"Floyd Mayweather Jr., one of history's most successful professional boxers, is suing Showtime and a former executive at the company for $340 million, accusing them of depriving him of a "significant portion of his career earnings." The 48-year-old retired athlete alleges in the complaint that Showtime "through a complex web of hidden accounts, unauthorized transactions, and deliberate concealment of financial records," wrongly paid some of his earnings to his former manager, Al Haymon."
"He first met his former manager, Haymon, in 2004. The boxer soon entered a verbal agreement with Haymon, allowing him to be Mayweather's manager for a 10% fee. According to the suit, Mayweather considered Haymon to be a "father figure and relied on him to manage virtually all aspects of his finances and contracts." Haymon worked in this role for around 20 years, and over time, the suit alleges, he became the "mastermind of the financial scheme," engaging in "financial manipulation and self-dealing behind Mayweather's back.""
Floyd Mayweather is suing Showtime and former Showtime Sports president Stephen Espinoza for $340 million, alleging the network diverted a significant portion of his fight earnings. The complaint alleges Showtime used hidden accounts, unauthorized transactions, and deliberate concealment of financial records to pay earnings to former manager Al Haymon. Mayweather claims Showtime gave conflicting responses to his pay inquiries and said that critical financial records for his biggest fights were lost or inaccessible. Paramount called the claims baseless and pledged to respond through the court process. Haymon is not named as a defendant. Mayweather reportedly earned $1.2 billion over a 21-year career and entered a verbal 10% fee agreement with Haymon after meeting him in 2004; the suit alleges Haymon became the mastermind of a financial scheme involving manipulation and self-dealing.
Read at Los Angeles Times
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