Why Floyd Mayweather needs to fight Connor McGregor
FLOYD "Money" Mayweather, who has made more than you'll ever see, needs more.
Mayweather, who has made more than $920 million in the ring, according to Forbes, is asking the IRS if he can wait until after his August 26 mega-fight with Conor McGregor to pay back a 2015 tax liability.
The 40-year-old Mayweather essentially has made cash his brand, flaunting paychecks and wads of bills on social media like others do sunsets. But after he showed off a $131m ($100m USD) cheque last November as his purse from the Manny Pacquiao bout, the IRS noticed he hasn't paid taxes on it - and wants a taste.
The boxer, in paperwork filed last week, asked the agency if maybe he could pay them back later?
"Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid," said the Tax Court petition, according to Law360.com.
"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 liquidity, of course, is the much-hyped face-off with UFC's McGregor, a Las Vegas fight that figures to net Mayweather more than $130 million.
Mayweather filed the petition after, according to the report, the IRS found he had the means to pay off the unpaid tax.
But that might entail selling some assets; Mayweather took ESPN on a tour of his Las Vegas mansion in April 2015, flashing a car collection that included about $19 million worth of Ferraris, Bugattis, Lamborghinis and the like.
It is not known how much Mayweather owes.
According to ESPN, the penalty for failing to pay is typically 0.5 per cent of the tax that is owed for each month it goes unpaid. Mayweather's 2015 taxes are 15 months unpaid right now, equating to a 7.5 per cent charge in addition to the original tax owed.
Mayweather regularly flaunts his wealth on social media also.
The undefeated fighter recently attempted to start a social media campaign for the rich and famous called the #MayweatherChallenge - where stars displayed their wealth.
"The Mayweather challenge is when you're really living it," Mayweather revealed in an Instagram video.
"When you aint fronting, when you're really living the real lifestyle you say you living."
In the video Mayweather showed off his private jet and his personal pilot, that make up Air Mayweather.
A report of Mayweather's tax woes was met with a cheeky jab by McGregor's coach, John Kavanagh.
The Mayweather-McGregor pay-per-view will cost American fight fans $89.95 USD and $99.95 for the HD version. Prices for Australia are yet to be revealed.