The hot mess that is intended to be Floyd Mayweather’s return to boxing continues to cause problems for organizers, with the CEO of Manny Pacquiao promotions joining Ring Magazine to explain how this all came to be problematic and why the intended rematch between Floyd and Manny is going to get pushed back from this fall, with some of the explanation as to what transpired below.
“For September, it’s actually being postponed from September,” Jas Marthur said. “It’s no longer going to happen in September and
that’s obviously due to all the lawsuits and legal issues going on at the moment. CSI put it all out in the open about 10 days ago. This is stuff that everybody was trying to hold together and resolve behind the scenes but a majority of it is out there.
“People still can’t figure out how it all transpired but all of these things are intertwined, like Floyd’s fight against Mike Tyson, Floyd’s next fight into boxing, returning to pro boxing, the Manny Paquiao fight, obviously the one I have the most interest on, and of course the Greece fight. Everything is kind of intertwined together just based on how the contracts were done and how the deals were [improperly] structured.
“Let’s clarify the purse aspect, the advances [Mayweather received]. So typically…you’ll get an advance depend on where it’s coming from, whether it’s 10%, 20%, 30% is very common. Floyd never received the money directly to his own bank account. Floyd had a loan out entity. What that means is there is a third party company that Floyd assigned that was lending Floyd’s name for those services, and that’s the entity that received the funds, which is Frist Apex Ventures LLC.
“So Frist Apex received the funds, a substantial portion of that distribution was meant to go to Floyd. And that’s where all the disconnect starts to happen, because unrelated to me and unrelated to anything pertaining to the Manny Pacquiao fight or this event, there were other issues stemming from other private matters that was part of a group and situation that I used to be involved with years ago, and money would come in but according to one party it was going to certain things, according to Floyd the money never went to him.
“But in reality, Floyd never received the money directly but advances were paid for all of the fights…How the whole thing got jumbled up together is CSI originally only purchased an exhibition fight for Floyd against Mike Tyson. EverWonder, on the other hand, was negotiating the Floyd Mayweather vs Manny Pacquiao sanctioned fight where Floyd would return. In this mix, Floyd’s own business manager who was acting on behalf of Frist Apex…went and negotiated with CSI Floyd’s return to pro boxing and presented it as his fight against Manny Pacquiao, presented it as Pacquiao would be the opponent.
“Now CSI at the time was also speaking with me…and we never locked in Pacquiao. So CSI never had Pacquiao but CSI presumed that the agreement they signed with [another company] who was acting on behalf of Frist Apex Ventures and Floyd Mayweater, was for Floyd Mayweather’s return to boxing which was in November. October is when EverWonder had already signed their agreement with Floyd and sent money. So when they sent money, they already satisfied that agreement and they’ve now officially entered into the contract.
“So the same fight was double sold. Even though Pacquiao was signed by CSI, both of these fights were Floyd’s return to professional boxing. One had an opponent as Pacquiao listed, the other was primarily Pacquiao as an opponent but it could’ve been somebody else…
“From the Manny side, we’re running very smooth because there’s not multiple chefs in the kitchen. But I knew from the other side, because Floyd was already dealing with a lot of problems…I knew that we were going to run into problems.”
Marthur would continue by saying he does eventually still think the rematch happens, but they need to ‘let the house burn down’ which is what is happening in front of the public, so they can rebuild their plans.
