In a lawsuit recently filed in a New York court, Mayweather claims Jona Rechnitz, who once managed him and maintained a close relationship, exploited his advisory position to divert the boxer's investment funds into accounts linked to First Apex Ventures. This Florida-based real estate and investment company is operated by Ayal Frist.

Floyd Mayweather holds a bamboo basket of cash upon arrival at Robert Mugabe Airport in Harare, Zimbabwe on 13/7/2023. Photo: AP

The lawsuit details several alleged improper transactions, including a USD 7.5 million investment that was neither implemented nor repaid. Additionally, tens of millions of dollars in loans, compensation, and refinancing funds were allegedly diverted without clear explanation or Mayweather's consent.

Furthermore, the complaint states that a deposit for a New York real estate purchase was improperly redirected. Separately, nearly USD 100 million worth of Mayweather's jewelry was reportedly used as collateral, yielding only a small fraction of its value, which has not been fully returned.

Mayweather also alleges that the sale of his 1996 Gulfstream IV private jet lacked transparency. The transaction did not clearly identify the buyer, and the proceeds were reportedly used for other financial obligations instead of being transferred to him.

Beyond Rechnitz and Ayal Frist, the lawsuit also names Alexander Seligson, a lawyer responsible for refinancing one of Mayweather's properties. Seligson faces accusations related to his handling of financial transactions.

According to court documents, Frist allegedly presented himself as a manager of Vada Properties, Mayweather's real estate investment company, despite never being officially appointed. At one point, Vada's website even listed Frist as CEO, which the lawsuit describes as "misleading information about the title."

Mayweather's lawyer, Leo Jacobs, stated that the allegations concerning diverted compensation, refinancing funds, and real estate proceeds must be clarified in court. He confirmed that a comprehensive forensic audit and full recovery of his client's damages would be sought.

In addition to this case, Mayweather is also a defendant in other financial disputes involving unpaid debts. Concurrently, the American boxer is a plaintiff in a USD 340 million lawsuit accusing Showtime of financial misappropriation during their partnership.

Moreover, the Internal Revenue Service (IRS) has filed a lien for approximately USD 7.3 million against Mayweather for unpaid taxes from 2018 and 2023.

Mayweather is one of the greatest boxers of all time, having won titles in five different weight classes. He also participated in four of the five most expensive boxing matches in history, facing Oscar De La Hoya, Canelo Alvarez, Manny Pacquiao, and Conor McGregor. From the Pacquiao fight alone, Mayweather reportedly earned USD 300 million.

Mayweather announced his retirement in 2015 but made an exception to return in August 2017 to fight McGregor, achieving a 50-0 professional record. Before turning professional, he earned a bronze medal in the featherweight division at the 1996 Olympics, three Golden Gloves titles, and was a national amateur boxing champion.

At the height of his career, Mayweather generated about USD 2.7 billion in fight revenue and earned over USD 1.1 billion in prize money. According to Sportico statistics, his total inflation-adjusted earnings amount to approximately USD 1.57 billion, placing him among the highest-earning athletes in modern sports history. However, Mayweather's "billion-dollar empire" is currently facing challenges due to tax debt, lawsuits, and liquidity concerns.

Hong Duy (according to ESPN)