Floyd Mayweather is known in almost all major sports circles as one of the best boxers of this generation.
The combat-sports kingpin has amassed 49 victories without a single defeat, garnering notoriety for his dominance across multiple weight classes. Mayweather has also been a subject of much discussion for his colorful and brash personality. Combine this with his high earnings and lavish lifestyle, and it is easy to see why he has become one of the most recognizable figures in boxing.
While Mayweather may have a taste for fast cars and nice houses, these aren’t the only places where his money is going. He recently announced plans to help bring the sport of boxing to the masses by opening up a boxing gym business.
Mayweather has said he plans to launch the Mayweather Boxing & Fitness app within a month. This training tool will feature Mayweather himself, guiding the user through his own personal workouts. Mayweather and his team have announced major aspirations for the project, planning for 200 gyms within two years and 500 gyms within five years. They’ve also discussed a virtual reality component for the program, which is expected to be unveiled in early 2018.
Mayweather will function as the chairman, and is currently the largest shareholder in the company. He will focus on the strategy and provide content for the workouts. He isn’t going at the project alone, but rather relying on business experts with a history of success in the consulting and athletics industries.
James Williams, who spent nearly a decade at Bain & Co., will offer oversight for daily operations. Bain & Co. has become a top choice for consultation on business endeavors by athletes. Mayweather will also be enlisting the help of Mike Melby, a management expert who helped morph UFC Gyms into an international brand. Under Melby’s management, the UFC grew their domestic operation of six facilities to a staggering 250.
The international market will be vital to the company’s success, representing a projected three-fifths of the business. Given that Mayweather is a superstar with fans around the world, it is very likely that his company could find success in multiple countries.
South California will be home to the first gym, which will be a rebranding rather than a new creation. Though rebranding efforts are vital to the project’s strategy, the team has said they plan to focus on the franchise model. This will require them to collect both upfront fees and an annual percentage of revenue.
Before his jump into the world of business, Mayweather has a blockbuster fight scheduled for August 26th. The boxing great will take on MMA standout Conor McGregor in a fight that is expected to eclipse both boxing gates and pay-per-view buys with its crossover appeal. McGregor, like Mayweather, is known for his brash self-promotion and dominance of his sport. McGregor was the first man to hold UFC titles into different weight classes simultaneously.
Whether Mayweather boosts his record to a perfect 50-0 or sustains his first professional loss, his business endeavors look promising.