So you think Floyd Mayweather will never go broke… well think again. Mayweather is a spendaholic in the worst possible way. He doesn’t drink, do drugs or smoke, but he spends money like he’s messed up bad on everything. It’s been reported “Money Mayweather” spends about $75 million per year on gambling, cars, women, houses, security, expensive jewelry, helping out his family/friends and a whole lot of other s**t. So if you do the math, in a little over 13 years, that’s about 1 billion dollars and totally freaking unsustainable. Floyd Mayweather is no Mark Cuban and might have a lot less cash that you think.
Floyd is 40 years old and his fighting days are nearly over, but he is spending more money now than ever. Something has to give. As recently as 2014, Floyd was seeking the advice of a bankruptcy lawyer, despite making a little over $100 million that same year! So you’re shaking your head right, thinking that’s just way too crazy. It’s mind blowing to think someone that makes 9 figures in a year might go BK the same year. If he doesn’t slow down the wild spending soon, he could go broke in a couple years.
If Floyd didn’t have the Manny Pacquiao fight, he might be out of cash today. Back in 2009 Floyd couldn’t even pay his car loan and defaulted. He ended up getting sued, according to the Vegas Sun. Floyd borrowed $415K to finance a Mercedes Mayback 57S, and agreed to make 72 monthly payments at about $9K per month. Get this, he stopped making the car payments and the benz was repossessed. Before the Manny fight, Floyd was selling some of his exotic cars, just to raise cash to pay his debts and massive monthly obligations.
Then there is the good old IRS. We all hate paying taxes, but most of us pay what we owe. Floyd hates the IRS and rarely pay his taxes. Prior to the Pacquiao fight, Mayweather was on the hook for $50 million in back taxes. His issues with the IRS are so flagrant, they placed liens in 2007, 2009, 2011 and 2014. Floyd seems to be ducking the IRS like he’s in the ring fighting, but you can’t fake out the IRS. Floyd also has been on the hook for millions in interest and fines. His CPA in Las Vegas got so frustrated with Floyd’s refusal to pay any taxes, he quit.
Now it’s been two years since the Pacquiao fight and Floyd’s probably burned through $150-$175 million. If he made $250 million for the fight, he would be on the hook for about 98 million in taxes. That leaves $152 million and he’s probably already spent most of that. Now he needs the McGregor fight to fund his crazy spendaholic lifestyle.
If the Conor McGregror fight does comes together, Floyd will make a killing. The question is, will he change his spending habits and put aside, $100 million or so for the rest of his life? Probably not. Floyd needs to work on his financial game now and get real before he wakes up at 45 or sooner broke and unable to fight again. No one will feel sorry for him at that point.