Floyd Mayweather's finances are a disaster

[overhand_right]

Call him 'No Money' Mayweather.

https://www.ringmagazine.com/news/maywe ... HncArK6pkc

[TheLeprechaun]

Was always going to happen. He might wise up now and invest better but I doubt it. Broner is the same story.

[Oiky]

you'd think top level individuals would realise that having loads of money is essentially useless if you aren't going to invest and tie it up into things

[Controversial]

It always amazes me how stupid some people are. They have so many advisors and team members, don’t any of these advise them re their finances. Plus there are numerous examples of other boxers who ended up broke and yet they end up doing the same.

[keithmoonhangover]

It always amazes me how stupid some people are. They have so many advisors and team members, don’t any of these advise them re their finances. Plus there are numerous examples of other boxers who ended up broke and yet they end up doing the same.

The guys who have extravagant life styles usually end going broke when the big cheques stop coming in. Tyson, Bowe and Holyfield all ended up with serious financial problems. Even Ali almost went broke at one point.

[Controversial]

It always amazes me how stupid some people are. They have so many advisors and team members, don’t any of these advise them re their finances. Plus there are numerous examples of other boxers who ended up broke and yet they end up doing the same.

The guys who have extravagant life styles usually end going broke when the big cheques stop coming in. Tyson, Bowe and Holyfield all ended up with serious financial problems. Even Ali almost went broke at one point.

Yeah but you would think they’d have financial advisors or just learn from seeing other fighters going broke. When you have millions the banks normally offer financial advice, there’s no excuse for going broke, that’s just plain stupidity. A lot get caught out with big tax bills, again if you are worth hundreds of millions just employ a tax advisor!

[keithmoonhangover]

It always amazes me how stupid some people are. They have so many advisors and team members, don’t any of these advise them re their finances. Plus there are numerous examples of other boxers who ended up broke and yet they end up doing the same.

The guys who have extravagant life styles usually end going broke when the big cheques stop coming in. Tyson, Bowe and Holyfield all ended up with serious financial problems. Even Ali almost went broke at one point.

Yeah but you would think they’d have financial advisors or just learn from seeing other fighters going broke. When you have millions the banks normally offer financial advice, there’s no excuse for going broke, that’s just plain stupidity. A lot get caught out with big tax bills, again if you are worth hundreds of millions just employ a tax advisor!

The thing is, when you pay someone to provide a service for you, you can't say for sure that they're going to do an amazing job. If you're getting a new kitchen fitted, an extension built or entrusting your life savings with an advisor, there is no way of guaranteeing that they are going to do an amazing job for you. If you have a knee replacement, you have to put your trust in someone, but that doesn't mean it's going to be perfect.

[Controversial]

The guys who have extravagant life styles usually end going broke when the big cheques stop coming in. Tyson, Bowe and Holyfield all ended up with serious financial problems. Even Ali almost went broke at one point.

Yeah but you would think they’d have financial advisors or just learn from seeing other fighters going broke. When you have millions the banks normally offer financial advice, there’s no excuse for going broke, that’s just plain stupidity. A lot get caught out with big tax bills, again if you are worth hundreds of millions just employ a tax advisor!

The thing is, when you pay someone to provide a service for you, you can't say for sure that they're going to do an amazing job. If you're getting a new kitchen fitted, an extension built or entrusting your life savings with an advisor, there is no way of guaranteeing that they are going to do an amazing job for you. If you have a knee replacement, you have to put your trust in someone, but that doesn't mean it's going to be perfect.

At that financial level I don’t agree, there are well established wealth management companies that have teams of specialists in investments, legal and tax affairs for the super rich. Of course if you go to a bog standard advisor down the high street then they won’t have that level of knowledge or experience.

However the super rich have access to the best in the business who will know all the loopholes and opportunities for them. They advise where to put your money where it’s safe, spread risk across various investments, properties, trust funds, bonds, off-shore investments, tax breaks, sort tax bills for them etc. Remember this guy was worth hundreds of millions of dollars, most of us could live like a king just off the interest. Surgery or building work can be a gamble but they are one off things, there are so many ways the super rich can spread their assets and look after their wealth, no excuses in my book.

