50 Cent was officially approved for a boxing promoters license by the Nevada State Athletic Commission this week, just two weeks after severing ties with Floyd Mayweather.
According to ESPN.com, Fif decided to launch his own SMS Promotions after a falling out with Floyd Mayweather, because the undefeated boxing great failed to come up with his share of the seed money 50 said he promised to put up.
So, after their public split, the hip-hop mogul applied for the license under SMS Promotions, and his application was approved in a 5-0 vote of the commission on Thursday (November 15).
During the questioning process, 50 said he and Mayweather had previously agreed to go into the boxing promotions business together, but, when the boxer “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.”
Despite the betrayal, 50 said he and Mayweather had no written agreement between each other.
In all, the rapper said he spent $500,000 toward the company in addition to the money he spent in acquiring fighters. His roster includes former featherweight titlist Yuriorkis Gamboa, featherweight titlist Billy Dib, and super middleweight contender Andre Dirrell.
In addition to Vegas, 50 Cent was previously licensed in New York.
After being licensed, SMS was approved to co-promote Gamboa’s bout with Top Rank on the Pacquiao-Marquez IV undercard. However, Gamboa will face an opponent to be determined because Miguel Beltran Jr. has dropped out.