A California court has ordered legendary boxerFloyd Mayweather to pay $2.4 million to Nigerian company Zzini Media Concept Limited after ruling that he breached an agreement to conduct promotional visits to various African countries, including Nigeria.
According to several reports from Nigerian media, the California Court of Appeal also found Mayweather guilty of fraud.
The case revolves around a contract that required Mayweather to make multiple trips to Africa, starting with a visit to Nigeria in June 2017. However, he did not fulfill his obligations, prompting Zzini Media Concept to seek legal recourse for reimbursement.
Mayweather’s legal team contended that since Zzini Media Concept is not based in the U.S., it did not have the authority to enforce payment. Nonetheless, the company successfully filed a lawsuit in a lower court.
The court ruled in favor of Zzini Media Concept, ordering Mayweather to pay $1,638,542 in damages, $721,881.32 in prejudgment interest, $16,270 in attorney fees, and $285 in court costs.
Despite Mayweather’s attempt to appeal the decision, the California Court of Appeal upheld the lower court’s ruling on August 27, 2024.
Following the court’s verdict, Alex Nwankwo, an executive at Zzini Media Concept, remarked that the company’s success was due to a solid case.
He explained, “After several unsuccessful attempts to recover the appearance fees, the company filed a legal action against Mayweather in 2018, alleging breach of contract, unjust enrichment, and fraud.”
“We are grateful that two courts have granted Zzini Media Ltd’s request to impose sanctions against Mayweather,” the statement continued.
Mayweather has reportedly refused to pay the amount, prompting the court to issue a fresh order targeting his assets, specifically his 2015 Bugatti GSV or his 2015 Ferrari LaFerrari Aperta.
The company’s statement further noted, “We have already defeated Mayweather and his attorneys numerous times in these proceedings, so the enforcement of the judgment will proceed. Our forensic investigators have also uncovered substantial assets indicating that Mayweather has been overstating his net worth.”
The highly sought-after 1962 Ferrari 330 LM / 250 GTO by Scaglietti set a new milestone by selling for $51.7 million at the RM Sotheby’s auction held on November 13 in New York City.
This transaction not only established the record for the most expensive Ferrari ever sold at auction but also marked the priciest publicly auctioned classic car worldwide in the current year.
Previously owned by Jim Jaeger, a renowned collector in Ohio and co-founder of the company that later produced Escort radars, the car had been in his possession for nearly four decades before being put up for sale.
While the spokesperson from RM Sotheby’s didn’t disclose the identity of the new owner, the final hammer price amounted to $47 million. With a buyer’s premium of 10%, the total price reached an impressive $51.7 million.
Despite setting a record, the final sale price fell slightly below earlier expectations, as RM Sotheby’s had initially valued the vehicle at “in excess” of $60 million in the days leading up to the auction.
“Its place in history is undisputed,” Oliver Barker, chairman of Sotheby’s Europe, said at the beginning of the sale.
In a brisk auction that spanned less than 20 minutes, the 1962 Ferrari 330 LM / 250 GTO by Scaglietti, which commenced bidding at $34 million, saw consistent engagement from primarily phone bidders. The bidding intensity persisted until the final moments when two bidders engaged in a back-and-forth around the $47 million mark. Notably, both the car and the triumphant bidder were physically present at the auction, as confirmed by a spokesperson.
Securing its place as the most expensive car sold this year, the V-12 racer surpassed the previous record set by a 1967 Ferrari 412P Berlinetta, which sold for $30.2 million on August 17. This year has been notably successful for Ferraris, widely considered blue-chip assets in the automotive world.
According to data compiled by Classic.com, a platform specializing in collectible cars and their values, 12 out of the top 15 cars sold at auction in 2023 featured the iconic prancing pony badge.
“That part of the market has not changed one bit,” says Juan Diego Calle, the founder and CEO of Classic.com.
