CSI sues Floyd Mayweather for $4.65M over Tyson, Pacquiao deals

Floyd Mayweather is being sued by CSI Sports Events for $4.65 million over alleged breach of contract tied to planned bouts with Mike Tyson and Manny Pacquiao, according to a complaint filed Thursday in New York and obtained by The Ring.

CSI claims it paid Mayweather a $4.5 million advance last year for exclusive promotional rights to his boxing events, including an exhibition with Tyson and a professional rematch with Pacquiao. The suit alleges Mayweather violated that agreement by announcing a June 27 exhibition against Greek kickboxer Michael Zambidis in Athens without CSI's involvement, according to the report. CSI also seeks an injunction to block the Greece event.

Competing Pacquiao rematch negotiations complicate lawsuit

The lawsuit takes issue with Mayweather's separate negotiations for a Pacquiao fight. Per the original CSI contract, Mayweather would earn $35 million plus 20 percent of pay-per-view revenue, or $50 million if the fight didn't go the PPV route. CSI paid him a $2.5 million advance for that bout. But Mayweather reportedly entered talks with production company Everwonder for a Netflix-backed Pacquiao rematch at The Sphere in Las Vegas on September 19, a deal that promised him $24.75 million plus bonuses. Everwonder later agreed to a $5 million cash settlement with CSI, the suit states.

CSI also paid Mayweather $150,000 in February to complete pre-fight medicals for the Tyson exhibition, money the suit says was handed over in cash. One day later, Mayweather announced the Zambidis bout. The complaint notes Tyson injured his hand and couldn't meet a May 30 deadline but remained available to reschedule within six months. Under the contract terms, Mayweather could only take an interim fight if Tyson was unable to compete by November 30.

While CSI was in settlement talks with Mayweather, it received notice that he had terminated the promotional relationship. The lawsuit is the latest legal complication for Mayweather, who faces felony charges over an alleged bad check used to purchase a $200,000 watch in Las Vegas and reportedly owes upward of $7.25 million in unpaid taxes that could lead to passport revocation. The Pacquiao rematch remains stalled after Mayweather stated he never agreed to an official professional bout despite signed contracts.

Source: ringmagazine.com