Comments Thread For: Mayweather Owes Taxes, Asks IRS to Wait For McGregor Fight

[jas]

Every boxing fan first and foremost just wants to see good competitive high quality fights but if you're a hardcore fan you always wanna see fighters benefiting from the fruits of their labour because , by following the sport so closely, you see how brutal the sport can be

Floyd strikes me as quite paranoid so it wouldn't surprise me if this is just down to lack of financial advisors because he wouldn't trust them to handle his money. Ellerbe and haymon seem to not be doing the greatest job. Haymon himself reportedly lost warrel and reed investors almost half a billion with pbc

There should be a commission made up of independent lawyers and accountants who advise fighters. This could be paid for by sanctioning bodies, promoters, TV networks. This is unlikely to happen because of the selfish nature of folk in the business and the shortsightedness of them. Parents are sending their kids to mma gyms not boxing gyms. This Is mainly because boxing is a way more dangerous sport- repeated head blows that cause brain damage. And the pay is more top heavy - a few guys get a lot of money and the rest struggle especially considering that combat sportsmen and women invariably should retire before 40 years of age. So the risk reward is just not there for people to be attracted to participate in boxing. The system is broken. You have unnecessary promoters taking allegedly 25% cuts from the fighter e.g. duva with kova,27% arum with PAC for doing little to justify that. Top rank lures fighters with big signing on fees . fighters should go straight to networks and have accountants and lawyers represent them on a fixed fee basis

[aboutfkntime]

You're way over thinking this dawg.
All Floyd has to do is sell all his properties, buy a small house and a decent car,
live as far away from Las Vegas as possible, put his money in the bank and live below his means.
Which is what you're missing. He can earn all these millions of dollars
in his fights but if he continues to spend more than he earns, he'll end up becoming a beggar.

you are DREAMING !!

that stuff you wrote is fantasy..... and totally absurd

you LITERALLY have no idea how much money Fcukweather has..... and you also likely have absolutely no idea whatsoever how much interest he earns

your plan above applies to someone who is worth 7-figures

a MUCH more extravagant plan would apply to someone who is worth 8-figures

however, Mayweather is worth a HUGE 9-figures dude

let that sink in for awhile

look.....

* he had 200mil+ already
* plus the 275mil from the Pacquiao fight
* plus he will earn another 200mil from McGregor

..... or will it be 300mil from McGregor..... ?

lets play it REAL conservative.....

let's say he ONLY had 100mil before Pac
let's say he ONLY made 200mil from Pac
let's say he ONLY makes 200mil from McGregor

that is HALF-A-BILLION dollars..... CASH

and I bet you can add 200mil to that figure

but let's not..... and let's ONLY give him 5% interest per annum

that is 25mil per-year interest, not forgetting that we sold him short

what that means is this.....

he earns more than the GDP of a small country, without even lifting a finger..... and yet you just recommended that he move into a cozy 2-bedroom flat back in Grand Rapids LMAO

the guy could LITERALLY give away 50 new Rolls-Royces per year, without it costing him one red-cent of capital

you guys are losing it..... you clearly cannot comprehend how ****** rich that cvnt is..... which is hilarious

look.....

Mayweather earned $ 101,851.85 per second.....

Floyd Mayweather will gross between $220 million and $230 million for his May 2 fight against Manny Pacquiao, but how much will he really make for his welterweight championship victory?

..... tax accountant Robert Raiola of O'Connor Davies estimates that as a Nevada resident, and obviously in the highest tax bracket on the federal level, $88.9 million in taxes will come out. That assumes that he deducts five percent of that $220 million ($11 million) on fees such as training costs. That would leave him a net of $131 million before paying out his employees.

Because Mayweather owns his own business in Mayweather Promotions, he's not paying the same promotion fees that Pacquiao has to pay to Top Rank CEO Bob Arum and Top Rank itself, which will likely come out to tens of millions of dollars. Mayweather can also attribute business expenses generally associated with Mayweather Promotions to further deduct expenses from his gross total. Although there is no limit on deductions, they have to be considered reasonable according to Internal Revenue Service standards.

Mayweather also likely generated millions of dollars in merchandising. Hats in the MGM Grand hotel lobby cost $50 and up, and the store was mobbed on fight weekend. While there were items with both Mayweather and Pacquiao, the majority of sales were for Mayweather "The Money Team" items.

Mayweather has filed for more trademarks than any athlete in history. He owns 16 trademarks and has more than 120 trademark applications pending.

Taxes and fees aside, it's an unprecedented payout. Based on the total time of fighting over 12 rounds, Mayweather earned $6,111,111.11 a minute, which breaks down to $101,851.85 a second. In an effort to put $220 million into perspective, consider the following list as a way to wrap your mind around it.

Mayweather's payout figure ...

• Exceeds value of at least three NHL franchises, according to Forbes -- the Carolina Hurricanes, Columbus Blue Jackets and Florida Panthers.

• Exceeds the current payroll of every team in the NFL, NBA, NHL and MLB, with the exception of the Los Angeles Dodgers.

• Is more than seven times the highest salary in MLB this season -- which belongs to Dodgers pitcher Clayton Kershaw.

• Is more than all but seven of the richest playing contracts in North American sports history.

• Exceeds the construction and renovation costs of at least three -- and possibly as many as seven -- stadiums used for the 2014 World Cup in Brazil.

• Exceeds the gross domestic product of Kiribati, an island nation in the Pacific with a population of more than 100,000.

• Is nearly $100 million more than what Michael Jordan earned in salary over his playing career (adjusted for inflation).

• Is more than seven times the amount the New York Mets will pay former player Bobby Bonilla in deferred compensation from 2011 to 2035.

• Exceeds the U.S. box office gross of all but 10 motion pictures in 2014.

• Is more than four times the amount the Grateful Dead will gross in ticket sales for its five reunion concerts this year.

All that for 36 minutes of labor.

[El Gitano]

Do Floyd fans now feel as though they owe taxes too since they live vicariously through his paydays? #theOwes$Team #boxing

— IRSteve (@steveucnlive) July 9, 2017

Is the IRS is the A-side vs Floyd?

Just wondering.. #boxing

— IRSteve (@steveucnlive) July 9, 2017

#TMPT The Monthy Payment Team

— Mad MATTigan (@staycoolwheels) July 9, 2017

[aboutfkntime]

Is the IRS is the A-side vs Floyd?

Just wondering.. #boxing

— IRSteve (@steveucnlive) July 9, 2017

clearly not

the A-side would not be waiting obediently for their bone

[ironmt]

clearly not

the A-side would not be waiting obediently for their bone

Floyd will obey and pay or he will eventually find out who the A side Is.

[aboutfkntime]

Floyd will obey and pay or he will eventually find out who the A side Is.

quite true.....

still

funny that the " A-side " is waiting for Mayweather, AGAIN

[ironmt]

quite true.....

still

funny that the " A-side " is waiting for Mayweather, AGAIN

Floyd Is playing It smart and according to the article has been down this road many times over the years.

[TheCell8]

Taxation is theft.

[ironmt]

Taxation is theft.

But since the government controls It, It Is legal. Sickening really.

[megas30]

First thing he obviously needs to spend his $ on, is a damn good CPA! You can't even make this kinda bs up! If Floyd wasn't always flaunting all that cash the IRS wouldn't have such a strong leg to stand on. C'mon Man

Cost/benefit. If you can forgo that amount of money and put it into an investment where you can triple that amount within that time, you are good. Many rich people deferred taxes through any loopholes they can find.