What to know about Floyd Mayweather-Manny Pacquiao rematch

Floyd Mayweather and Manny Pacquiao are set to meet again more than 11 years after their first showdown in May 2015. The rematch is scheduled for Sept. 19 at Sphere in Las Vegas and will be streamed on Netflix.

It will mark Mayweather's first professional bout since he stopped former UFC champion Conor McGregor in August 2017. Pacquiao, meanwhile, has remained far more active. Since the first meeting with Mayweather, he has fought eight times, compiling a 5-2-1 record.

Mayweather, who turned 49 on Tuesday, announced last September that he would face former heavyweight champion Mike Tyson, 59, in an exhibition bout scheduled for this spring. Pacquiao, 47, retired after a decision loss to Yordenis Ugas in August 2021 but returned last July to challenge then-WBC welterweight champion Mario Barrios, fighting to a majority draw. He also has an exhibition scheduled, a bout against former welterweight champion Ruslan Provodnikov on April 18 in Las Vegas.

Both Mayweather and Pacquiao are well past their prime, yet the rematch could prove more entertaining than their first encounter. After dropping a unanimous decision in 2015, Pacquiao revealed he had suffered a shoulder injury during training camp that hampered his performance.

"The main thing that people want to know is this is not an exhibition, this is a real fight," Manny Pacquiao Promotions president Sean Gibbons told ESPN on Monday. "No one's buying Floyd Mayweather vs. Manny Pacquiao doing an exhibition. Nobody wants to see that. They want to see these two guys -- who are very competitive with each other -- to fight to a winner. The whole key to the event is the fight is a real fight, not an exhibition."

Here's a breakdown of why this fight is happening now -- and what fans can realistically expect from the long-awaited grudge match.

Why are Mayweather and Pacquiao fighting again now?

Although Mayweather and Pacquiao are now 49 and 47, respectively, the boxing landscape has undergone a seismic shift that has made a rematch a decade after their first meeting far more compelling than it once seemed.

And Jake Paul is largely responsible.

Paul's 2024 clash with Mike Tyson drew a massive audience of 108 million live global viewers on Netflix. That so many people would tune in to see a YouTuber-turned-boxer take on a then-58-year-old former heavyweight champion cracked open the floodgates for similar matchups in which the fighters could make a large sum of money without depending on how many pay-per-views they sell.

It was always going to be difficult to sell a Mayweather vs. Pacquiao rematch after their initial meeting in 2015. Although it broke pay-per-view and gate records, the fight itself underwhelmed as Mayweather cruised to a wide and uneventful unanimous decision. Pacquiao pursued a return bout, but Mayweather didn't need it. He rode off into the sunset just two years later following his fight with MMA superstar Conor McGregor.

Mayweather (50-0, 27 KOs) announced in the fall that he was coming out of retirement to face Tyson in an exhibition to take place in April, and now he has done an about-face on his stance not to face Pacquiao again. A large part of the reason for that is the enormous windfall of money that can be generated from the fight, and the other factor is that this is the best option for Mayweather to earn the payday without risking his undefeated record against a young superstar in their prime.

And with Netflix now entrenched in combat sports -- the Paul vs. Tyson boxing matchup last year was a giant success, and last week the streaming service locked in another dream fight between retired combatants, former MMA champion Ronda Rousey and Gina Carano -- Mayweather vs. Pacquiao 2 can aim for new heights.

While both fighters are closing in on age 50, their names still carry significant weight. The marketing machine of Netflix will ensure that this fight will maximize its viewership and be the biggest boxing event of the year.

What happened the last time Mayweather and Pacquiao fought?

Mayweather-Pacquiao 1 occurred about five years too late after many failed negotiations that broke down over everything from drug testing to the purse split. During that delay, Pacquiao went from being an unbeatable force to a vulnerable veteran, suffering a stunning decision loss to Timothy Bradley Jr. and a shocking knockout defeat to Juan Manuel Marquez in their fourth bout. By the time Mayweather and Pacquiao finally stepped into the ring in 2015, it was evident that Mayweather was still operating at a high level -- with victories over Canelo Alvarez and twice against heavy puncher Marcos Maidana -- while Pacquiao wasn't quite the force of nature who had dominated the sport from 2005 to 2011. Still, the hype was undeniable and led to a record-breaking night, with the event shattering numerous boxing records with a $72.2 million gate and $410 million in revenue from 4.6 million pay-per-view buys. The fight itself was a one-sided affair that Mayweather controlled from the opening bell with a vintage performance behind a sharp jab. The scorecards indicated the lack of drama, as Mayweather won 118-110, 116-112 and 116-112.

