Last month, 50 Cent's boxing promotion company SMS filed for bankruptcy, citing debts of around $500,000.
In new legal filings, the debt is described more in the range of $2,000,000. The papers also blame the company's failings on Floyd Mayweather.
Apparently, the project was conceived as a joint venture called "The Money Team" between 50 and his then (and now again) buddy Mayweather.
However, the boxing champ got locked up on domestic abuse charges right before the company's launch, and 50 says he had no choice but to move on without him.
TMT IS OVER the money team is no longer a team. So it SMS promotions that's it thats all.SMSaudio
— 50cent (@50cent) November 1, 2012
Now 50 is blaming the lack of promotional push that he would have received from Mayweather for why SMS promotions failed to make money.
A lot of SMS's debt is in unsecured loans to Fif himself, suggesting there are multiple legal paths to save the company.
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