Floyd Mayweather has been stripped the World Boxing Organisation (WBO) welterweight world title after he failed to pay a required fee.
Mayweather failed to meet the deadline last Friday for paying $200,000 sanctioning fee required by the WBO after he won the belt from Manny Pacquiao on May 2 in Las Vegas in the richest fight of all time, earning a reported $220 million in the process. In total, the much-hyped fight generated about $400 million in US revenues, reports Xinhua.
"Despite affording Mayweather Jr. the courtesy of an extension to advise us of his position within the WBO Welterweight Division and to vacate the two 154-pound world titles he holds, the WBO World Championship Committee received no response from him or his legal representatives on this matter," WBO said in a statement on Monday.
"The WBO World Championship Committee is allowed no other alternative but to cease to recognise Floyd Mayweather Jr. as the WBO Welterweight Champion of the World and vacate his title."
According to WBO rules, Mayweather should have paid a fee that is three percent of his purse to fight for the world title up to a maximum of $200,000 dollars.
The rules also prohibit WBO champions to hold any belts in any other weight divisions. Mayweather is currently also the WBC and WBA champion at junior middleweight (154lb), as well as at welterweight (147lb).
