Manny Pacquiao in Debt For $18 Million

[Johnny Truelove]

WE ALL SAW THIS COMING.....

Manny Pacquiao's financial problems are starting to build up. He now has a bill of $18 million dollars ... in addition to his $50 million dollar tax fight in the Philippines ... and this time, it's Uncle Sam that's trying to force Manny to pay up.

TMZ Sports has obtained official documents which show the IRS claims Manny owes the government millions in federal income taxes from 2006 to 2010 ... totaling $18,313,668.79 in debt.

Here's the yearly breakdown:

2006 -- $1,160,324.30
2007 -- $2,035,992.50
2008 -- $2,862,437.11
2009 -- $8,022,915.87
2010 -- $4,231,999.01

Interesting note -- Manny had 3 big fights in 2008, including a match against Oscar De La Hoya in which MP reportedly banked $15-$30 million in guaranteed cash.

In 2009, Manny famously fought Ricky Hatton and Miguel Cotto.

Manny's U.S. tax problems come on the heels of a nasty tax war in his home country, the Philippines ... where the goverment claims he evaded paying $50 million in taxes in 2008 and 2009 stemming from fights that took place in the United States.

Philippines officials have frozen the bank accounts Manny has in the country ... and even placed a lien on one of his most expensive properties, located in Manila.

We reached out to Manny's camp -- so far no word back.

 

[2-0-Sixx]

Top Rank and Koncz have some explaining to do. I bet Koncz will be the fall guy and some how bob arum wipes his hands clean of this in the end.

When a foreign fighter fights in the US 30% of his purse is held for tax reasons and that's what bob arum recently said they've done. So if they hold that 30% for taxes why haven't the taxes been paid?

Pac has always been way too trustworthy

 

[dookie1]

FFUUUUCCCKKK!!!!!! manny better start filling out that commissary slip!!!lol

 

[The Bay Area]

More and more...Manny Pacquiao is a mirror image of Mike Tyson...and Bob Arum is his Don King...Mike Tyson get's KO'd after not dedicating himself to his craft and comes back and fights Frank Bruno, Buster Mathis Jr, and Peter McNeely and looks good...then fights a real boxer and gets dismantled against Evander Holyfield...Manny fights punching bag Brandon Rios...after ALL this financial trouble I doubt they match Manny up with Marquez, Bradley or Mayweather. I think if Bob Arum is smart he will make Manny's next two fights just like Rios for Manny to continue to look good (he may only get a $10 million guarantee for each fight then with his 3rd and 4th fight go after Mayweather, Bradley, Marquez (might not be around/ or Adrien Broner (might be a star at that point)...IF Manny loses his next fight to any of the top names NOW...his career is over in terms of significant money goes. No chance of paying those taxes.

Manny's next fight should be Ruslan Provonikov...Manny would easily out maneuver and out point him plus he has a good name...might still get $18 million...just my opinion.

 

[bigface]

But when Mayweather doesn't want to do business with Bob Arum he's scared. Lol. Mayweather tried to school Manny man to man on the phone with that $40 million offer. Mayweather was going to wire dude $20 million in his personal account just to sign the contract to fight. Lol. But when I broke the money down to people like 206 they didn't want to listen. Lol. