Boxing as an industry: promoters and platforms, sanctioning bodies and their fees, the pay-per-view model and the deals that decide which fights get made.
A $1m purse is rarely $1m. We walk a hypothetical guarantee through manager, trainer, sanctioning, camp and tax deductions to show what a boxer actually keeps.
From a 1931 gambling law to a 2016 arena on the Strip: how casinos learned to pay site fees for big fights and turned Las Vegas into boxing's home address.
Only two fights are reported to have passed 4m US pay-per-view buys, and Floyd Mayweather headlined both. We map the ceiling and what it takes to reach it.