amount to the federal government, how much isn’t said, on his taxes. He can’t pay until after the fight because before then he wont’t have enough cash on hand. From Law360's report:
The petition, filed July 5 and served two days later, asks for a short-term installment agreement of under three months after the IRS refused based on a finding that Mayweather had adequate assets to meet the unspecified liability. Mayweather doesn’t dispute that he has the money, according to the petition — just that he won’t have ready cash until after a late August fight.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid. 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’s petition said.
The IRS, however, claims that Mayweather has enough to pay what he owes, one way or another. Reported Law360: “The agency said that Mayweather had various options available to meet his tax liabilities now rather than later, including by selling property, withdrawing cash from other accounts or taking out a loan.”
Back in 2015, CNN reported that sponsors weren’t flocking to Mayweather because, in case you had forgotten, he beats women—and he refuses to even acknowledge this despite taking multiple plea deals in multiple cases.
How much case will this “liquidity event” give Mayweather? The price of a pay-per-view buy for Mayweather-McGregor is reported to be $89.95. High definition will set you back close to $100. It’s estimated that Mayweather took in more than $200 million from his fight with Manny Pacquiao.
Update (6:36 p.m. ET): The AP’s Oskar Garcia has the IRS’s lien against Mayweather for 2015, which shows Money owing the agency a staggering $22,238,255.
[Law360]