Read More: $142 Million Mercedes-Benz Smashes Ferrari’s Classic Car Record
Painted scarlet and bearing a No. 7 racing livery, the car is special because it is the only Ferrari GTO example originally equipped with a 4-liter engine and the only factory GTO Tipo 1962 to have been raced by Scuderia Ferrari. In 1962, it earned a class win and a second-place finish overall at the Nürburgring 1,000 KM race. In 2012, it won the Best in Show award at the Amelia Island Concours d’Elegance in Florida.
It doesn’t come close to the most expensive car ever sold at auction, however—a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe took $142 million in 2022.
But the GTO Tipo reflects the strength and stability of the market for the best Ferraris even during uncertain economic times. Other high-sellers in 2023 include the 1962 Ferrari 250 GT SWB California Spider that sold for around $18 million at a Gooding & Co. auction March 2 and a 1964 Ferrari 250 LM that sold for €15.7 million at an Artcurial auction July 5.
Previously, the most expensive Ferrari ever sold in public was a 1962 Ferrari 250 GTO that took $48.4 million at a RM Sotheby’s auction in 2018, a spokesperson for RM Sotheby’s confirmed. That one, which has a stronger racing history, is considered by marque experts to be one of the most authentic and original of all GTO examples, the RM Sotheby’s catalogue said at the time.
But the fact that this one, Chassis 3765, was a Ferrari factory entry at the 1962 24 Hours of Le Mans, in addition to its class win at the Nürburgring and its multiple racing entries by Scuderia as a works car makes it very unique, a spokesperson said. Private sales of Ferraris have included prices that soared near $70 million, according to some reports.
Elsewhere, the collector car market has cooled. As of Nov. 3, overall classic car sales totals for the year are down 23.4% year over year, from $321.4 million in 2022 to $245.9 million this year, according to Classic.com.
The annual auctions during Monterey Car Week, considered the bellwether for market values, reached a little more than $400 million across five auction houses, down from $473 million last year.
This is the scary moment when a Ferrari, a Lamborghini, and a camper van crashed into each other in Italy. Sadly, two tourists died in the accident.
On Monday, 2nd October, two vehicles collided with each other in San Giovanni Suergiu, which is located in the Italian province of South Sardinia.
Two Swiss tourists, Melissa Krautli, age 63, and Markus Krautli, age 67, died in the Ferrari.
A video of the accident shows a blue Lamborghini trying to pass a white camper that is driving in front of it.
But a few seconds later, the red Ferrari, driving from behind, also attempts to pass the Lamborghini at the same time, resulting in a collision.
Then, the car was pushed and went underneath the camper. The force was so strong that the camper was tossed and turned upside down. As a result, both roads got blocked.
The Lamborghini crashed and went off the road. There was a camper in the way, blocking both lanes, and the Lamborghini ended up on its side.
The red Ferrari, which is not visible in the video anymore, turned over on the opposite side of the road and caught fire. The couple inside the car got stuck. A man and a woman, both 61 and 62 years old, were hurt while they were traveling in a camper. They were taken to the hospital.
Two individuals who were riding in the Lamborghini also got hurt and had to go to the hospital.
According to local news, the people inside the Ferrari and Lamborghini were taking part in an event called the Sardinia Supercar Tour. This is a fancy car meetup where luxury sports cars come together and drive from Teulada to Olbia.
Following a collision between a Ford Fiesta and a Ferrari in Cheshire, a three-week-old infant was transported to the hospital in critical condition.
Following the Friday evening crash, the Ferrari’s 34-year-old male driver was also brought to the hospital in the same condition.
Around 5.05 p.m., the sports car and the baby-carrying Fiesta collided at the intersection of Manor Park Avenue and the A558 Daresbury Motorway outside of Runcorn.
It had been joining the main road, while the Ferrari was travelling along the Expressway from the direction of Mersey Gateway.
Cheshire Police have urged anyone who saw the crash between the two cars, both coloured dark grey, to come forward.
Sergeant Andy Dennison said: ‘We’re keen to speak to anyone who witnessed the collision or events leading up to it.
‘The same goes for anyone with dash cam footage that may have captured events or prior driving of either vehicle leading up to the collision and the collision itself.’
Lewis Hamilton has dismissed reports claiming he has received a contract offer from Ferrari and anticipates signing a new deal with Mercedes “in the coming weeks.”
