Join Date: Jan 2010
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Just to clarify for everyone:
Mayweather promotions does exist, however it does not hold a promoters license. That is outsourced to GBP as is the majority of the promotional legwork, which Floyd pays for. Hence he is entitled to a % of the back end. Normally that's the realm of the promoter who takes the financial risk. My guess is the company exists as a vehicle that writes the cheques to GBP to do the promoting and for all the other front end costs.
Al Haymon does not have a promoters license. There is a very specific reason for that. Managers must be separate from promoters. By not having a promoters license Haymon gets around that and essentially acts as both.
Floyd is financially illiterate (like many many many pro athletes). The hoopla about him not having an accountant or financial adviser because of Haymon is silly, it is his own doing. He's been put into contact with firms like Goldman Sachs before. He called them Goldman Sucks. A safe return from bonds (not so safe anymore, but that's another topic) isn't within Floyd's realm of understanding. He sees that return and thinks he's better off gambling. You only need to look at his actions to know he is financially illiterate. What kind of fool keeps millions of dollars of cash in their house (earning nothing) and spends millions and millions on jewelry, and a fleet of 29 cars?? I hope he leases those cars. Anyway FLOYD IS GOOD AT MAKING AND SPENDING MONEY. MANAGING MONEY IS DIFFERENT FROM BEING ABLE TO EARN IT.