Floyd Mayweather is finding out that the tax man can be a much tougher opponent than anyone he ever faced in the ring.
While fans online have been gossiping about his finances for a while, a new report suggests he’s facing a very real threat from the federal government.
According to court documents, the IRS is moving to ground the undefeated champ by revoking his passport over a massive mountain of debt.
The pressure started mounting in late March when the IRS reportedly sent out a notice. The agency stated its intention to notify the U.S. Department of State and revoke his U.S. passport due to the alleged tax debt.
The timing couldn’t be worse for the boxer. Just a few weeks later, Mayweather announced he was heading to Athens, Greece, for a June 27 exhibition match against Mike Zambidis. If the government follows through with pulling his travel rights, he won’t even be able to get on the plane to make that money.
This tax drama is casting a shadow over several big paydays. Mayweather is currently scheduled for a massive rematch against Manny Pacquiao in Las Vegas on September 19. Even though that fight is stateside, he has also been in talks for an overseas exhibition with Mike Tyson. Without a valid passport, any plans to fight outside of the U.S. are essentially dead in the water.
The bill Mayweather needs to settle is huge. Per the reviewed documents, Mayweather allegedly owes the IRS over $7.25 million in liens and levies. He doesn’t have many ways out if he wants to keep flying. To stop the revocation and keep attending international tours, he reportedly could pay the debt in full, reach an installment agreement or settlement with the Department of Justice, prove his tax debt can’t be collected due to financial strain or identity theft, or file for bankruptcy.
Right now, it is still a waiting game to see if the State Department has officially pulled the plug on his travel documents. There hasn’t been a confirmation that his passport is gone yet, but with his fight in Greece just around the corner, the pressure is on Mayweather to settle up before his global business comes to a halt.
