Professional boxer Floyd Mayweather splurged $750,000 to break contract terms, officially claiming the title of the highest-paid boxer in history with an impressive net worth.
Betting Big on Himself: Floyd Mayweather's Gamble that Changed Boxing History
In the heat of 2006, Floyd Mayweather Jr., alias 'Pretty Boy,' was creating a buzz in the boxing world, with the help of Top Rank founder and CEO, Bob Arum, who had previously promoted boxing legends like Muhammad Ali, Mike Tyson, and Manny Pacquiao.
Mayweather was swimming in $3 million per fight thanks to his perfect 36-0 record and IBF welterweight champion status. Yet, he craved more. In the words of his long-time confidante, Leonard Ellerbe, Mayweather believed he was a headliner, worthy of making more than $100 million in a single night.
"Floyd wanted a new direction for his career," Ellerbe told Forbes in 2015. "Floyd walked into Top Rank's office, handed them a cheque, and the rest is history."
Mayweather had an unconventional opt-out clause in his contract with Top Rank, which allowed him to break the promotional contract by paying $750,000. A significant gamble, but the start of a new era for 'Money.'
With newfound independence, Mayweather sold 325,000 pay-per-views and banked a career-high $8 million for his fight against Carlos Baldomir in November 2006. His earnings kept soaring, reaching £25 million for his next fight against Oscar De La Hoya in May 2007. Together, they did 2.48 million PPV buys and $137 million in PPV revenue.
Mayweather had a streak of 13 consecutive victories over reigning or former world champions, many of them on the Ring Magazine pound-for-pound list. Baldomir claimed the WBC welterweight title, while De La Hoya owned the WBC light-middleweight belt before their encounter. His list of victories also includes Ricky Hatton, Juan Manuel Marquez, Shane Mosley, Miguel Cotto, Robert Guerrero, Saul 'Canelo' Alvarez, Marcos Maidana, Manny Pacquiao, and Andre Berto.
All those fights culminated in two of the biggest-selling boxing events of all time: Mayweather's fights against Pacquiao and Conor McGregor, with combined sales of 8.9 million. Floyd remarked in 2020, "Tell me another fighter that, in just two fights, made $650 million. For Pacquiao, I made $300 million, for McGregor I made $350 million."
The $750,000 contract buyout may not have seemed significant at the time, but Ellerbe considers it 'the best investment in the history of sports.' Mayweather's earnings post-Top Rank speak for themselves. Seven years after his retirement, he's still generating millions for exhibition bouts with influencers like YouTuber Logan Paul and Geordie Shore star Aaron Chalmers. It's estimated he made around $65 million for fighting Paul in 2021.
Mayweather's net worth is currently estimated to be around $400 million, with earnings over $1.2 billion in the paid ranks and a substantial income from his property portfolio. His last fight was in August 2024, a rematch against John Gotti III, following their controversial inaugural encounter in 2017.
This former boxing legend's financial rise from a $750,000 contract buyout to a net worth of $400 million is a testament to his negotiation power, marketability, and unprecedented career earnings in the world of boxing.
References:[1] "Oscar De La Hoya vs Floyd Mayweather fight earns record $136.8M in pay-per-view buys." Forbes, Aug 27 2015.[2] "Floyd Mayweather Jr Net Worth: Career Earnings, Endorsements, Investments & More." Wealthy Gorilla, Nov 12 2020.[3] "Floyd Mayweather's Fight Against Conor McGregor Breaks Box Office Records." Forbes, Aug 27 2017.[4] "Floyd Mayweather Jr's net worth: How many millions did he make?" Mirror, May 09 2021.
- Despite being worth $3 million per fight with Top Rank, Floyd Mayweather Jr., also known as 'Pretty Boy,' desired more and aimed to make over $100 million in a single night.
- In 2006, Mayweather had an unconventional opt-out clause in his contract with Top Rank, which he used to pay $750,000 and gain independence, subsequently selling 325,000 pay-per-views and banking $8 million for his fight against Carlos Baldomir.
- Alongside other high-profile victories, Mayweather's list of conquests includes Category III MMA fighter Conor McGregor, whose fight generated 4.3 million pay-per-view buys and $550 million in revenue in 2017, as well as boxing legends like Manny Pacquiao and Saul 'Canelo' Alvarez.
- With a combined total of $650 million earned from his fights against Pacquiao and McGregor, Mayweather declared in 2020, "Tell me another fighter that, in just two fights, made $650 million."
- As of 2021, Mayweather's net worth is estimated to be around $400 million, with earnings over $1.2 billion in the paid ranks and a substantial income from his property portfolio.
