Floyd Mayweather, Jr. is an American boxer, and the founder of Mayweather Promotions, whose net worth was estimated as high as $1 billion in 2017.
With a 50-0 record when he retired once again, at the age of 40, Mayweather is considered to be the best boxer of his generation, and one of the greatest fighters of all time. Throughout his career, Mayweather won twelve world titles and held the world championship belt in five separate divisions and four different weight classes. When he retired, Mayweather was the reigning WBC, WBA, and Ring welterweight champion, as well as the WBC, WBA, and Ring junior middleweight champion.
A boxer on the U.S. Olympic team in 1996, Mayweather fought his first professional bout later that year. By the autumn of 1998, he had won his first championship, the WBC junior lightweight belt. Later that year, boxing bible The Ring called him the fighter of the year. (See also: How Big Data Has Changed Sports.)
Mayweather: Athlete and Canny Businessman
Early on, Mayweather was keenly aware of the financial side of the sport, and of the many ways fighters have been taken advantage of by managers, promoters and TV networks in the past. In 1999, he rejected HBO’s offer to pay him $12.5 million for six fights, a deal he termed a “slave contract.”
As he racked up wins, titles and press, his financial savvy led him to change promoters and managers several times. Mayweather first replaced his father as his manager with rap mogul and sports entrepreneur James Prince. But his biggest move came in 2006 when he broke with mega-promoter Bob Arum, whom Mayweather accused of underpaying and under-marketing him. (See also: The Pros And Cons Of Sports Investing.)
After his falling out with Arum, Mayweather founded Mayweather Promotions. In addition to promoting boxers, the firm also promotes live musical and theatrical events, film and television productions.
The company also gave Mayweather himself a far larger percentage of the purses for the big fights in the last eight years of his career, including his historic bout with Manny Pacquiao, which netted Mayweather a reported $200 million in 2015. In 2017, Mayweather reemerged from retirement for a bout with MMA star Conor McGregor; he was guaranteed $100 million for the fight, and he may have netted as much as $300 million.