Floyd Mayweather Jr owes $6.2 million in federal income taxes - COMEBACK INEVITABLE ?

[lynx649]

didn't floyd get like 20 million from WWE too?

[!! Shawn]

I don't really agree. I see Mayweather having anywhere from 40-60$ million at the most so 7 million tax is a decent chunk of that.
Some of you guys over estimate how rich athletes/celebrities are. For example ya'll would have probably thought heath ledger was caking yet when he died they said his estate was only like 15$ million or something along those lines, so I don't necessarily expect Floyd to have much more than 30-60million or so and that money is constantly waning due to his expenditures and profligate life style

I tend to agree with you about his Net worth. I think He is worth anywhere from $40-70 Million. Nowhere close to what people assume he has. Some people on here are giving Floyd ridiculous net worth figures. I don't think Floyd has even made $150 million in purses in his entire career.

[MindBat]

Assuming Floyd has learned from the history of boxers who've gained wealth, been cheated by their handlers, and died broke and destitute--I would venture say he's had pretty decent financial advice concerning the management of his earnings.

6 mil should only be a drop in the bucket providing the remainder of his wealth is still out there working for him while he sleeps.

I suppose if he was really strapped for cash he would not have announced his retirement, and would instead be fighting more frequently than he has been.

So, I'd say he's pretty well off and not worried about paying taxes at the moment.

[King Jaffe Joffer]

^^ I disagree, we all know he's coming back. As of now, he spends more than he makes.. That wont work in the long run

[OTSS]

I never count another mans money I just want to see him fight again.

The fact that alot of people despise him has no bearing.

[MindBat]

^^ I disagree, we all know he's coming back. As of now,
he spends more than he makes.. That wont work in the long run

That's a very bold claim. How can we be so sure he does?

By the videos he's in?

[nujabes77]

Pacman you scared

scared of what? what does pacman have anything to do with his tax bs?

dude dont be a clown. sorry man but i call one when i see one

[Pullcounter]

http://www.nowboxing.com/2008/12/flo...-income-taxes/

Floyd Mayweather Jr owes $6.2 million in federal income taxes

December 24, 2008 · Filed Under editorial, featured

According to Robert Snell in his Tax Watchdog Blog, public record shows Mayweather Jr owes Uncle Sam big time.
From theTax Watchdog:
What’s owed:

* The IRS filed a $6,165,735 lien against Mayweather for unpaid incomes taxes on Oct. 9 in Clark County, Nev. He owes the money from 2007, according to the Clark County Recorder’s office.

This could be the reason Floyd Mayweather Jr has shown some interest again for a big money fight and no tune up. According to his Advisor Leonard Ellerbee, Floyd gave him the go ahead to look for the best fight possible.
This comes as no shock to boxing fans especially the way Floyd Mayweather Jr supposedly spends his cash and throws out Benjamin Franklin’s to crowds at the clubs and parties he attends. Floyd throws money away like it grows on trees, unless it counts as a tax deduction it makes no real sense to me.
The biggest possible fight right now would be a fight with Manny Pacquiao who holds the title of pound 4 pound best boxer in the world, a title that Floyd held before his retirement. But from the looks of it that fight has to wait because the word on various boxing sites is Ricky Hatton vs Manny Pacquiao is almost a done deal for May 2, 2009. Floyd will probably face the winner of that bought.

damn that ***** need to fire his accountant.

[horge]

It doesn't matter if he has even $1 Billion in assets (which is impossible). If he has a liquidity problem, it might as well be a $2 billion debt.

Most who have a fortune locked up in investments can still obtain credit based on their less-than-disposable assets, if the economy is in good shape. An economic downturn however makes it almost impossible to liquidate assets quickly, or for the same amount originally invested. As a result, ability to obtain credit is severely reduced, while debt obligations remain unchanged.

By putting Floyd's name out there as a possible boxing revenue earner again, his organization might find it easier to obtain more credit and keep up with his financial obligations.

It comes down to bad luck on investments and spending more than he can afford. It takes time to sell assets (which are depreciating in value), and he needs cash now. He can either make it via a comeback megafight, or he can borrow, on the projected revene froms said megafight. Whether he actually fights or not, he has to talk the supposed megafight up. If he doesn't fight, at least he will have obtained credit to service his debts --that buys him time to sell off more assets, and hopefully catch up with his debts.

h.

[oc9979]

hey man no sympathy though, with 30 million dollars the interest on that alone would probably be in the millions per year so if you aren't a fool and blow it all you can comfortably live RICH off that interest for the rest of eternity

and the interest is taxable too.


and for the person that said that 6 mil is nothing for floyd.

why hasnt he paid it??? and would risk a lien