According to TMZ, Jackson’s SMS Promotions filed for bankruptcy in Connecticut, claiming the company has a debt in the amount between $100k and $500k.
The lawyer representing Jackson says the action was necessary to keep the business going under a new corporate entity.
“Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing,” the lawyer said.
In November 2012, Jackson obtained a license in Las Vegas for his SMS Promotions to engage in the business of promoting boxing fights in the state of Nevada.
Before obtaining a license for his own company, Jackson had an understanding with Mayweather that they will use TMT (The Money Team) as the business name of the planned promotions entity.
However they had a falling out after Mayweather reportedly failed to give his share in the proposed partnership.
While Mayweather was serving his term in prison for domestic violence charges, Jackson applied for a license from NSAC under TMT but when Mayweather was released after serving two months, he did not show any more interest in the partnership.
Before filing for bankruptcy, SMS had contracted some elite fighters including Yuriorkis Gamboa, Billy Dib and super middleweight contender Andre Dirrell.
Jackson seems to have made up with his friend and business partner as he was reported to have placed a huge bet for Mayweather during his fight with Filipino boxing star Manny Pacquiao.
