Floyd "Money" Mayweather Jr. has been stripped of the World Boxing Organization welterweight title awarded to him after his famous victory over Manny "Pac-Man" Pacquiao in the fight of the century on May 2nd.

Mayweather is reported as to having earned $200 million from the fight. However, he failed to pay a $200,000 sanctioning fee that he owed the WBO by the deadline. Moreover, he also failed to relinquish the junior middleweight title he held prior to the fight, thus, violating the WBO rule prohibiting its fighters from holding titles in different weight classes simultaneously.

In an official press release, the World Boxing Organization said, "The WBO World Championship Committee is allowed no other alternative but to cease to recognize Mr. Floyd Mayweather, Jr. as the WBO Welterweight Champion of the World and vacate his title, for failing to comply with our WBO Regulations of World Championship Contests."

Mayweather can appeal against the decision of the World Boxing Organization within the next two weeks.