Baker Mayfield seeks $12M in lawsuit against his father's company, alleges breach of contract

AUSTIN (KXAN) — An ongoing dispute between Tampa Bay Buccaneers quarterback Baker Mayfield and his family in Austin has boiled over into a lawsuit.

Attorneys for Baker filed suit in U.S. District Court on Nov. 22. The lawsuit alleges that the Camwood Capital Management Group and its subsidiaries failed to fulfill their end of a settlement agreement, which outlined a repayment plan for more than $12 million to him. His father, James W. Mayfield, owns Camwood and his brother Matt also has a stake in the company.

Baker's wife, Emily, and the couple's company Team BRM, LLC are also listed as plaintiffs in the lawsuit.

KXAN contacted Camwood's attorneys via email and will update this story with a statement once we hear back.

In August 2023, Mayfield's attorneys filed a petition asking for Camwood's financial records from 2018-2023, plus oral depositions from witnesses, to help reconcile where the money went.

The lawsuit said a "confidential settlement and release agreement" was formed in January 2024 with three prongs to fulfill.

The first was a repayment of roughly $11.7 million plus interest beginning in September 2024, the second was to refinance an existing loan to aid in the repayment and the third was to give Mayfield access to the company's books and records. None of those conditions were met, according to the lawsuit.

"To date, Camwood Capital has not repaid even one dollar under the Settlement Agreement, Defendants have failed to refinance their existing loan, and Defendants have not provided Plaintiffs with access to their books and records," the lawsuit said. "As a result, Plaintiffs have been left with no choice but to file suit for breach of the Settlement Agreement to recover the assets improperly taken from them."

According to the lawsuit, $12.2 million was transferred from Mayfield to the defendants from 2018-2021 without Mayfield's authorization, primarily to one of Camwood's subsidiaries Texas Contract Manufacturing Group. Unitech Tool and Machine Inc., Apex Machining, Inc. and Lor-Van Manfacturing, Inc. are other subsidiaries named in the lawsuit.

The lawsuit also alleges that Mayfield's money was used "to cover general operating expenses (such as to meet payroll obligations)," and that the money was the primary source of funding for the companies. Mayfield didn't receive any equity or stake in the company, the lawsuit said.

Mayfield is seeking "no less than" $11.74 million plus interest, costs and attorney fees, along with "any other relief that the Court deems just and proper."

Mayfield, an Austin native and former Lake Travis High School quarterback, won the Heisman Trophy during his time with the Oklahoma Sooners. He joined the NFL's Cleveland Browns in 2018 on a four-year contract worth $32.6 million, according to Sportrac, after being drafted No. 1 overall. That contract came with a signing bonus of nearly $22 million.

He signed a one-year contract with Tampa Bay worth $4 million in 2023 and had the best season of his career, compiling 4,044 passing yards with 28 touchdowns.

Mayfield signed a new three-year deal with the Bucs in 2024 worth $100 million with $50 million guaranteed, according to Sportrac. Through 11 games this season, Mayfield has 2,799 passing yards with 24 touchdowns and nine interceptions. The Bucs are second in the NFC South division with a 5-6 record.