George Floyd's family has accepted Mayweather's offer, according to a report
Floyd Mayweather, George Floyd
Credit: Allen Berezovsky/Getty; Ben Crump Law Firm

Retired boxing legend Floyd Mayweather is reportedly paying for the funeral expenses of George Floyd, the black man who died last Monday when a white police officer kneeled on his neck, TMZ Sports reported.

The 43-year-old former prizefighter inspired to help the family after finding out Anzel Jennings, the CEO of his music label, is a childhood friend of Floyd, the outlet said. Jennings reached out to Floyd's family with a proposal from Mayweather to pay for three funeral services in Houston, Charlotte and Minnesota, with a fourth event planned in the future, according to Hollywood Unlocked.

In an update, TMZ Sports said the family has reportedly accepted Mayweather's offer. Representatives for Mayweather and the Floyd family did not immediately return PEOPLE's request for comment.

According to Forbes, Mayweather is the highest earning athlete over the decade ending in 2019, having brought in $915 million. That's $115 million more than the second highest earning athlete of the same time period, soccer player Cristiano Ronaldo, who made $800 million.

Last week, Floyd's family started a GoFundMe campaign to raise funds for his burial expenses and to help them as they "continue to seek justice for George."

George Floyd
George Floyd
| Credit: Facebook

"My family and I watched in absolute horror as the now infamous and horrifying video began to spread quickly throughout social media," Floyd’s sibling, Philonise Floyd, wrote in a description on the donation page.

"What we saw on that tape left us shell shocked; a white Minneapolis police officer kneeling directly on my brother's neck, obstructing his ability to breathe," Philonise continued.

The four Minneapolis police officers present during Floyd's arrest were fired for their involvement after footage of the incident went viral on social media. Former police officer Derek Chauvin was taken into custody on Friday afternoon and charged with third-degree murder and manslaughter.

In April, Mayweather opened up in an emotional video about wanting to use his wealth to do more for communities in the wake of the coronavirus pandemic.

RELATED VIDEO: Minneapolis Police Chief Tells George Floyd's Family That 3 Other Cops Were 'Complicit' in Killing

"No one is perfect. I’m not perfect and I strive to be a perfectionist every day," he said in a video posted to Instagram. "But no one is perfect. I make mistakes all the time. The only thing that I can do is try to become better, but I'm here to help this world become a better place."

“With everything going on, I’m going to continue to do my part,” Mayweather continued. “I don’t have to show the world what I’m doing. I can do something behind closed doors. It’s not about money. The money I will be giving up will be to feed the people and help the people who don’t have a lot as of right now in this situation."

"To everyone in the world, from Floyd Mayweather and The Money Team we love you all," he added. "We will always be there for this country, as well as this world.”