As his current £40 million-a-year contract nears its expiration with just six months remaining, there has been speculation about Hamilton’s future in the sport.
Leading up to the Monaco Grand Prix this week, there were reports suggesting that Ferrari was preparing a substantial offer to secure Hamilton in a high-profile transfer.
But when asked on Thursday if the Italian giants had been in touch, Hamilton replied: “No. When you are in contract negotiations there is always going to be speculation, and unless you hear it from me that is all it is.
“My team is working closely behind the scenes with [Mercedes team principal] Toto [Wolff], and we are almost at the end of having a contract ready.
“This is the first time that I have not been negotiating myself. I have a great team in the background that does the work and I focus on the job on hand.
“I say what I want and that is what we are working towards so hopefully in the coming weeks [it will be decided].”
Hamilton, 38, will get his first taste of a major Mercedes upgrade in practice on Friday which the seven-time world champion hopes will haul him up the grid.
Hamilton qualified 13th at the last race in Miami before driving well to finish sixth, but he is already 63 points behind Red Bull’s Max Verstappen in the championship standings.
However, Hamilton insisted Mercedes’ dethroning as kings of the Formula One road will not impact his decision to re-sign with the Brackley side.
“We are still a championship-winning team,” added the British driver. “We have just had the wrong car, and there have been decisions that have been made over the past two years that have not been ideal. We are working our way through that.
The long-awaited upgrades have arrived for Mercedes 🙌
“We have a new upgrade this weekend. The team have worked incredibly hard to bring this upgrade to this race after we decided that was the direction we wanted to take.
“Although this is not the best track to see it come to fruition, we will hopefully get a better experience of that at the next race.”
Both Charles Leclerc and Carlos Sainz are under contract with Ferrari until the end of next season.
Addressing the speculation surrounding Hamilton, Ferrari team principal Fred Vasseur said: “We are not sending an offer to Lewis. We didn’t do it, and we have not had discussions.
“Every single team on the grid would like to have Hamilton at one stage, and it would be bulls*** to not say something like this.
“But if I have had discussions with Hamilton, it is because I have had discussions with him for the last 20 years.
“I have discussed things almost every single weekend with Hamilton, and I don’t want to have to stop having discussions with him because you are chasing me (about a contract offer).”
When Ferrari participates in a hearing on Tuesday, they will start their defense against a hefty time penalty assessed to Carlos Sainz at the Australian Grand Prix.
The Italian team will have the opportunity to apply for a review of the five-second penalty when they meet with stewards, according to the FIA, the world governing body of motorsport.
Sainz received the penalty for colliding with Fernando Alonso on April 2 during the race.
Following a hectic penultimate-lap standing restart, Sainz was dropped from fourth to 12th after making touch with his Spanish compatriot’s Aston Martin.
There were another two crashes prior to a red flag being waved for a third time at Albert Park.
Pierre Gasly and Esteban Ocon were involved in a collision, while Logan Sargeant ran into the AlphaTauri of Nyck de Vries but none of those four drivers were penalised.
Sainz was not impressed with the punishment imposed on him and Scuderia team principal Fred Vasseur confirmed Ferrari would appeal against the decision that cost the driver a points finish.
Sometimes you just can’t catch a break…
A tough weekend with no points but that does not reflect our progress. Four weeks until the next race to keep pushing and working hard.
In a statement issued on Friday, the FIA said: “The stewards of the 2023 Australian Grand Prix have received a letter from Nikolas Tombazis, single-seater director of the FIA, attaching a petition by competitor Scuderia Ferrari dated 6th April 2023 under article 14 of the FIA international sporting code, seeking a review of the stewards’ decision number 46 made within the framework of the 2023 Australian Grand Prix and requesting that the stewards ‘consider such request and to make a determination whether or not a significant and relevant new element exists in relation to the decision/incident’.
“The driver(s) and team representative(s) are required to report to the stewards for a virtual hearing to be held on 18th April 2023 at 0800 CET in relation to the petition.”
Police have confiscated a Ferrari that is worth more than £1 million because the driver failed to purchase insurance.
