Floyd Mayweather Jr. is reportedly looking to get into the NFL business.
Mayweather is leading a group that is preparing an offer to buy a stake in the New York Giants, according to TMZ. The former boxer and his business partner Meyer Orbach, a real estate mogul, are said to be putting together an offer that will be somewhere in the range of $700 million for a 10 percent stake in the Giants.
Orbach already owns a roughly 17 percent stake in the Minnesota Timberwolves, so he has experience with investing in professional sports franchises. He would neither confirm nor deny that he and Mayweather are looking to join the Giants’ ownership group.
“My partners and I are always looking at different opportunities, including ownership of sports teams. I can’t comment further than that,” Orbach told TMZ.
Giants owners John Mara and Steve Tisch announced last week that they are looking into the possibility of selling a 10 percent stake in the team. Recent estimates have valued the Giants at around $7.5 billion, making them one of the most valuable franchises in sports.
Jeffrey Lurie sold an 8 percent total stake in the Philadelphia Eagles in December via two separate transactions. The Eagles were valued at $8.1 billion in one sale and $8.3 billion in the other. The Giants would likely have a similar valuation.
The 47-year-old Mayweather would need approval from NFL owners to become part of an ownership group. TMZ reports that he has already received letters of support from at least two.
Mayweather went 50-0 during his career and is the highest-earning boxer of all time. His net worth is valued at more than $400 million. He has had some legal issues, however, which could potentially create an obstacle for him with the NFL.
