Next month boxing legend Floyd Mayweather, Jr. will fight UFC superstar Conor McGregor in a boxing match.
If it seems like an unfair fight, it is. McGregor’s boxing skills are rudimentary, to put it tactfully.
A recent training video showed McGregor working the bags, and he looked like a rank amateur.
This fight is all about the payday, and now there is confirmation.
Mayweather needs cash to pay a tax bill from 2015.
From CBS Sports:
It has been no secret that Floyd Mayweather’s Aug. 26 return from a two-year retirement against UFC champion Conor McGregor has just about everything to do with money.
What wasn’t known until now is that Mayweather, who has earned approximately $700 million over his 19-year career, is in more need of the payday than you might think.
Mayweather remains unable to pay a 2015 tax liability and filed a tax court petition on July 5 asking the IRS to allow him a reprieve until the McGregor fight. The filing also asks the government to waive a penalty for failing to pay.
The former five-division champion has enough assets to afford the tax bill, he just doesn’t have the available cash.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” the petition said, according to the legal website Law360. “The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding.”
According to the IRS website, the failure-to-pay penalty is typically 0.5 percent of owed taxes for each month. While Mayweather’s 2015 taxes are 15 months past due, equaling 7.5 percent on top of what’s owed, it remains unknown exactly how much the former pound-for-pound king owes.
Mayweather (49-0, 26 knockouts) earned a guaranteed $100 million for his May 2015 victory over Manny Pacquiao, and reportedly took home between $200 million and 300 million after pay-per-view receipts were counted (the fight sold a record 4.6 million buys). He returned four months later to defeat Andre Berto, earning a guaranteed purse of $32 million in his final bout before retirement.
The fight against McGregor, which will take place in Las Vegas and will air on Showtime PPV, is expected to challenge financial and PPV records, despite the one-sided expectations. Mayweather, 40, will seek his 50th career win against a two-division MMA champion who has never boxed a professional round.
The fact Mayweather is this illiquid is no surprise.
He routinely bets obscene amounts of money on sporting events; he allegedly bet $10.4 million on the Super Bowl three years ago.
The McGregor fight is a quick and easy payday for Floyd. Nothing more.
The fight will cost $100 on pay-per-view. Fans may as well save time and forward the money to the IRS on Mayweather’s behalf.