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Jenna Laine, ESPN Staff WriterNov 26, 2024, 04:53 PM ET
- Jenna Laine covers the Tampa Bay Buccaneers for ESPN. She started covering the Bucs for ESPN in 2016, but she has covered the team since 2009. Follow Jenna on Twitter: @JennaLaineESPN.
TAMPA, Fla. — Buccaneers quarterback Baker Mayfield sued his father’s company last week, alleging breach of contract over a failure to repay millions, court documents obtained by ESPN show.
The lawsuit was filed in U.S. District Court in Texas on Nov. 22 on behalf of Mayfield, his wife, Emily, and their company, Team BRM, LLC (TBRM). It alleges that Camwood Capital Management Group and its subsidiaries obtained $12 million from the Mayfields between 2018 and 2021 without their knowledge or consent.
Mayfield’s father, James W. Mayfield, is listed as the founder and senior managing director of Camwood Capital on its website. Baker Mayfield’s brother, Matt Mayfield, is listed as Camwood Capital’s managing director.
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According to the lawsuit, between 2018 and ’21 “substantial sums of money belonging to Baker and Emily Mayfield” were transferred from their personal accounts and TBRM’s accounts, primarily to Texas Contract Manufacturing Group (TCMG), one of its subsidiaries. The suit alleges that the Mayfields’ assets were distributed and used by Camwood to pay general operational expenses — such as payroll obligations — without proper accounting or explanation. The suit claims that the Mayfields’ assets were used as the primary source of funding and capitalization for the company, that they did not book or account for any indebtedness and that they did not receive any equity interest in the company.
In August 2023, the Mayfields filed a petition requesting information about potential misappropriation of funds.
The suit states that once the Mayfields began to uncover Camwood’s alleged misconduct and sought answers to explain the taking of their assets, the company “attempted to obscure the relevant information, avoided Plaintiffs’ inquiries, and invented fictional explanations for their actions.”
“None of those efforts could alter the reality that Defendants took money from Plaintiffs with no plan or ability to repay it,” the lawsuit states.
The two parties reached a confidential settlement effective Jan. 23, 2024, in which Camwood Capital would repay a total of $11,741,000.00, plus interest, in installments starting Sept. 30. The suit states that the defendants were also obligated to refinance an existing loan to free up capital to repay the Mayfields and to provide them access to the defendant’s books and records. The suit states that none of those obligations were fulfilled.
“It is now clear that Defendants had no intention of making Plaintiffs whole when they entered into the Settlement Agreement,” the suit states. “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 (continuing a pattern and practice of preventing Plaintiffs from accessing pertinent information).”
The lawsuit is requesting Camwood repay the $11,741.000, plus interest.
Mayfield, selected first overall in the 2018 NFL draft by the Cleveland Browns, signed with the Bucs in 2023 on a one-year, “prove-it” deal to take over for the retired Tom Brady. After leading the Bucs to an NFC South title and being named to the Pro Bowl last season, Mayfield re-signed with the team on a three-year deal worth $100 million.
