Floyd Mayweather is claiming $550 million was stolen from him, pointing the finger at former manager Al Haymon and former business manager Jona Rechnitz in a new interview on Patrick Bet-David’s PBD Podcast.
The episode dropped Tuesday, and the $550 million number took over timelines within hours. What most people sharing the clip don’t know is that Floyd quietly walked away from his lawsuit against one of the two men he’s naming just weeks ago.
Floyd sued Rechnitz in May, accusing him of a years-long fraud scheme that cost him more than $175 million. According to the lawsuit, Rechnitz spent years earning Floyd’s trust before becoming his unofficial money manager, real estate adviser and go-between with banks. Floyd accused him of steering money into accounts tied to a company called Frist Apex Ventures, rerouting more than $15 million from a settlement, and diverting money from loans on Floyd’s properties.
The wildest claim involved Floyd’s jewelry. The suit said Rechnitz pledged nearly $100 million worth of Floyd’s pieces to Miami jewelers in exchange for about $13 million in financing, and that Floyd never saw the money. Floyd also accused him of making his private jet disappear.
Then in September, Floyd withdrew the case without prejudice. That means the lawsuit is gone for now, but Floyd can refile it later. No reason was given publicly.
Rechnitz has denied all of it from the start. He says he has texts showing Floyd knew about the jewelry being pawned, and a photo of Floyd holding the jet purchase agreement. He says the jet money went toward paying off an existing loan on the plane. “It’s sad that Floyd blew through his money,” Rechnitz said back in June. “First, he blamed Al Haymon, and now he’s blaming me.”
Rechnitz is no stranger to fraud cases. He pleaded guilty to fraud conspiracy in 2016 in a New York City corruption case and became a cooperating witness for prosecutors. Manny Pacquiao’s promotions company has also sued him, alleging an $8.3 million fraud.
The Haymon side of Floyd’s claim comes from a separate lawsuit. Floyd sued Showtime and former Showtime boxing boss Stephen Espinoza, saying he’s owed at least $340 million. He claims Showtime helped Haymon, the manager behind his biggest fights, move his earnings into hidden accounts and kept him in the dark about where the money went. Haymon is not named as a defendant in that suit, and Showtime has denied the claims.
Add the two lawsuits together and you get about $515 million, which is still short of the $550 million Floyd is now claiming. He hasn’t publicly broken down how he got to that number.
The interview lands in a rough stretch for Floyd’s money talk. Along with the Showtime case, he filed a $100 million claim against Business Insider. A viral clip of him counting stacks of cash at a casino table set off another round of debate this month about where his fortune actually stands.
Floyd made an estimated $1.2 billion in fight purses across his career, including roughly $250 million for the Pacquiao fight and close to $300 million for the Conor McGregor fight. Haymon was his manager through that whole run.
