The World Boxing Organization has stripped Floyd "Money" Mayweather Jr. of the welterweight world title he won in the 147-pound unification match touted as the "Fight of the Century" against Filipino fighter Manny "Pacman" Pacquiao.

Mayweather, who remains unbeaten at 48-0, failed to pay the $200,000 sanctioning fee he incurred from the Pacquiao fight, and vacate the junior middleweight title he held, WBO said in a July 6 statement.

According to the WBO, it is against the rules for fighters to hold titles in multiple weight classes. The organization said Mayweather also had to indicate which weight division title he chooses to retain.

"The WBO World Championship Committee is allowed no other alternative but to cease to recognise Mr. Floyd Mayweather, Jr. as the WBO Welterweight Champion of the World and vacate his title, for failing to comply with our WBO Regulations of World Championship Contests," the WBO continued.

"Despite affording Mr. Mayweather Jr. the courtesy of an extension to advise us of his position within the WBO Welterweight Division and to vacate the two 154-pound world titles he holds, the WBO World Championship Committee received no response from him or his legal representatives on this matter," the organization said.

As stated on the WBO rules, fighters are typically given 10 days to make the decision regarding which weight class title they want to retain in case they hold more than one. The WBO gave Mayweather a leeway of two months.

The American fighter, who earned $200 million from the fight, which reported record-breaking revenue, has two weeks to appeal. His promoters have expressed their annoyance toward the resolution.

"It's a complete disgrace," Mayweather Promotions CEO Leonard Ellerbe told ESPN. "Floyd will decide what, or if any, actions he will take. But in the meantime he's enjoying a couple of hundred million he made from his last outing and this has zero impact on anything he does."

In a press conference held before the Pacquiao-Mayweather fight, the 38-year-old boxer told the media that he would consider relinquishing his WBO, WBO and WBC titlebelts after the Pacquiao bout to give "younger guys an opportunity."

"I'm not greedy. The other guys need a chance. It is time they fight for the belts," he said.

If Mayweather fails to appeal WBO's decision within 14 days, his is obliged to relinquish his title, in which case the belt is expected to go to Timothy Bradley.

The WBO reclassified the June 27 Bradley-Vargas bout as an interim title fight. With the WBO withdrawing recognition of Mayweather as the welterweight champ, Bradley will be formally elevated to full welterweight titleholder status.