Floyd Mayweather Hit With Lawsuit Related To Logan Paul Fight
Floyd Mayweather is being sued again, but this time in a separate alleged incident.
A California real estate investor filed a breach of contract lawsuit against Mayweather and his manager Al Haymon, accusing the boxer of not paying investors back after convincing several people to spend over $1.4 million on tickets, and later sell for profit, for the Logan Paul-Mayweather exhibition match in June.
Yogi Securities Holdings LLC filed the suit in the Superior Court for the State of California, County of Los Angeles. They are seeking at least $5.856 million from Mayweather, Haymon and Mayweather Promotions.
The lawsuit claims that Yogi’s $1.4 million investment was reinvested without his consent into another Mayweather Promotions event and then was reinvested again in another fight. Furthermore, the LLC claimed their initial investment was never returned. They only received a $200,000 payment from a secondary transaction.
They also never saw any profits, the legal suit claims, which were estimated to be over $5 million.
The executive of Yogi Securities Holdings LLC, Joseph Engaloff, stated that he and Mayweather have been friends for years, Mirror Fighting reported. The relationship between the two was described as “like family” to Mayweather and Haymon.
The legal document further says Engaloff was approached about the ticket investment when Mayweather was negotiating with him to buy a home in Bel Air, California weeks before the Paul exhibition fight.
“Plaintiff is informed and believes that each of the statements made by each of the defendants were false, intended that plaintiff rely on their truth to their detriment in initially paying $1.4m, and thereafter in forgoing any legal action that may disrupt defendants’ fraudulent schemes in further events and fights” Yogi wrote in the complaint.
“In fact, plaintiff did rely on their truth in paying $1.4m and agreeing to wait and forgo any legal action from June 2021 through December 2021, the entire time allowing these defendants to continue using the monies for purchasing of tickets at events and reaping the profits.”
The pay-per-view for the exhibition match generated over one million buys, but the in-person attendance was “empty,” as boxing reporter Dan Rafael tweeted during the fight.
Since it was an exhibition match, there were no judges or official winners, but Mayweather made it clear why he retired undefeated.
Paul recently accused Mayweather of not paying the whole sum of his cut from the event’s profits. Those claims have yet to be confirmed.
Mayweather was also recently sued over “misleading” his followers over cryptocurrency EthereumMax, which he promoted on his boxing trunks during the fight with Paul.
Mayweather has yet to comment on the lawsuit.