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50 Cent has shown over the years that he has a strong business acumen. His latest venture is into the world of boxing with his newly formed SMS Promotions company.
The initial idea behind forming a boxing promotions company came when 50 tried to help Floyd Mayweather Jr. with Mayweather Promotions. As the business mogul looked into Floyd's company he quickly realized it didn't exist.
“It doesn’t exist. He’s a Golden Boy [Promotions] fighter,” 50 told the New York Daily News. “It would irritate him if you said it, but in reality he’s a Golden Boy fighter. He’ll sit there and say for Mayweather Promotions, ‘Here’s what we have going, but there are no fighters signed to the promotional company.’ When he said that, I said let me build it for him while he’s gone (to jail). Floyd is my brother, and I even excused him saying there’s a company when there’s not.”
The G-Unit mogul formed TMT Promotions, which was intended to be a joint venture with Mayweather. 50 invested $2 million signing fighters like Billy Dib, Yuriorkis Gamboa and Andre Dirrell. When it came time for Mayweather to reimburse 50 for half of the money spent he balked.
Yuri Gamboa and 50 Cent
50 adjusted by shutting down TMT Promotions and moving all of the fighter he had signed over to SMS Promotions. 50 believes that Floyd's advisers were the ones who ultimately persuaded him not to invest.
“His decision to not participate by not financially offering his half of the finances came by way of his advisers that are afraid (of me),” Jackson said. “If you start burying bodies, you start to learn your way around the cemetery. They don’t want him to be informed. They don’t want him to have information. They make me a complete enemy on what’s going on there.’’
Bob Arum of Top Rank sees a bright future for 50 in boxing.
“He is the one person that has the ability to reach out and attract the urban audience that we’re lacking from our fan base,” Arum said. “If he can energize the urban market where only Mayweather has been able to do that he could add hundreds of thousands of customers to the fights.”
Tune in tomorrow night (December 8th) on HBO PPV to watch Gamboa fight Michael Farenas for the interim WBA super featherweight title on the undercard of the Manny Pacquiao/Juan Manuel Marquez bout.