The former pound-for-pound king doesn’t seem to have enough cash on hand to pay his tax liabilities.
Mayweather has earned approximately $700 million over his 19-year career. A fact many people do not know is that Mayweather is unable to pay his 2015 tax liability and has filed a tax court petition on July 5 asking the Internal Revenue Service (IRS) to allow him a reprieve until his McGregor fight. He additionally asked the IRS to waive the penalty for failing to pay his tax bill.
Although the former five-division champion has enough assets to pay his tax liabilities, he does not have the available cash now.
His petition read, “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.”
According to the IRS website, the failure-to-pay fine is 0.5 percent of the tax liability for each month. While Mayweather’s 2015 taxes are a year and three month past due, totalling 7.5 percent on top of what’s owed, it is unknown exactly how much the former pound-for-pound king owes.
Mayweather, 40, who won, made at least $220 million from his 2015 bout against Manny Pacquiao. Many Pacquiao, also known as PacMan, is the first and only boxer to become an octuple champion who won 11 titles in eight different weight divisions.
Mayweather is seen to bring home at least $100,000,000 from his fight with McGregor, which is scheduled for Aug. 26 this year in Las Vegas. The fight will conclude Mayweather’s nearly two-year retirement from the sport. Mayweather has not fought professionally since winning against Andre Berto via unanimous decision in September 2015.
According to Forbes, Mayweather’s net worth is at $340 million in January.