Quarterback Baker Mayfield, who is in the first year of a three-year, $100 million contract with the Tampa Bay Buccaneers, has sued companies run by his father and brother after he claims they stole millions of dollars from him between 2018 and 2021 and have failed to repay it under the terms of a settlement reached in January.
Baker Mayfield of the Tampa Bay Buccaneers during the first quarter of an NFL preseason football ... [+]
Mayfield, his wife Emily and their company, Team BRM, filed suit in federal court in Texas against Camwood Capital Management Group and other related companies claiming they transferred almost $12 million from Mayfield to themselves without the quarterback's knowledge between 2018 and 2021.
The lawsuit says Camwood Group, of which Mayfield's father is senior managing director and his brother managing director, took the money from his and Emily's private accounts, moved it to Team BRM accounts and then moved it to accounts under their own control.
Once Baker and Emily Mayfield discovered the theft, the lawsuit says they confronted the family who tried to hide the transfers and "invented fictional explanations for their actions.”
The lawsuit claims the "reality" is that the money was taken "with no plan or ability to repay it," and the parties ultimately entered into a settlement agreement in January that laid out a schedule to repay a total of $11.74 million, plus interest.
Repayments were set to begin on Sept. 30, but Mayfield's latest lawsuit says it's clear the defendants "had no intention" of obliging by the settlement terms and they have "not repaid even one dollar."
The lawsuit accuses the companies of breach of the settlement agreement and asks a judge to force repayment of the money, plus attorneys' fees and interest.
The lawsuit lists the defendants as Camwood Capital Management Group, which did not immediately respond to Forbes’ request for comment Tuesday, and its portfolio companies Texas Contract Manufacturing Group, Unitech Tool & Machine Inc., Apex Machining, Inc. and Lor-Van Manufacturing Inc.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
Baker Mayfield played college football for Texas Tech before being selected as the No. 1 overall NFL draft pick in 2018 by the Cleveland Browns. He set the NFL rookie quarterback record for passing touchdowns and appeared in the playoffs with the Browns before he was traded to the Los Angeles Rams and then Carolina Panthers in 2022. In 2023, he joined the Buccaneers (replacing Tom Brady) and led the team to a division title. He has earned roughly $85 million since his professional career began and is on track to make another $70 million in 2025 and 2026 under the terms of his contract with the Buccaneers.