Jorge Masvidal, the former UFC fighter, has secured a significant judgment in his legal dispute with Fanmio. A court has ordered the company to pay him $5,315,268.64 after he claimed that they failed to honor their payment agreement from a boxing match.
Masvidal’s Legal Victory Against Fanmio
On Tuesday, Judge Beatrice Butchko Sanchez signed the default judgment in favor of Masvidal. This ruling comes after an arbitrator sided with him regarding unpaid earnings from his fight against Nate Diaz.
Details of the Dispute
- Fight Agreement: Masvidal’s contract stated a $6 million purse, increasing to $7 million if he won.
- Payment Received: He reportedly received only $1 million and a $150,000 advance.
- Arbitration Proceedings: The dispute led Masvidal to seek arbitration in January after Fanmio failed to make the full payment.
The arbitration decision mandated that Fanmio compensate Masvidal for his losses. This included $4,850,000 in compensatory damages, alongside attorney fees and accrued interest.
Consequences for Fanmio and Diaz
Simultaneously, Nate Diaz also took legal action against Fanmio. His lawsuit claims that the company agreed to a $10 million payment for his fight against Masvidal.
- Diaz’s Payment Structure: According to the allegations, Diaz was supposed to receive $1 million upfront, with the remaining $9 million due post-fight.
- Additional Award: Another arbitrator awarded Diaz $6 million, along with a $500,000 penalty against Fanmio’s president Solomon Engel.
Both fighters are now waiting for further judicial approval concerning their respective arbitration awards. With these developments, the financial obligations of Fanmio are under scrutiny, and both Masvidal and Diaz are taking steps to ensure they receive their due payments.
