Undefeated boxer in tax debt; waiting for McGregor fight money to pay

The boxer filed a Tax Court petition on July 5 that asks the IRS to allow him a reprieve until the fight.

Floyd Mayweather Jr. and Conor McGregor will visit Los Angeles, Toronto, New York and London next week to promote their megafight on Aug. 26.

"Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid," the petition said, according to the legal website Law360. "The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding."

Mayweather is set to earn an astronomical £78M for taking on UFC superstar Conor McGregor on August 26, with the blockbuster bout billed the first billion dollar fight.

But, according to the report, the US government believes Mayweather does not need an extension as he has money in other accounts and property.

The Law360 report said: “The agency said that Mayweather had various options available – including by selling property, withdrawing cash from other accounts or taking out a loan.”