Getty Image
Tampa Bay Buccaneers quarterback, Baker Mayfield, is suing the quarterback’s father’s company for alleged misappropriation of $12 million. Mayfield’s wife, Emily, and the couple’s company, Team BRM, are also named as plaintiffs in the lawsuit against Camwood Capital Management Group and its subsidiaries.
Camwood Capital Management was founded and is owned by Baker Mayfield’s father, James W. Mayfield. Baker’s brother brother, Matt, is also an owner and oversees investments in the company’s venture capital subsidiary, Camwood Ventures.
According to the lawsuit, Camwood Capital Management Group entered into an agreement with the plaintiffs in January 2024, but has failed to meet its obligations. Those obligations, according to News Nation, were three-fold.
The first was a repayment of roughly $11.7 million plus interest beginning in September 2024. The second was to refinance an existing loan to aid in the repayment. And the third was to give Baker Mayfield access to the company’s books and records. None of those conditions were met, according to the lawsuit.
Bake Mayfield had previously requested those financial records as far back as 2018, according to the suit in U.S. District Court.
“To date, Camwood Capital has not repaid even one dollar under the Settlement Agreement, Defendants have failed to refinance their existing loan, and Defendants have not provided Plaintiffs with access to their books and records,” the lawsuit said. “As a result, Plaintiffs have been left with no choice but to file suit for breach of the Settlement Agreement to recover the assets improperly taken from them.”
The lawsuit claims that Camwood Capital Management Group transferred $12.2 million from Baker Mayfield’s account, without his authorization. That money was directed to Camwood subsidiaries Texas Contract Manufacturing Group, Unitech Tool and Machine Inc., Apex Machining, Inc., and Lor-Van Manfacturing, Inc.
Mayfield’s lawsuit also claims that the money was used improperly as the primary source of funding for the companies. The money also allegedly did not result in any ownership stake or equity in the companies. Instead, it was used “to cover general operating expenses (such as to meet payroll obligations).”
Last week, Baker Mayfield told the media about the legal proceedings, “I’ll say this, it’s been a long time coming for that. I’m not going to comment on any details but, yeah, I’ve been dealing with that stuff for years now. So, mentally I’m in a much better head space. So, yeah, we’re ready to roll.”