Buccaneers’ Baker Mayfield sued father’s company for $12 million for breach of settlement agreement

Tampa Bay Buccaneers quarterback Baker Mayfield filed a nearly $12 million lawsuit against his father and brother’s company, Camwood Capital Management Group, for breach of a settlement agreement, according to court documents.

In the lawsuit, Mayfield claims that his father and brother’s companies took millions of dollars from him without his knowledge, and that they have now failed to meet payment goals to repay that money as part of a settlement agreement.

The civil lawsuit, filed in US District Court on November 22, names Mayfield, his wife Emily and their company Team BRM, LLC as the plaintiffs. Along with Camwood Capital, the lawsuit names the defendants as Texas Contract Manufacturing Group, Unitech Tool & Machine Inc., Apex Machining, Inc. and Lor-Van Manufacturing Inc.

James W. Mayfield, Baker’s father, is the chief executive officer of The Camwood Group, and Matt Mayfield, Baker’s brother, is the managing director. Camwood Capital, a private equity firm in Austin, Texas, is one of two divisions of the investment firm The Camwood Group.

The lawsuit says the defendants, through “a collection of interconnected entities with common ownership,” transferred more than $12 million from the plaintiffs to themselves without the plaintiffs’ knowledge.

From 2018 to 2021, the defendants transferred “substantial sums of money” from Baker and Emily Mayfield’s personal accounts to Team BRM’s accounts and then to Texas Contract Manufacturing Group’s accounts. The Mayfields believe the defendants took the money without believing it would be repaid, according to the lawsuit.

The defendants then used the money “wherever (they) wanted,” according to the lawsuit, including financing acquisitions and covering general operating expenses such as payroll obligations.

After the plaintiffs learned of the transfers, the two parties entered into a settlement agreement in January that ordered the defendants to pay a total of $11,741,000 plus interest. Payments were scheduled to begin in September. Camwood Capital was required to pay Team BRM an initial payment of $250,000 on or before September 30.

An additional $250,000 is due on or before December 31. An additional $3 million plus interest is due annually in December 2025, December 2026 and December 2027. The final payment, stated at $2,241,000 plus interest, is due in December 2028.

Per Nov. 22, the Mayfields have not received any money owed from the settlement, according to the lawsuit.

The defendants were also required to provide the plaintiffs with access to their records and refinance an existing loan to free up capital to repay the Mayfields under the settlement. The defendants haven’t finished either, according to the lawsuit.

Under the settlement agreement, failure to meet contract requirements is an event of default, allowing Mayfields to demand full repayment of the outstanding balance immediately, according to the lawsuit.

Camwood Capital did not immediately respond to a request for comment.

After Tom Brady retired in February 2023, Mayfield signed a one-year deal with Tampa Bay this offseason, competing with Kyle Trask for the starting job. 2018 no. 1 pick emerged as QB1 and turned in one of his best seasons as a pro, leading the Bucs to the NFC South title and a wild-card win.

In March, the Buccaneers signed Mayfield to a three-year, $100 million contract, including $50 million guaranteed with a maximum value of $115 million, according to league sources.

Mayfield has completed 71.4 percent of his passes for 2,799 yards and 24 touchdowns against nine interceptions in 11 games this season.

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