On Tom Crisp Drive in Lowerstoft, Suffolk, police stopped the Ferrari F40’s driver early on Friday.
Following a few checks, it was discovered that the freshly purchased, extremely costly car had no insurance, according to what police posted on Facebook. awful days, man.
A Suffolk Police spokesman said: ‘The vehicle was removed by a recovery company and the driver is able to get it back once they prove a policy of insurance has been bought.
‘They also have to pay a £150 recovery fee and daily storage costs until they collect it.’
The cars regularly sell for more than £1 million, and some have even been sold in excess of £2 million.
Last year a Ferrari worth £500,000 smashed into a row of parked cars.
CCTV footage shows the driver of the SF90 Stradale model – the most powerful Ferrari road car ever – crawling out of the wreckage after the crash.
After appearing from nowhere, it took only second for the Italian supercar to ram head-on into the row of parked vehicles in Halesowen, near Birmingham.
The video also shows at least two of the three vehicles had been severely damaged by the impact.
Lithia Motors is in advanced talks to acquire one of the largest groups of luxury car dealerships in Britain according to Sky News.
One of the largest automotive retail groups in Britain, Jardine Motors, is being considered for acquisition by a major American auto dealer for about £300 million.
Sky News has learned that Lithia Motors, which has a market capitalization of more than $6.5 billion on the New York Stock Exchange, is close to concluding a deal to acquire its UK-based rival.
One insider issued a warning that a deal was still being discussed and might still fall through.
If successfully completed, it would see Jardine Motors being sold by Jardine Matheson Holdings, the historic Hong Kong-headquartered conglomerate.
Jardine Matheson owns assets including the Mandarin Oriental hotel chain and Hong Kong Land.
Sources said a takeover would give Lithia a substantial foothold in the UK, with access to luxury car brands including Ferrari and Maserati.
Lithia is committed to using the Jardine Motors business as a platform for growth, they added.
It would be the latest in a string of attempted deals in the sector, with Pendragon recently having ended talks about a takeover by its largest shareholder.
Lithia itself also tried to buy Pendragon last year.
Other big players in the sector include Lookers, while major online competitors such as Cazoo have suffered from the global sell-off in technology stocks.
Jardine Motors was acquired as a single East Anglia dealership by Jardine Matheson in the early 1990s.
Brands sold at its dealerships include Ferrari, Jaguar, McLaren and Porsche.
Responding to an enquiry from Sky News on Monday, a Lithia spokesman said: “Lithia has a stated desire to expand into the UK market and has held discussions with Jardine Matheson with a view to investing in Jardine Motors Group UK.
“Jardine Motors Group UK is one of the UK’s leading automotive retailers and Lithia firmly believes that a combination of the two businesses will help to deliver significant value for employees, partners and customers.
“Lithia views the potential acquisition of Jardine Motors as a platform for future growth in the UK and plans to invest in the business, working with Jardine Motors’ market-leading management team to build on the strong momentum the Group has generated in recent years.
“Discussions around a potential transaction are ongoing and a further update will be issued in due course.”
Jardine Motors has yet to reveal financial results for 2022, but saw revenues rise 19% in 2021, with an operating profit of £28m.
A Jardine Motors spokesman declined to comment.
It was unclear whether its London-listed parent company would also issue a statement confirming the talks.
Rothschild is advising Jardine on the talks, while Deloitte is advising Lithia.
A 26-year-old man was recently charged with forgery and breach of trademarks after it was discovered that his red Ferrari F430 was actually a modified Toyota MR Coupé.
Italy’s Guardia di Finanza made the unusual seizure during a routine check in the town of Asti, Italy. Although the red Ferrari featured all the iconic elements of the F430, from the prancing horse logo on the bonnet and steering wheel, to the rims, brake calipers and iconic headlights, something about the vehicle seemed wrong. It’s unclear whether the motorist had the necessary documents to prove that his car was a genuine Ferrari F430 or not, but the police officers called a team of experts just to be sure. They confirmed that the car was actually a modified Toyota MR Coupé.