Pacquiao complained afterward that a shoulder injury during training camp hampered him in the fight, and he sought a rematch. He was denied until now.

What can we expect from the rematch?

It's hard to say. Mayweather hasn't fought against an opponent of consequence with a legitimate boxing pedigree since he faced Andre Berto in 2015. Since then, he's faced an MMA fighter (McGregor) and has had exhibition bouts against YouTubers (Logan Paul and Deji Olatunji), a reality TV personality (Aaron Chalmers), the grandson of a notorious mafia boss (John Gatti III), a boxing journeyman (Don Moore) and a kickboxer (Tenshin Nasukawa) over the past decade. And while he has always been in pristine physical shape, age will certainly have some bearing on his abilities.

Pacquiao has been more active over the years with wins over Adrien Broner, Keith Thurman, Lucas Matthysse, Jessie Vargas and Bradley since losing to Mayweather. He has also lost to Jeff Horn and Yordenis Ugas, with his last fight being the majority draw against Barrios. He's no longer the whirlwind of punches that overwhelmed the opposition nearly two decades ago, but he's still in exceptional shape at age 47.

While neither fighter will be in their physical prime, they will be on a level playing field when it comes to age, which could yield an entertaining fight. However, if Mayweather is close to the same defensive wizard and brilliant ring tactician that he was when he picked apart Pacquiao in their first meeting, the fight could end up being another dud. But if there is any credence to Pacquiao's claims that an injured shoulder hampered him in the first fight, it's possible that he puts together a better offensive display.

Will there be drug testing for this fight?

There is currently no information available regarding drug testing for the fight. ESPN reached out to the Nevada State Athletic Commission on Monday night and is awaiting a response.

Who's promoting this fight?

The fight will be co-promoted by Manny Pacquiao Promotions and Mayweather Promotions, in partnership with CSI Sports/Fight Sports, which entered a multiyear agreement with Mayweather upon his announcement that he would resume his pro career.

Have there been any other sporting events at Sphere?

The $2.3 billion entertainment venue near the Las Vegas Strip, with its spherical design and immersive video and audio capabilities, has mostly been used for concerts since opening in 2023. But the UFC held its Noche UFC pay-per-view event there on Sept. 14, 2024, headlined by a championship fight between Sean O'Malley and Merab Dvalishvili. According to the UFC, the event had production costs exceeding $20 million. UFC CEO Dana White said it was a "one-and-done." To date, it's the only sporting event that has been held at Sphere.

Where will this fight rank in revenue, and what will the purses be?

It is not yet known how much each fighter will make -- or even how their respective deals are structured -- and it may take a while before those figures are released. However, Mayweather-Pacquiao 2 could break records as the most viewed sporting event ever, a distinction currently held by Paul-Tyson's 108 million global viewers. This rematch also could take a swing at bettering their previous fight's massive gate.

Mayweather-Pacquiao 1 still holds the record for biggest Las Vegas gate in boxing history, with $72.2 million. Mayweather also holds the No. 2 spot, with $55.4 million in ticket sales for his fight against McGregor.

As for the purses, Mayweather reportedly made between $200 million-$250 million for the first Pacquiao fight while "PacMan" raked in roughly $120 million-$150 million. It's possible their purses could land in the same area considering the expected high cost for a ticket. The UFC's venture into Sphere saw tickets range from $674 to over $44,000. with the average ticket price hovering between $1,000-$3,000. Mayweather-Pacquiao 1 had face value tickets ranging from $1,500 to $7,500 but blew up on the secondary market with some floor seat tickets fetching over $22,000.

Simply put, there's a lot of money to be generated for this fight.