The death of Floyd has caused an eruption of protests across the world, with violence breaking out in parts of the United States between police officers and protestors.
According to information gathered from tabloid news website TMZ, Leonard Ellerbe, the CEO of Mayweather Promotions, disclosed that the retired boxing star will handle the costs for the funeral on June 9 in Floyd's hometown of Houston.
Ellerbe said Mayweather has been in communication with Floyd's family, and they have accepted Mayweather's offer.
UnitedHealth Group has committed to paying for the college education for George Floyd's children.
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The website reported that Floyd's family agreed to let Mayweather take care of those expenses, which could include services in Houston, Minneapolis and North Carolina, as well as possibly an undetermined fourth location.
A close representatives of the retired boxer reportedly told TMZ that the 43-year-old "is just doing what he feels is right in his heart". The death of the unarmed black man while in police custody has ignited violent reactions across America. Chauvin was sacked the day after but did not get charged with murder until May 29.
Chauvin and three other officers were fired the day after Floyd died. Hernandez was the fighter Mayweather defeated to win his first world title, the WBC 130-pound belt, back in 1998.
Ellerbe added: "Floyd has done these kind of things over the last 20 years".