Floyd Mayweather Jr. has never lost a fight, but he has now lost a belt.
The World Boxing Organization has stripped Mayweather of the welterweight title he won by beating Manny Pacquiao on May 2.
Tim Bradley, currently the interim titlist, will be awarded the title following his win over Jessie Vargas on June 27.
Mayweather asked for an August 1 deadline to pay a $200,000 sanctioning fee.
The WBO maintained a July 3 deadline, which the boxer missed.
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,” the WBO said in a statement.
Mayweather said he would give up his title after the pay-per-view bout with Pacquiao.
Other fighters need a chance, he said following the fight.
The 38-year-old also holds the WBA and WBC welterweight and light middleweight titles, and had said he would relinquish those, as boxers cannot hold titles in multiple weight classes.
He has since changed his mind
Mayweather has 14 days to appeal the decision.
He is set to fight his final bout on September 12 against a yet-to-be-named opponent.