Mayweather to use McGregor fight to pay off 2015 tax bill

American boxing star Floyd Mayweather, who is coming out of retirement to fight Conor McGregor, has said that he cannot pay off his tax liability from 2015 until he fights MMA star Conor McGregor in August.

The much awaited battle between McGregor and Mayweather is all set to take place on August 26.

Both fighters in June took to social media to confirm the development, as Mayweather posted to Instagram saying "It's official!" while McGregor said "THE FIGHT IS ON," on Twitter.

According to a tax petition filed on July 5, Mayweather has asked the IRS to delay his payments until he picks up his purse from August's fight.

"Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid," The Guardian quoted the petition as saying.

"The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding," it added.

The filing also asks the government to waive a penalty for failing to pay.

However, it is still not known how much the former five-division boxing champion owes but he settled a 6.2 million USD lien he had from 2007 after fighting Juan Manuel Marquez in 2009.

It is estimated that Mayweather earned 220 million USD from his fight against Filipino boxing great Manny Pacquiao in 2015 and it is assumed that similar sums have been discussed for the McGregor bout.

The fight against McGregor, which will take place in Las Vegas, is expected to challenge financial and PPV records, despite the one-sided expectations.

Mayweather will seek his 50th career win against a two-division MMA champion who has never boxed a professional round.

-ANI