Boxing news: Anthony Joshua and Jake Paul to lose £58m prize money after knockout

Anthony Joshua and Jake Paul went head-to-head in a hotly-anticipated showdown at the Kaseya Center in Miami in the early hours of Saturday morning, with the British star eventually coming out on top. But the fighters are set to lose a whopping £58million between them following their huge payday.

Paul, 28, put up a brave fight against Joshua as he desperately attempted to delay what appeared to be an inevitable outcome. But Joshua, 36, finally landed the decisive blow in the sixth round after flooring the American twice in the fifth. And Paul subsequently had two titanium plates fitted after his jaw was broken in two places during the contest.

Joshua and Paul reportedly shared a prize pot of £137m following their endeavours in the ring, meaning each of them pocketed £68.5m. But, according to AceOdds, Joshua will lose £32.5m of his share due to tax reasons.

Because the fight took place on American territory, Joshua is subject to US federal tax at the maximum rate of 37 per cent. And that will result in £25.6m heading straight to the IRS.

The Watford-born star will also be required to pay the difference between his complete UK tax obligation and the US tax already accounted for, which means he will pay a further £5.5m to HMRC. And he will pay an additional £1.4m in National Insurance contributions.

Meanwhile, Paul - who is a US citizen but resides in Puerto Rico - will only have to pay US federal tax at 37 per cent, which will see him lose £25.6m of his pay packet. Paul will therefore keep £42m of his prize pot, with Joshua retaining £36m of his.

According to CelebrityNetWorth, Joshua has a net worth of £120m, while Paul is said to be worth £150m.

But the two boxers are a long way behind Floyd Mayweather in their financial standing, with the 48-year-old American said to be worth a staggering £320m.

Mayweather, who retired from boxing in 2017, reportedly earned more than £800m during his career in the ring.

The star enjoyed an outstanding career as he remained undefeated while claiming 15 major world championships across five different weight classes, overcoming the likes of Manny Pacquiao, Canelo Alvarez, Oscar De La Hoya and Conor McGregor, as well as the late Ricky Hatton.

And Mayweather is due to return to the ring next year to take on Mike Tyson in an exhibition, with the fight set to take place in Africa in March.