According to Forbes, Floyd Mayweather is one of the highest paid athletes in the world. However, it seems as though the boxing legend is having some financial troubles.
According to a report by ESPN’s Darren Rovell, Floyd says he can’t pay off his 2015 tax liability until after he gets paid from his Aug. 26 match against Conor McGregor. Mayweather filed a Tax Court petition on July 5, which asks the IRS for a reprieve until the fight.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” the petition said, according to the legal website Law360. “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.”
The exact amount of money Mayweather owes is unknown, but according to Law360, the IRS believes Mayweather had the resources to pay it immediately, even if it meant selling some property or taking out a loan.
In his petition to the IRS, Floyd is also seeking a reduced penalty for not paying all of his taxes for the year. Typically, the failure-to-pay penalty is 0.5 percent of the owed taxes for each month, according to the IRS website. Mayweather’s 2015 taxes are currently 15 months past due, which would equal a 7.5 percent charge on top of what is owed.
It is no secret Floyd likes to live his life lavishly. From his private jets, huge mansions and fleet of cars, you would think he has enough money to pay his taxes. Especially since he’s one of the highest paid athletes ever.
Over his 49-fight career, Floyd has earned approximately $700 million, according to a Forbes magazine estimate. Maybe Floyd finally agreed to the McGregor fight because of his financial situation.
Floyd is expected to make around $200 million in his fight against McGregor on Aug. 26 so let’s not feel too bad for him. I’m sure one way or another Floyd will be able to run into some money to get the IRS off his back.