World Boxing Organization (WBO) on 7 July 2015 stripped Floyd Mayweather Jr of the Welterweight title which he won by defeating Manny Pacquiao in May 2015.
He was stripped of the title after he failed to pay the 200000 dollar sanctioning fee required by the WBO after he won the belt at iconic MGM Grand in Las Vegas. The deadline to make the payment was 3 July 2015.
The fight at MGM Grand was the richest boxing fight of all time which made Mayweather richer by a reported 220 million dollars.
According to WBO rules, a boxer should pay 3 percent of their purse to fight for a world title up to a maximum of 200000 dollars. The rules also prohibit WBO champions to hold any belts in any other weight divisions.
Mayweather is currently also the WBC and WBA champion at junior middleweight (154 lbs), as well as at welterweight (147 lbs).
Now, he has the chance to appeal against the decision until 20 July 2015.
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