Bucs’ Mayfield sues father’s company, claims money was not returned

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 founder and senior managing director of Camwood Capital on its website. Baker Mayfield’s brother, Matt Mayfield, is listed as CEO of Camwood Capital.

According to the lawsuit, between 2018 and 2021, “substantial sums of money belonging to Baker and Emily Mayfield” were transferred from their personal accounts and TBRM accounts, primarily to Texas Contract Manufacturing Group (TCMG), one of its subsidiaries. The lawsuit alleges that the Mayfields’ assets were distributed and used by Camwood to pay general operating expenses, such as payroll obligations, without adequate accounting or explanation. The lawsuit claims that the Mayfields’ assets were used as the primary source of financing and capitalization of the company, that they did not record or account for any indebtedness, and that they did not receive any ownership interest in the company.

In August 2023, the Mayfields filed a petition requesting information regarding possible embezzlement.

The lawsuit claims that once the Mayfields began to uncover Camwood’s alleged misconduct and sought answers to explain the seizure of their assets, the company “attempted to conceal relevant information, avoided plaintiffs’ investigations, and concocted fictitious explanations for its actions.” actions”.

“None of those efforts could alter the reality that Defendants received money from Plaintiffs without any plan or ability to repay it,” the lawsuit states.

The two parties reached a confidential agreement effective January 23, 2024, in which Camwood Capital would pay a total of $11,741,000.00, plus interest, in installments beginning September 30. The lawsuit states that the defendants were also required to refinance an existing loan to free up capital to pay the Mayfields and provide them with access to the defendant’s books and records. The lawsuit claims that none of those obligations were met.

“It is now clear that defendants had no intention of compensating plaintiffs when they entered into the settlement agreement,” the lawsuit states. “To date, Camwood Capital has not repaid even one dollar under the Settlement Agreement, Defendants have not refinanced their existing loan, and Defendants have not provided Plaintiffs with access to their books and records (continuing a pattern and practice of prevent plaintiffs from accessing relevant information).

The lawsuit asks Camwood to 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 replace the retiring 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 contract worth $100 million.