Featured Image Credit: @Loganpaul/Instagram/Alamy
Topics: Logan Paul, Floyd Mayweather, Boxing, Sport, US News
Shola Lee
Topics: Logan Paul, Floyd Mayweather, Boxing, Sport, US News
Floyd Mayweather and his manager Al Haymon are being sued by investors following the boxer's match against Logan Paul last summer.
Mayweather and Paul lasted a full eight rounds, but neither was confirmed as the winner as the event was just an exhibition and so was not judged.
Now, the boxing legend is being sued by a real estate investor, who has accused the boxer of not paying investors back following the event.
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Earlier this week, on Tuesday, February 1, the investor's company, Yogi Securities Holdings LLC, filed the lawsuit at Los Angeles Superior Court.
The company are reportedly seeking $5.6 million from Mayweather and Haymon, while a further $15 million could potentially be claimed by other companies and individuals invested in the fight.
According to the lawsuit, it has been claimed that instead of paying Yogi Securities Holdings LLC back their $1.4 million investment, Mayweather Promotions reinvested it in another fight.
The real estate investor claims he was approached about the initial investment by Mayweather while buying a home in California, shortly before the fight.
The complaint notes the 'Plaintiff is informed and believes that each of the statements made by each of the defendants were false, intended that plaintiff rely on their truth to their detriment in initially paying $1.4m, and thereafter in forgoing any legal action that may disrupt defendants' fraudulent schemes in further events and fights'.
It continues, 'In fact, plaintiff did rely on their truth in paying $1.4m and agreeing to wait and forgo any legal action from June 2021 through December 2021, the entire time allowing these defendants to continue using the monies for purchasing of tickets at events and reaping the profits.'
Mayweather's team have not yet publicly responded to the lawsuit.
The news comes after it emerged that Mayweather had failed to pay Paul after their highly-anticipated fight.
While he was reportedly expected to bring in $15 million from the event, Paul has claimed he has never been fully paid by Mayweather.
Many have speculated why Paul wasn't paid, with UFC President Dana White weighing in on the issue during the Full Send Podcast.
He noted, 'Here’s what happens when you go in and do these fights. You do these fights that are exhibitions or whatever, the commission isn’t overseeing it.'
In exhibition matches like Paul and Mayweather's, the power of commission is held by the promoters, which in this case was Mayweather Promotions.
White continued, 'That was the big problem in the past, is that these boxing promoters would come in and they wouldn’t make as much money as they thought they were going to do. So they would stiff the fighters and not pay the guys.'
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