Mayweather owes IRS, asks for delay until MayGregor
“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.”
On May 6, 2016, a report surfaced in Rupert Murdoch’s The Sun that then UFC featherweight champion Conor McGregor and Floyd Mayweather Jr. were about to announce they’d be boxing in Vegas. In January, things suddenly got realistic, with Mayweather naming his price – $100 million to himself and $15 million to McGregor, plus a split of the PPV. UFC president Dana White offered a counter – $25 million to each.
“You’re a f***ing comedian,” said Mayweather in reply, as he wriggled his wrist, which was adorned with a Hublot watch.
Next in an interview with TMZ White teased ‘Money’.
He’s hanging his watch out the window, his watch is the problem,” said the UFC boss. “When you’re wearing a watch that is $250,000 you’re going to need $25 million real quick, pal. Hey, Floyd. Taxes are coming up, too, buddy. Gonna be all over you, pal.
Now David P. Greisman for Boxing Scene reports that Mayweather owes federal taxes for 2015. The boxer says he has more than enough money to pay them, but doesn’t have enough cash at present. The petition with the United States Tax Court says much of Mayweather’s capital cannot easily be converted to cash, and requests a short-term installment agreement, without penalty.
Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid, said Mayweather’s filing according to Bryan Koenig for 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.
The agency said that Mayweather had various options available … including by selling property, withdrawing cash from other accounts or taking out a loan.”
The IRS has reportedly filed liens against Mayweather a number of times including 2001, 2003, 2005, 2006, and 2008. The taxes due now are for 2015, a year Mayweather made over $200 million for beating Manny Pacquiao. Mayweather is expected to make even more vs. Conor McGregor on August 26.