[SeanBrennan]

It’s the tax stuff that staggers me. Surely have an accountant and put half of everything to one side for tax bills. Same with footballers. Wes Brown, Bellamy, David James all bankrupt. Crazy.

[Controversial]

It’s the tax stuff that staggers me. Surely have an accountant and put half of everything to one side for tax bills. Same with footballers. Wes Brown, Bellamy, David James all bankrupt. Crazy.

David James is a surprise as he’s quite a bright bloke. Obviously no where near FMM wealth so easier for investments to go wrong but tax shouldn’t be a big issue.

[Steveh583]

he was always gonna end up skint. and now hes dull as a brush without the money. watch the hangers on flee. I have little sympathy, he was essentially a nasty child.

[Taansend]

It’s the tax stuff that staggers me. Surely have an accountant and put half of everything to one side for tax bills. Same with footballers. Wes Brown, Bellamy, David James all bankrupt. Crazy.

trump has been bankrupt FIVE times and he's a genius.

[SeanBrennan]

It’s the tax stuff that staggers me. Surely have an accountant and put half of everything to one side for tax bills. Same with footballers. Wes Brown, Bellamy, David James all bankrupt. Crazy.

David James is a surprise as he’s quite a bright bloke. Obviously no where near FMM wealth so easier for investments to go wrong but tax shouldn’t be a big issue.

Two divorces won’t have helped. Neither will be setting up a Foundation. Bellamy did the same re ploughing money into one

[Controversial]

It’s the tax stuff that staggers me. Surely have an accountant and put half of everything to one side for tax bills. Same with footballers. Wes Brown, Bellamy, David James all bankrupt. Crazy.

David James is a surprise as he’s quite a bright bloke. Obviously no where near FMM wealth so easier for investments to go wrong but tax shouldn’t be a big issue.

Two divorces won’t have helped. Neither will be setting up a Foundation. Bellamy did the same re ploughing money into one

Ah ok didn't know he had two divorces, yeah they often screw you!!

[SeanBrennan]

David James is a surprise as he’s quite a bright bloke. Obviously no where near FMM wealth so easier for investments to go wrong but tax shouldn’t be a big issue.

Two divorces won’t have helped. Neither will be setting up a Foundation. Bellamy did the same re ploughing money into one

Ah ok didn't know he had two divorces, yeah they often screw you!!

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

[Controversial]

Two divorces won’t have helped. Neither will be setting up a Foundation. Bellamy did the same re ploughing money into one

Ah ok didn't know he had two divorces, yeah they often screw you!!

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

[SeanBrennan]

Ah ok didn't know he had two divorces, yeah they often screw you!!

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I gave up tbh and just said have it all it was that or go bonkers. I started again and grafted.

[Controversial]

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I gave up tbh and just said have it all it was that or go bonkers. I started again and grafted.

Fair play mate, yeah I get it. Life is too short

[SeanBrennan]

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I gave up tbh and just said have it all it was that or go bonkers. I started again and grafted.

Fair play mate, yeah I get it. Life is too short

[paultom]

Ah ok didn't know he had two divorces, yeah they often screw you!!

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I had a nice house, 2 brand new cars and a decent pension and through no fault of my own ended up with just the pension. She wanted the that too and secretly spoke to a financial advisor about it, fortunately for me the financial advisor turned out to be clueless regarding the value and she decided it wasn't worth taking off me. Had to get a full mortgage at the age of 52, worked hard and paid every spare penny off the mortgage and will get it paid off in 2 more years.

[Controversial]

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I had a nice house, 2 brand new cars and a decent pension and through no fault of my own ended up with just the pension. She wanted the that too and secretly spoke to a financial advisor about it, fortunately for me the financial advisor turned out to be clueless regarding the value and she decided it wasn't worth taking off me. Had to get a full mortgage at the age of 52, worked hard and paid every spare penny off the mortgage and will get it paid off in 2 more years.

It's crazy, isn't it all mean to be split 50/50 but somehow the blokes always seem to get shafted. You done well to be pretty much mortgage free again, unless you are going to say you are 95 lol

[SeanBrennan]

Aye mine took me from having two houses and two cars (one house paid off) to kipping in a car for two weeks til I got paid from work.

