A United States court has determined that the former world boxing champion, Floyd Mayweather Jr., is obligated to compensate Zinni Media Concept Limited, a Nigerian corporation, in the amount of $2.4 million for a breach of contract.
As articulated by Alex Nwankwo, the media executive of the company, Zinni Media entered into an agreement with Mayweather in June 2017 for the pugilist to conduct various appearances in Africa, which included one in Nigeria.
However, Mayweather unilaterally terminated the contract without reimbursing the advance payment that had been rendered by the company.
Nwankwo elucidated that Mayweather’s legal representatives had proposed that he might evade repayment on the grounds that Zinni Media was not situated within the United States.
Following multiple unsuccessful endeavors to recoup the funds, the Nigerian entity initiated legal proceedings in 2018, alleging breach of contract, unjust enrichment, and fraud against Mayweather.
In October 2023, a court in California mandated Mayweather to remit $1,638,542 in damages, alongside $721,881.32 in interest, $16,270 in attorney fees, and $285 in costs, culminating in a total of $2,376,978.
Mayweather subsequently lodged an appeal against the ruling; however, on August 27, 2024, the appellate court affirmed the decision of the lower court.
Nwankwo remarked that, notwithstanding the court’s ruling, Mayweather has yet to discharge the owed amount, which has been accruing interest at a rate of 10 percent annually.
The court has sanctioned U.S. attorneys to enforce the judgment by the seizure of assets, which may include Mayweather’s 2015 Bugatti Veyron or his 2015 Ferrari LaFerrari Aperta, both of which possess valuations exceeding the outstanding damages.
