Floyd Mayweather's business partner, 50 Cent (Curtis Jackson), is reported to have formed a new promotional outfit named TMT (The Money Team) Promotions.
According to USA Today, 50 Cent has already secured a business license in New York and is presently awaiting another license from the State of Nevada.
TMT Promotions will feature Mayweather as its mainstay, along with Cuban exile Yuriorkis Gamboa and possibly middleweight Andre Dirrell.
Mayweather, who is serving a 90-day jail term for domestic violence, is reportedly leaving Golden Boy Promotions when he gets out of prison next month.
Although there is no formal arrangement between Mayweather's own promotional outfit and Golden Boy Promotions (GBP), the unbeaten champion has been co-promoted by GBP in his last six fights.
It is common knowledge in the boxing community that Mayweather and GBP's head, Oscar De La Hoya, have not been on good terms for various reasons.
50 Cent and De La Hoya had a brief encounter on Twitter Wednesday night about the reported plan of Mayweather moving over to 50 Cent's new promotional outfit.
Mayweather fought De la Hoya in 2007 at the MGM Grand Garden Arena in Las Vegas, Nev. in the most lucrative boxing match ever, generating over $120 million in revenue. In the fight, De La Hoya lost to Mayweather via split decision.
Meanwhile, GBP CEO Richard Schaefer took the news in stride, saying it is terrific for 50 Cent to venture into boxing promotions (via Boxing Scene):
I think it's terrific for 50 Cent to get involved in boxing, because he brings a different audience, the hip-hop world and so on, to this sport. I think it's terrific. I certainly wish him good luck. We know each other, we respect each other. I like him and he likes me...whenever we're together. I wish him good luck. This is great for boxing.
Mayweather and 50 Cent are partners in some movie-production ventures, and it is possible they are also co-owners of TMT.
Boxing insiders say this new development will fast-track the long-awaited mega-fight between Manny Pacquiao and Mayweather, as Pacquiao's promoter won't be dealing with GBP anymore.
Everyone knows Bob Arum's Top Rank Promotions and GBP have a long-running feud due to business competition and jealousy.
50 Cent has a good track record in promotions on top of his boxing knowledge, having been an amateur boxer before breaking into the music industry.
Negotiating with 50 Cent's TMT Promotions for the Pacquiao-Mayweather fight could be less stressful for Arum, since he wouldn't have to deal with GBP's De La Hoya and Schaefer, who have been criticizing him for standing in the way of the fight every boxing fan in the world wants to see.