Although this is certainly not the first time someone converts their cheap ride into their own exclusive supercar, what makes this case special is the high level of forgery. Instead of a simple carbon fiber frame over a regular chassis and some fake logos, whoever made this fake F430 did an outstanding job.
Photo: Guardia di Finanza Asti
Both the exterior and the interior of the car were closely modeled after that of the F430 Ferrari built between 2004 and 2009 at Maranello.
According to the experts who confirmed the forgery, the car even featured original Ferrari parts and accessories, making that much harder to notice that it was actually a Toyota.
The triple-header to follow the resumption of the 2022 Formula One season concludes in Italy this weekend, with Max Verstappen aiming to inflict another stinging result on Ferrari.
Back-to-back wins in Belgium and the Netherlands have seen the Red Bull ace strengthen his grip on the title, with Verstappen remarkably securing 102 out of the last 104 available only missing out on the fastest lap in France and Hungary.
Perhaps surprisingly, Verstappen’s plethora of victories in F1 have not yet included triumph on Ferrari’s home soil in Italy which has seen four different winners in each of the last four races (Lewis Hamilton in 2018, Charles Leclerc in 2019, Pierre Gasly in 2020 and Daniel Ricciardo in 2021).
While the title race looks done and dusted, Ferrari will be determined to secure bragging rights at Monza to provide a boost to a team that has sustained persistent problems this season most recently with Carlos Sainz’s woeful pit stop last weekend.
Ferrari have taken 21 pole positions in the Italian Grand Prix, more than any other team, and have won on 19 occasions most recently with Leclerc three years ago.
The Monaco-born driver will have fond memories of that triumph and will hope it presents a platform to propel better results in the remainder of the season to at least apply some pressure to Verstappen.
Mercedes mess
Mercedes looked on course for a first victory of the season in the Netherlands last weekend, Lewis Hamilton leading the way with George Russell tucked in behind and Verstappen sitting third before a questionable call.
Russell requested a pit stop and a change for soft tyres, something that was approved and resulted in Verstappen, having also taken softs, finding himself in striking distance of Hamilton and having no problems leapfrogging his former title rival.
Hamilton was understandably furious after the race, with Mercedes fumbling what may well be their best chance of a win in 2022.
In his farewell stint with Alpine ahead of his move to Aston Martin for next season, Fernando Alonso is set to equal Kimi Raikkonen’s record of 350 races in Formula One with nobody else having raced in more.
That record is destined to fall Alonso’s way in the future, and he could snatch another off the Finn, as his next race finish would be his 279th in Formula One putting him ahead of Raikkonen.
Max Verstappen suffered a car failure early in Dutch Grand Prix first practice and managed only seven laps as Mercedes set the pace with a one-two.
Verstappen, championship leader after a series ofFerrari errors, stopped on track. Team boss Christian Horner said he lost drive while shifting gear.
He was fastest at the time but slipped down to 19th out of 20 runners.
George Russell was fastest by 0.240 seconds from Mercedes team-mate Lewis Hamilton with Carlos Sainz third.
Mercedes set their times on the fastest soft tyre much later in the session than most others, so their times are not necessarily comparable.
Ferrari’s Sainz was 0.390secs off the pace, with McLaren’s Lando Norris less than 0.1secs further back in fourth.
Russell led the way by more than two tenths of a second from his team-mate
The second McLaren of Daniel Ricciardo was fifth, ahead of Verstappen’s main title rival Charles Leclerc of Ferrari, Red Bull’s Sergio Perez and Alpine’s Fernando Alonso and Esteban Ocon.
No-one crashed as the teams returned to the seaside Zandvoort circuit, which last year was reintroduced to the calendar for the first time since 1985 as F1 and local organisers sought to capitalise on Verstappen’s huge popularity in his home country.
A few drivers ran wide through gravel traps – including Perez and the Haas drivers Mick Schumacher and Kevin Magnussen – but there were no serious incidents.
Drivers were asked to try using the DRS overtaking aid through the banked final corner with the intention of it being in place for the race to aid overtaking, which is traditionally tricky at Zandvoort. As expected, none reported any issues.