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I had a nice house, 2 brand new cars and a decent pension and through no fault of my own ended up with just the pension. She wanted the that too and secretly spoke to a financial advisor about it, fortunately for me the financial advisor turned out to be clueless regarding the value and she decided it wasn't worth taking off me. Had to get a full mortgage at the age of 52, worked hard and paid every spare penny off the mortgage and will get it paid off in 2 more years.

Well done for working to get back mate

[paultom]

Ouch!! Yeah I know people that divorce pretty much ruined, messy business.

I had a nice house, 2 brand new cars and a decent pension and through no fault of my own ended up with just the pension. She wanted the that too and secretly spoke to a financial advisor about it, fortunately for me the financial advisor turned out to be clueless regarding the value and she decided it wasn't worth taking off me. Had to get a full mortgage at the age of 52, worked hard and paid every spare penny off the mortgage and will get it paid off in 2 more years.

It's crazy, isn't it all mean to be split 50/50 but somehow the blokes always seem to get shafted. You done well to be pretty much mortgage free again, unless you are going to say you are 95 lol

I feel like I'm 95 sometimes, i'll be 62 when its paid

[Controversial]

I had a nice house, 2 brand new cars and a decent pension and through no fault of my own ended up with just the pension. She wanted the that too and secretly spoke to a financial advisor about it, fortunately for me the financial advisor turned out to be clueless regarding the value and she decided it wasn't worth taking off me. Had to get a full mortgage at the age of 52, worked hard and paid every spare penny off the mortgage and will get it paid off in 2 more years.

It's crazy, isn't it all mean to be split 50/50 but somehow the blokes always seem to get shafted. You done well to be pretty much mortgage free again, unless you are going to say you are 95 lol

I feel like I'm 95 sometimes, i'll be 62 when its paid

Ha I know what you mean. Well done

[Ruthless-RKO]

Floyd Mayweather drops $175M suit against ex-business manager

Boxer Floyd Mayweather withdrew his $175 million civil lawsuit Thursday that alleged his former business manager and other business partners defrauded him over multiple years, according to court records.

Mayweather, 49, initially filed the suit in May in a New York court, alleging Jona Rechnitz, his former investment manager, and Ayal Frist, who runs Frist Apex Ventures, a real estate and investment firm where Mayweather kept a lot of his money, committed fraud and had roles in a breach of fiduciary duty in multiple dealings with the boxer.

"At this time, our client has decided to withdraw its claim without prejudice," Mayweather's attorney, Leo Jacobs, said in an emailed statement to ESPN on Thursday.

By withdrawing the suit without prejudice, Mayweather can refile the claims, although it is unclear if he plans to do so.

Rechnitz's attorney denied the claims when Mayweather filed the suit, calling them "utterly baseless and refuted by substantial documentary evidence." A source close to Rechnitz reiterated Thursday that Mayweather's "baseless claims wouldn't have held in a court of law." Rechnitz and Frist's response to Mayweather's claims had been due in court Friday, according to court records.

"Mr. Mayweather filed this lawsuit with a lot of noise and dropped it in silence, right before our court deadline to answer his frivolous claims with documented evidence," Rechnitz said in a statement to ESPN on Friday morning. "He verified his complaint under penalty of perjury, and our evidence directly contradicts what he swore to. When the time came to back up his claims, he walked away. No settlement, no payment."

The withdrawal offers resolution to one of the multiple lawsuits that involve Mayweather.

Mayweather still has a $340 million lawsuit pending that he filed in federal court against Showtime Networks, alleging fraud and conspiracy. He is a defendant in several lawsuits alleging that he owes money for goods and services provided. He and Frist Apex are defendants in a civil lawsuit alleging breach of contract surrounding potential Mayweather fights against Manny Pacquiao, Mike Tyson and Mike Zambidis.

Mayweather also faces criminal charges of theft and "intent to defraud" in Clark County, Nevada, over allegedly writing a $200,000 bad check to purchase a watch in Las Vegas.

In March, the IRS filed a nearly $7.3 million tax lien against Mayweather for unpaid taxes in 2018 and 2023.