Multiple reports have often claimed that Floyd Mayweather has been going through monetary problems. According to those, it was a major factor why he entertained a fight with Conor McGregor back in 2017. But in October 2024, he kind of silenced those talks with a massive investment in real estate. In upper Manhattan, Mayweather struck a $402M deal to acquire over 60 buildings with more than 1,000 units. “Growing up, I used to dream about owning just one home by myself, when you work hard you can achieve anything,” Mayweather shared with TMZ. Just a month later, he ventured into this territory once again.
Mayweather’s spokesperson and Mark Karasick, managing member of 601W Companies revealed in November, the boxing legend has invested in one of 601W’s flagship portfolios. Known as a heavyweight in the real estate world, 601W Companies boasts a $10 billion portfolio comprising 18 office buildings spread across 10 million square feet. The exact figure was not revealed, but according to reports, this might have been Mayweather’s biggest investment ever. However, as the new year started, a fresh controversy involving Mayweather’s money matters came forward.
The richest boxer in the world Floyd Mayweather, who famously pocketed a staggering $1.2 billion throughout his emphatic boxing career, is facing accusations of bankruptcy. This comes after reports revealed that employees at Mayweather’s Los Angeles gym have staged a protest alleging they haven’t been paid.
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A report from the Daily Mail yesterday revealed that the boxing legend’s ‘Money Team’ company was responsible for paying the employees. So, as a result of the lack of wages paid out, staffers at the facility brought out signs and shouted over a microphone outside the facility on Highland Avenue as a sign of their protest. The employees also alleged that the facility is facing the risk of closure, leaving them unable to pay their own bills.
Scenes from the protest showed one disgruntled employee holding up a sign that accused Mayweather of “modern-day slavery” while someone else held up a sign that said, “The $ Team has no $,” accusing them of bankruptcy. One employee spoke to the news outlet, suggesting they haven’t been treated right by the company, and the protest is supposed to bring that public attention.
“Even if you work for a different company and you ain’t getting paid, you’re scared to show up and say something because you know how businesses do,” the employee said. “They silence you and they fire you because everything’s ‘at will.'” The employees also claim Mayweather Boxing and Fitness Group has violated the California Labor Code by denying them their rightful pay.
Interestingly, however, the employees aren’t sure whether Floyd Mayweather himself is aware of the situation and all the financial issues they are facing. “Who knows if he’s aware or not? We don’t,” another employee said. “I was told that we can’t tell him. I can’t tell him that our studio’s closing and he was here two weeks ago. We’ve been silenced.” In light of the fresh accusation against him, what are the repercussions Mayweather’s ‘Money Team’ could face?
California’s labor code 210 states employers will face penalties for failing to pay their employees on time. It can be from $100 to $200 for first-time and second-time violations. The code also states that if employers don’t pay wages after 30 days, employees will be entitled to a full day’s wages at normal rates for each day the employee had to go without payment.
The employees can also file a lawsuit against the company, they are working for–in this case, the ‘Money Team.’ Furthermore, the threats of the gym’s closure are real, as one of Floyd’s gyms in Elk Grove shut its doors after the landlord sued the company for breach of contract over nonpayment of rent worth $30,000—per the Daily Mail. Interestingly, all these have not stopped Mayweather from developing his real estate portfolio, the latest being during Christmas.
He dropped $20 million over Christmas to add a swanky Midtown Manhattan property to his collection. Situated on Sixth Avenue, the 47-year-old’s latest acquisition is not just another building — it’s nearly a quarter-block stretch of prime NYC real estate. The structure, topped with a billboard, stands at the southeast corner of 47th Street and houses offices and jewelry shops. The enviable location is within a stone’s throw from Broadway and mere blocks from landmarks like Radio City Music Hall and Rockefeller Center.
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Recounting to TMZ, who first reported the story, Mayweather shared personal memories tied to it, “I used to shop in the diamond exchange as a young adult,” said the boxing great. “I never thought I would end up owning this important property at the entrance of 47th street.” But it does not end there.
Floyd Mayweather aims to play it big in real estate
As previously reported by AFROTECH, the boxer owns nine skyscrapers in the New York area through a partnership with SL Green. “SL Green is a company I’ve worked with for many years, and Andrew Mathias—great business guy,” Mayweather said on the Earn Your Leisure podcast, referring to Mathias, president of SL Green Realty Corp.
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On a walk through the city with the businessman, Mayweather recalled him saying, “‘You see that building right there? …Yeah, we own that. You see this building? We own it.’ So we was walking and walking. Then he said, ‘You know, a boxer makes money when he’s boxing. A football player makes money when he’s playing football. A basketball player makes money when he’s playing basketball.’ He said, ‘But New York real estate, you make money when you sleep.'”
Mayweather had also revealed plans to be involved in a new casino project that could bring jobs and entertainment to the state. Caesars, SL Green, and Jay-Z’s Roc Nation have partnered to bid on building Caesars Palace Times Square. “New York is a beacon, the epicenter of culture. We have the opportunity to create a destination at the heart of Times Square, the true crossroads of the world,” Jay-Z said in a press statement. As the situation in his gym unfolds, the question is whether Mayweather is not in the loop about the issues at the LA gym or not. What do you think?
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Is Floyd Mayweather's 'Money Team' crumbling, or is this just a bump in the road?
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Is Floyd Mayweather's 'Money Team' crumbling, or is this just a bump in the road?
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