Breaking Update – February 7, 2026: Former Showtime Sports president Stephen Espinoza has responded to the allegations in Floyd Mayweather Jr.’s $340 million lawsuit.

In a February 7 interview on the YouTube podcast Compas On The Beat, Espinoza expressed surprise and disappointment while defending his integrity:

“I’m proud of my reputation. It’s one of integrity… and I’ve never done anything to hurt a fighter and short change a fighter.”

“I’m definitely disappointed and surprised, and I haven’t spoken to Floyd about it and it’s a mystery in many ways.”

“The lawsuit will take care of itself.”

Source:
Compas On The Beat YouTube Interview – February 7, 2026

Espinoza declined to comment further, deferring to the legal process. No formal response has been issued by Showtime Networks.

Retired boxing legend Floyd Mayweather Jr. filed a 25-page lawsuit on February 4, 2026 (some reports cite February 3), in Los Angeles County Superior Court against Showtime Networks Inc. and former president of sports Stephen Espinoza. The suit accuses them of aiding a decades-long fraud scheme orchestrated by Mayweather’s former advisor Al Haymon — who is not named as a defendant, reportedly due to personal regard.

Mayweather claims at least $340 million in fight earnings was misappropriated, part of over $1.2 billion in total career purses.

Core Claims of Misconduct

The complaint describes a 15+ year “elaborate scheme of financial fraud” involving:

  • Hidden accounts and unauthorized diversions — Showtime wired earnings to third-party accounts controlled by Haymon and associates (including Jeff Morris), rather than directly to Mayweather. Funds were then allegedly diverted with false labels like “reimbursements,” “loan payoffs,” or “expenses” for Haymon’s benefit.
  • Slush fund usage — High-revenue fight money funded unrelated expenses, including a $20 million “reimbursement” falsely tied to the 2015 Andre Berto fight.

Concealment and Altered Records

Alleged efforts to hide the scheme include:

  • Showing Mayweather only selective documents.
  • Altering contract dates (e.g., whiting out and rewriting, with notes like “We need to cover our a–”).
  • Claiming records were destroyed in a 2023 flood.
  • Refusing full financial records in 2024, citing statute of limitations or unavailability.

Examples of Irregular Payments

  • Large transfers (up to $15 million) unrelated to fight dates.
  • Multi-year payout delays (e.g., Pacquiao fight).
  • Using blockbuster earnings for non-fight expenses.

Role of Showtime and Stephen Espinoza

Showtime and Espinoza allegedly:

  • Ignored red flags in routing hundreds of millions through third parties.
  • Facilitated diversions.
  • Helped conceal by withholding records.

Espinoza, who negotiated Mayweather’s 2012 six-fight deal, is accused of “substantial assistance.” The suit claims Showtime “effectively delivered money owed to Floyd directly into Haymon’s hands.”

Affected Fights and Earnings

The allegations focus on Mayweather’s Showtime era, particularly the final seven fights, including:

  • Canelo Álvarez
  • Manny Pacquiao (~$220 million purse)
  • Conor McGregor
  • Others under the 2012–2015 six-fight deal

Causes of Action and Relief Sought

Claims include:

  • Fraud
  • Aiding and abetting breach of fiduciary duty
  • Civil conspiracy
  • Conversion

Mayweather seeks:

  • $340 million compensatory damages
  • Additional damages for lost opportunities
  • Punitive damages
  • Forensic accounting costs
  • Legal fees

A jury trial is requested.

Current Status

The case is in early stages. No public response from Showtime or Espinoza beyond the podcast comments.

Sources:

This is a developing story. Boxing Insider will provide updates as new information emerges.