Use regular banks or do they use specific banks? I can't imagine seeing Mayweather or Hatton going into an everyday, run of the mill and depositing $20million plus.
Surely they are not paid in cash. The money will be paid into their bank(s) and maybe even contributions to other investments or whatever. I am sure that these top level athletes are doing everything possible to avoid paying their fair share of tax.
They do that or just meet with their private banker in an office and that’s it, or they just have the money wire transfered. Many banks that cater to the wealthy usually have bankers associated to the individual so someone won’t have to walk into a chase bank after a fight to wait on line and get robbed.
For decades, the fighters on the card would meet at the end of the night to "settle up" with the promoter. I've seen photos of the checks a lot of boxers have received at the end of the night. Mayweather would show the checks he received after fights for tens of millions of dollars. You'd think it would be more formal. You think they'd utilize wire transfers and all that. Or they'd all use the same banks, or whatever. But, for the most part, they'd get their cash or a check. Don King cut Oliver McCall a check for $1.4 million for the Lewis rematch. Oliver received it at the arena after the fight. He took the check and put it in his SOCK. He flew to Missouri that night with his wife and in the car ride from the airport, he got into an argurment with his wife and told the driver to drop him off at a bus station, which he did. McCall then asked a cab driver to take him to a hotel. The cab driver asked which hotel, McCall didn't know. So the cabbie took off. Two guys at the bus station heard McCall and said they'd give him a ride. He accepted. They drove him to a bad neighborhood and robbed him. Took his wallet with $400 in it. Checked his sock. Found a check for $1.4 million. Took it and fled. A couple blocks down the road they looked at the check and the numbers confused them, so they went back to McCall see if it was real and, if so, they were going to force him to cash it. They found McCall again, and McCall ran. Police saw them chasing McCall and rolled up and questioned what was going on. Oliver told the police, and the guys were arrested and Oliver got his check back. These guys don't work for a corporation. They are all basically freelancers. They come together on fight night. They work. Everyone gets paid at the end of the night, and they all scatter to different parts of the world. Maybe they'll work together again. Maybe they won't. When they part ways, it's usually after they've been given a check or cash or whatever was agreed upon. That was sort of how the whole fiasco between Fres Oquendo and the WBA and its title belt began. Oquendo went to Russia to fight Ruslan Chagaev. If he agreed to fight there, he was promised $1 million and a rematch if he lost. He signed the deal but they didn't give him a check after the fight. They promised they'd send it to him. He left Russia, and they never paid. And the promoter decided Ruslan was going to fight someone else. So Oquendo sued the promoter and the WBA saying he never got his check and they owed him a rematch. I don't know if he ever got the check. Kind of hard to sue a Russian promoter in Russia when you're sitting in the United States.
Bitcoin The smart ones have their accountants distribute their earnings in special ways to minimize their tax deductions. Have to remember though most of these guys don't make big bucks so they just take a lump sum to their accounts When you start making $1m+ you should start getting crafty Fury fights out of America for reasons. Half his earnings for Mr.Taxman to spunk up the wall in the UK? no.
Even regional banks will be able to handle $20 million, though sometimes those banks are slower in moving large transfers like that. If I was getting that much I want to have a lawyer involved to avoid the Oliver McCall situation above. Coffee is spilled or a name is misspelled and things could become problematic fast. He posted a contract signing video showing him doing that, some of the money went to him and some went to a business entity he had set up. I expect he uses the entity to pay his people, or he could have a trust meant to provide a form of disability insurance.
