G-Unit leader Curtis “50 Cent” Jackson has reason to smile these days after reportedly getting approved by the Nevada State Athletic Commission for a promoters license.
At his Thursday (November 15) meeting, Fif explained parting ways with former business partner Floyd Mayweather, Jr.’s Money Team and starting up his own SMS Promotions company.
Jackson and attorney Leon Margules, who were at the meeting, promised to provide the commission with what it still wanted within a week — two years worth of Jackson’s income tax returns, a financial statement listing the fighters SMS has under contract and a letter stating that the assets that had been in TMT’s name are now in SMS’s name. During questioning from the commission, Jackson said that he and Mayweather had agreed to go into the promotional business together but “as he came out of incarceration (on Aug. 3 after two months in county jail in Las Vegas) he decided he wanted to do things differently, but I had already invested $1.5 million in acquiring fighters and I would like to move forward.” Jackson said there was no written agreement between him and Mayweather regarding the company. (ESPN)
In early November, Fif announced his deparature from the Money Team.
“TMT IS OVER the money team is no longer a team. So it SMS promotions that’s it thats all.SMSaudio,” he tweeted November 1st.
“SMSpromotions. Catch IBF CHAMPION BILL DIBB VS. JASON VELEZ DEC.1 Cotto’s card lets go New York!!! Don’t miss it”
“SMSpromotions Yuriorkis GAMBOA VS. Miguel Beltran on manny pacquiao card VS. Jaun marquez don’t miss it.”
“I’m no longer apart or down with TMT promotions. SMSaudio” (50 Cent’s Twitter)
Around mid-September, reports of problems brewing in TMT emerged.
Rumors are flying hot and heavy that the joint venture into boxing promotion called TMT (The Money Team), headed up by pound-for-pound boxing king Floyd Mayweather Jr. and rapper 50 Cent, is already kaput. The Ring magazine reports that Australian featherweight fighter Billy Dib, recently signed by TMT, has had his contract folded into the operations of the still operating Mayweather Promotions. The Ring also says that a source close to the rap superstar indicates that 50 Cent is “no longer involved in boxing.” (Boxing Insider)
50 also recently discussed his issues dealing with Mayweather, Jr. and his team.
“[The problem] really comes from everybody around him is waiting on the next time he feels generous. And I have a lot [of money], so I don’t wait for nobody,” Fif said in an interview. “I’ll go do what I’ve got to do. I don’t have to sit around and wait for the next time he feels like giving somebody something.” (“The Rickey Smiley Show”)