RESOLVING THE LEDGER
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See the full story · 1 sourcesFloyd Mayweather Jr.’s alleged status as “functionally bankrupt” doesn’t mean he’s legally required to disclose financial account statements and contracts related to a proposed fight against Mike Zambidis in Greece, a federal judge recently held.
U.S. District Judge Vernon Broderick’s July 24 ruling comes as part of a lawsuit brought by CSI Entertainment, a company contracted to produce Mayweather’s upcoming fights against Mike Tyson and Manny Pacquiao.
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CSI sued Mayweather last month for breach of contract, accusing the 49-year-old former world champion of reneging on his written obligation to refrain from “participating in any other boxing match, professional or exhibition, prior to the [Tyson fight] without CSI’s prior written consent.”
Although the dates have been in flux and are subject to disagreement in the litigation, CSI indicates Mayweather will box Tyson on Sept. 26 and then, on a date to be determined, fight Pacquiao.
CSI emphasizes the value of those fights involving boxing legends. Mayweather, who has a 50-0 career record and won 15 world championships across five weight classes, hasn’t fought since an exhibition bout against John Gotti III in 2024 and hasn’t fought professionally since his 2017 bout against UFC champion Conor McGregor.
CSI objects to Mayweather scheduling an exhibition fight against Zambidis, a Greek kickboxer and MMA fighter, on June 27. The fight was canceled amid the litigation and potential adverse legal consequences for Mayweather had it proceeded. The fight has not yet been rescheduled.
CSI seeks an injunction to block Mayweather from what it characterizes as “breaching” an “exclusive obligation to not engage in any fights prior to the Tyson fight and to fight Pacquiao immediately after Tyson on a CSI-branded fight broadcast.” CSI says it would suffer irreparable harm without the injunction. In law, irreparable harm means an injury that monetary damages cannot fully remedy.
As CSI tells it, the company would suffer irreparable harm in several ways. It argues the Tyson and Pacquiao fights “are unique, once-in-a-lifetime events” because they would feature three of the greatest boxers of all time. CSI also points to its brand reputation as being directly connected to the success of these high-profile events, which would become less marquee if Mayweather preempted them by scheduling other bouts.
CSI also suggests that Mayweather, who has earned $1.2 billion since turning pro in 1996, would be unable to pay a future judgment given his alleged financial issues. That argument is sometimes called the “insolvency exception” and can justify a court order requiring an allegedly insolvent defendant to turn over materials and refrain from certain conduct. In June, Mayweather was criminally charged in Nevada for allegedly writing a bad check. The boxer has denied wrongdoing.
Mayweather, through his attorneys, rejects CSI’s arguments, saying they rely on “tortured theories” and a “fabricated” and “frankly nonsensical” supposition that Mayweather would be unable to pay. Mayweather also maintains the fights with Tyson and Pacquiao “are not scheduled” and remain uncertain. The locations for those fights, which have been linked to the Democratic Republic of the Congo, Texas and Florida, are allegedly unsettled. Mayweather also points to lack of clarity on “other essential components” needed for the bouts to take place.
As to any business injury CSI might suffer, Mayweather says it would be “economic and compensable through money damages,” and thus not irreparable. He notes that irreparable harm is crucial an injunction. Further, Mayweather argues the insolvency exception is “narrow” and requires a finding of “concrete evidence of actual or imminent insolvency,” which he asserts is lacking.
In addition, Mayweather says CSI’s position is “fundamentally self-defeating” because it claims Mayweather “will be unable to satisfy a future judgment” while simultaneously asking Judge Broderick to block Mayweather “from participating in the very income-producing activities from which such a judgment could be paid.”
To bolster its case, CSI seeks an expansive set of financial documents that would shed light on whether the boxer is insolvent. The requested materials include records related to Mayweather’s assets, ownership interests and any state or federal tax liens.
In his ruling, Judge Broderick disagreed with CSI’s demand for discovery of “broad swathes” of materials, at least at this early stage of the litigation. He reasoned that CSI lacks a valid basis to support its speculation that Mayweather is insolvent.
Judge Broderick concluded that the cases cited by CSI in support of gaining access to Mayweather’s records fail to “actually deal” with the irreparable-harm issues presented by Mayweather’s circumstances.
For instance, while CSI cited a case involving the insolvency of a financial services company as supporting a finding of irreparable harm, that company was “indisputably in receivership.” Mayweather, in contrast, is not in bankruptcy or insolvency proceedings.
In fact, Mayweather’s manager submitted a sworn declaration stating that “there is no basis to conclude that Mr. Mayweather is at risk of insolvency or that he would be unable to satisfy a monetary judgment in the event one was entered against him.”
Judge Broderick acknowledged that Mayweather’s alleged financial problems might eventually warrant his producing additional materials in the litigation. Yet he stressed “it would put the cart before the horse to permit unproven speculation regarding bankruptcy or insolvency to support what amounts to full-blown discovery on the issue.”
In better news for CSI, Judge Broderick agreed Mayweat...
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