Floyd Mayweather may be called “Money,” but a tax court petition indicates that he doesn’t have enough money to meet his 2015 tax liability.
Mayweather is asking for a reprieve until he can collect the money from his upcoming fight against Conor McGregor, which Mayweather is expected to collect a nine-figure payment for the August 26 megafight.
According to ESPN, Mayweather filed a petition on July 5 for a reprieve, but according to legal website Law360.com, which has a copy of the petition, Mayweather does have assets to pay for the massive debt. The IRS said that Mayweather owes $22.2 million as of March 2015
"Although the taxpayer [Mayweather] has substantial assets, those assets are restricted and primarily illiquid," the petition stated. "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 has not been a stranger to getting insanely huge amounts of money for a fight. The undefeated boxer made about $220 million for his 2015 fight against Manny Pacquiao. That fight broke numerous financial records for a boxing event, including boxing’s pay-per-view buyrate record. Mayweather did posted a picture on social media after the fight of himself holding a $100 million check from that historic fight.
In the petition, Mayweather also asks the court to reduce the penalties he’s incurred from his outstanding tax debt. The average failure-to-pay penalty is 0.5 percent of the amount owed per month. Taking into account the time his tax bill was issued (about 15 months), Floyd may be paying an additional 7.5 percent on top of whatever the original amount was.
Mayweather is coming out of retirement to fight McGregor at T-Mobile Arena as Mayweather is going for his 50th career win as a professional boxer.