Mayweather-Pacquiao Rematch In 'Financial Gridlock'

The Mayweather-Pacquiao rematch is off — and Pacquiao's camp is placing the blame squarely on the other side of the negotiating table.

Jas Mathur, CEO of Manny Pacquiao Promotions, confirmed the September 19 Netflix bout has been cancelled, describing the situation in Mayweather's camp as "a volatile mix of federal lawsuits, scheduling overbooks, and financial gridlock."

The legal picture surrounding Mayweather makes the postponement difficult to separate from the broader collapse of his business affairs. CSI Entertainment filed an injunction this week to block his planned exhibition against Greek kickboxer Mike Zambidis, alleging the promoter had paid $4.5 million for rights to both the Tyson and Pacquiao bouts before Mayweather secretly arranged separate deals with other parties.

Compounding the situation further are felony charges stemming from an allegedly bad check used to purchase a watch in Las Vegas. Pacquiao's camp says they remain confident the rematch will be rebooked for a future date. The confidence may be genuine, or it may be the standard posture of a promotional team that does not want to declare the fight dead while some version of it might still be salvageable.