Floyd Mayweather’s financial situation is back in the spotlight after the boxing legend filed a $175 million fraud lawsuit against former colleagues while continuing to pursue multiple comeback fights.
How first reported by TMZMayweather filed a lawsuit in Fresh York accusing former associate Jona Rechnitz, investment firm Frist Apex Ventures, Ayal Frist and lawyer Alexander Seligson of orchestrating what Floyd describes as a multi-year scheme involving unauthorized transfers, fraudulent investments and missing luxury assets.
Mayweather’s legal team alleges that millions of dollars were diverted through business entities linked to Rechnitz and Frist, including real estate proceeds, jewelry transactions and the refinancing of several properties.
Among the most eye-catching claims are allegations that Mayweather’s jewelry worth about $100 million was transferred to jewelers for only about $13 million, while Floyd also claims that money tied to the sale of his Gulfstream jet disappeared without explanation.
The lawsuit also alleges that Mayweather contributed $7.5 million to an investment that never materialized and millions more were transferred without his consent.
Mayweather’s attorney, Leo Jacobs, stated: “The conduct alleged in this letter – including the diversion of settlement proceeds, refinancing of proceeds, and repeated distributions of properties to accounts controlled by Jona Rechnitz through Frist Apex Ventures – requires full forensic accounting.
“We look forward to obtaining this settlement and recovering every dollar to which our client is entitled.”
Floyd Mayweather lawsuit
The lawsuit was filed shortly after Mayweather publicly attacked Rechnitz on social media.
“Liar, thief, rat and snake,” Floyd wrote.
“Jona Rechnitz is the worst person to ever walk this planet.”
The accusations added another chapter to a confused twelve months for Mayweather.
Mayweather’s past year has been a mix of financial rumors and comeback plans that stalled as his previously quieter life flared up again even as he neared 50.
Several fights have fizzled out, been delayed or simply didn’t happen as Mayweather now has an incredible three fights in the next four months.
Is this a sign of potential financial problems?
This was a question many people were asking before Mayweather began filing lawsuits, which apparently fueled speculation about his finances.
The fight for Mayweather’s return
But it’s not like Mayweather spent all his money. As previously reported, the five-division champion claims he was defrauded by a combination of his former television network Showtime and Stephen Espinoza and former partners and business associates.
Mayweather tries not to portray this as his fault, but it’s becoming increasingly hard for some to accept that Floyd ultimately chose the people he worked with and surrounded himself with.
How it will all play out is anyone’s guess, and whether the fights against Mike Zambidis, Mike Tyson and Manny Pacquiao will take place in that order is still uncertain.
Despite the mounting legal drama, Mayweather continues to post a mix of training materials and legal updates on social media less than a month before he is scheduled to fight Zambidis in Greece.
The event remains ongoing for now as Floyd prepares for another comeback and legal pressure continues to mount around him.
About the Author
Phil Jay is the editor-in-chief of World Boxing News (WBN) and a boxing veteran with over 15 years of experience. Read the full biography.
Hamzah Sheeraz won the WBO super middleweight title last month and the undefeated star wants a quick turnaround, with another 168-pounder stating he would be ready for the opportunity to fight the Briton at tiny notice.
Anthony Joshua will return to action next month when he faces Kristian Prenga in Jeddah on July 25, hoping to make his long-awaited showdown with arch-rival Tyson Fury.
Earlier this week Boxing Scene reported that two world titles could be up for grabs on the undercard, with both Josh Kelly and Sheeraz set to make their first defense of their world titles in the super welterweight and super middleweight divisions, respectively.
Although Kelly is reportedly scheduled to face Caoimhin Agyarko from Belfast, Sheeraz’s opponent is unknown and the only condition is a place in the top fifteen of the WBO rankings.
In an interview with Boxing News, 39-year-old Milorad Zizic, who is rated No. 9 by the WBO, shared his desire to challenge for Sheeraz’s crown in a fight where he could join Dejan Zlatičanin as the second Montenegrin world champion in boxing history.
“It would mean a lot to me. I live for this goal. It would be a great honor for me, my family, Montenegro and the entire Balkan region. Becoming only the second world champion in Montenegro’s history would be something truly special.”
“It would mean everything to me. I live for boxing. I truly believe this fight could become the upset of the decade.”
“Hamzah Sheeraz is a true champion. He is in great shape and I have a lot of respect for him. But believe me, he has never faced such a devastating blow as I did. Believe me, he will never face such a devastating blow as I did. I respect him as a fighter, but not to the point of thinking that I cannot beat him. I believe in my abilities and I am sure that I can make my dream come true.
“It will be a war from the first bell, I know how it can be. If we fight and he survives five rounds, he will be the winner, but five rounds against me is a long time.
“If Hamzah and his team want this fight, I’m ready. If not, that’s fine too. I will keep moving forward, keep working and stay focused on my journey. My time will come.”
Although his head coach is Joco Todorovic, Zizic has previously been cornered by fan favorite four-division world champion Roy Jones Jr, who continues to train him.
Speaking to Boxing News, Jones explained why he thinks Zizic will be an compelling test for Sheeraz, agreeing with Zizic’s plan to force a shootout.
“Zizic is a very strenuous puncher, as is Sheeraz, they are both very strenuous punchers. Zizic was off for a minute, but he came back and got four quick wins, he’s back busy and I think it would be a great fight for Sheeraz.”
“Like I said, they’re both really good punchers, and Sheeraz won’t come across many people who can match his punching power, but Zizic has that punching power.”
“He has to go straight to him. He can’t try to box him, he’ll go straight to him. That would probably be the smartest approach because if you box him, as long as he [Sheeraz] means he will beat you.
“So your best chance is to get to him as rapid as you can and see if he can withstand your blows. If you wait, he’ll get you out of there.”
News on Sheeraz’s opponent – if he appears on the card – is expected soon, with fellow WBO-ranked contenders Bernardin Jakaj (No. 12) and Jack Bowen (No. 14) also among potential opponents.
Eddie Hearn has admitted that the long-awaited clash between Anthony Joshua and Tyson Fury could be renegotiated, depending on the demands of paymaster Turki Alalshikha.
As of now, both British heavyweights will face each other later this year, provided they complete their warm-up fights.
While Fury’s fight has not yet been announced, it has been confirmed that Joshua will face Kristian Prenga on July 25 in Jeddah, Saudi Arabia.
“The Gypsy King” is expected to have a hard-fought fight in August, potentially against Nelson Hysa, following his April unanimous decision victory over Arslanbek Makhmudov.
If all goes to plan, ‘AJ’ and Fury should meet in the UK, although Matchroom Boxing promoter Hearn revealed the location could be renegotiated.
Furthermore, White also suggested that Joshua’s promoter Hearn has not yet been informed of the location, seemingly suggesting that the fight could take place in America.
In response, Hearn said IFL Television that this turn of events will have to be renegotiated and spelled out in both Joshua and Fury’s contracts.
“Without AJ’s consent, the fight cannot take place anywhere outside the UK. And there was no such consent.
“If there is a renegotiation and we want to make a deal again, I am sure we will consider it. [But] apart from money, we want this fight in the UK.
“We will act accordingly and will hold talks with Turki Alalshikh if asked, but who really wants to watch this fight at 4am UK time?”
Given that the pair are most likely to perform in November, when British weather for stadium shows is unpredictable at best, fans may need to prepare for an event in the United States or even Saudi Arabia.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
Opinions & Features1 year ago
MMA1 year ago
Results1 year ago
Results1 year ago
Video1 year ago
Analysis1 year ago
Video1 year ago
Results1 year ago