According to reports, hip hop mogul 50 Cent has been approved for a boxing promoter's license by the state of Nevada. 50 Cent, born Curtis Jackson, and attorney Leon Margules, will also provide the commission with two years worth of Jackson's income tax returns, a financial statement listing the fighters SMS has under contract and a letter stating that the assets that had previously been under TMT's name are now in SMS's name.
The news effectively ends TMT (The Money Team) as a promotions operation.
50 Cent allegedly said that, despite the fact that he and Floyd Mayweather, Jr. had agreed to go into business together as TMT, Mayweather decided to take a different route after being released from prison. "But I had already invested $1.5 million in acquiring fighters and I would like to move forward," 50 said.