Floyd Mayweather’s $32 million is record haul
Following ‘Money’ trail
Ron Borges By Ron Borges
Sunday, May 6, 2012 - Added 40 minutes ago
LAS VEGAS — One can debate all night long whether Floyd Mayweather Jr. is what he insists he is — which is the greatest fighter of all-time — but one thing can no longer be debated. As of last night, he is the best-paid boxer of all-time, at least on a one-fight basis.
Mayweather’s $32 million guarantee was not only the largest in the history of Nevada boxing but also the highest in the sport’s history, topping the $30 million Mike Tyson was guaranteed for his ear-chomping rematch with Evander Holyfield in 1997. That night Holyfield had an $11 million guarantee himself, which means that fight’s combined purses remain the highest guarantee for one match in the sport’s history because Mayweather’s opponent, WBA junior middleweight champion Miguel Cotto, received only an $8 million guaranteed, according to bout agreements filed with the Nevada State Athletic Commission. That left the bout total last night at $40 million, $1 million short of Tyson-Holyfield II.
To a guy who calls himself “Money” and who is surrounded by an entourage he calls “The Money Team” his opponent’s purse is of little consequence but that $8 million represents two sides of the boxing coin of the realm. On the one hand, it is Cotto’s largest guarantee and surely will be his biggest overall payday once all the overage from PPV sales is added.
But on the other, Cotto’s $8 million guarantee was four times less than Mayweather’s despite the fact Cotto held the WBA junior middleweight title and is considered by most boxing observers to be among the top 10 pound-for-pound fighters in the world.
Some might argue Cotto (37-2, 30 KOs) was the toughest opponent of Mayweather’s career, although others might point to Oscar De La Hoya, Shane Mosley, Juan Manuel Marquez or even Jose Luis Castillo. Regardless, Cotto brought much to the table yet left with far less than Mayweather.
“This is just a testament to Floyd’s (market) power,” said Leonard Ellerbe, Mayweather’s closest adviser and CEO of Mayweather Promotions, after the guarantees became public. “Floyd Mayweather is a one-man walking conglomerate. Over the last 12 months he is the highest-paid athlete in sports.”
One would assume so because in his last three fights (including last night’s), Mayweather has been guaranteed a total of $79.5 million. That includes $25 million for a glorified sparring session with untested Victor Ortiz and $22.5 million in 2010 for beating up Mosley as well as last night’s remarkable payday.
That is only the start of it, however, because in all three fights Mayweather also had an upside on pay-per-view sales as well as a piece of many of the concessions and other revenues. It is easy to believe Mayweather has earned well over $100 million in those three fights alone, and if last night’s fight does as well as PPV operators have predicted his upside will be considerable.
Although it is difficult to believe the fight ultimately will do more business than the more than 2.4 million pay-per-view buys Mayweather did with boxing’s golden boy, De La Hoya, five years ago, the fight sold at a higher pay-per-view cost, which means added revenue. Mayweather-Cotto was selling for a remarkable $59.95. De La Hoya-Mayweather sold for $54.95.
Timing is everything in sports and in life and the record-setting guarantee to Mayweather couldn’t have come at a better time for ESPN the Magazine, whose annual “Money Issue” is now on newsstands. It reviews the estimated incomes of some of the sport’s highest paid athletes (and others among the lowest). Mayweather is the magazine’s beaming, top-to-bottom cover profile.
“Floyd is in a league of his own,” insisted Richard Schaefer, Golden Boy Promotions’ CEO and the front promoter for the event. Mayweather Promotions basically runs its own show but pays a relatively small fee to GBP to handle the day-to-day promotional issues that arise as well as some of the negotiations with HBO, the venue, sponsors and foreign television rights holders and.
On June 1, the world’s highest-paid sportsman will also probably have the biggest canteen fund in the history of the Clark County Jail. That is the day when Mayweather will take up residence for 82 days to serve out the term of one domestic violence charge to which he pled guilty in exchange for avoiding trial and being allowed to remain free until after last night’s fight.
Considering what Mayweather and Cotto were due to make, the millions they were projected to attract to Las Vegas and the taxes each will owe, a little leniency was the least the Nevada court system could show.