50 Cent had high expectations for his SMS Boxing Promotions company, but things didn't take off as he had hoped and he blamed part of the reason on Floyd Mayweather's 2012 jail sentence.
The Jasmine Brand obtained bankruptcy documents filed by Fif, which show that the company was meant to be a joint venture with Floyd. However, the famed boxer was arrested after pleading guilty to domestic violence charges against his then-girlfriend and baby mama Josie Harris.
After dropping millions into the company, SMS Promotions is $2.3 million in debt. They count $644,903 in asset, most of which is gym equipment, along with $9,000 in a checking account and $1,000 in petty cash.
Source: The Jasmine Brand
