Before diving in, it’s essential to mention that the following information stems from allegations and reporting published by Business Insider (BI) in their article titled “Money to Blow: Inside Floyd ‘Money’ Mayweather’s Lavish, Debt-Filled Post-Boxing Life.”
In response to BI’s claims, Mayweather’s attorney, Bobby Samini, strongly rejected the notion that Mayweather is facing financial difficulties. Samini stated to BI:
“Floyd Mayweather rose from poverty to become one of boxing’s greatest champions, turning his talent and discipline into a successful business empire. Spreading unverified narratives distorts the truth and undermines the achievements of someone who has overcome adversity to become a definitive success in athletics and entrepreneurship.”
It’s noteworthy that Floyd is currently suing Business Insider and reporter Daniel Geiger for defamation regarding prior coverage of his commercial real estate ventures. In his $100 million lawsuit, Mayweather asserts: “Geiger declined multiple opportunities to review validated records that would have demonstrated the transactions were executed as claimed.” Mayweather’s legal team also contends that the reporting was not only erroneous but potentially racially charged.
With these disclaimers established, Business Insider’s recent investigation examines Mayweather’s finances post-boxing. The report compiled evidence from public records, lawsuits, and interviews with associates to reveal a more complex narrative about “Money” Mayweather.
Financial Management After Retirement
The article highlights Mayweather’s substantial wealth and suggests he may have mismanaged it in retirement, as he has taken on significant debt linked to real estate, along with claims of foreclosures and lawsuits while becoming increasingly dependent on exhibit fights to maintain his lavish lifestyle.
Real Estate Activities and Allegations
Central to BI’s report is the scrutiny of Floyd’s post-boxing real estate activities. It claims that Mayweather misrepresented ownership of several valuable properties in New York, with reports indicating that his financial involvement may have been overstated.
Increased Borrowing and Debt Risks
The investigation spotlighted Mayweather’s reliance on debt post-retirement, revealing he borrowed about $54 million from billionaire Don Hankey at approximately 9% interest. This borrowing was secured by multiple assets, raising concerns about its risks. Mayweather’s attorney maintains that using borrowed funds against appreciating assets is common among the wealthy and does not signify financial trouble.
Ongoing Legal Issues and Public Perception
Additionally, the article discusses several lawsuits, including claims regarding unpaid bills and legal disputes with a luxury car dealer involving significant sums. The broader implications of these legal and financial challenges suggest that while Mayweather’s wealth is substantial, it may be more precarious than his public persona implies.
