Floyd Mayweather, Jr. failed to pay the $200,000 sanction fee required by the World Boxing Organization (WBO) for the belt he won on May 2 when he defeated Manny Pacquiao at the MGM Grand in Las Vegas, reports Yahoo! Sports.
The deadline was the end of the business day on Friday, and Monday, the Puerto Rico-based organization stripped Mayweather of the title.
It elevated Timothy Bradley, who defeated Jessie Vargas on June 27 for the interim championship, to full champion status, reports Yahoo! Sports.
WBO rules require boxers to pay 3 percent of the purse they win to fight for a world title, and a minimum of $1,000 and a maximum of $200,000 for fighters like Mayweather who earn extraordinary large purses.
Normally, fighters are required to pay the sanction fee on the night of the fight, and it’s deducted from their purse. However, Mayweather, who has had a long history with the WBC, wasn’t sure he wanted the WBO title. As a result, the WBO gave Mayweather time to pay the fee, and it wasn’t paid.
However, Pacquiao paid his sanction fee, and would have kept the belt had he won, so the WBO still made $200,000 on May 2 from that fight, writes Yahoo!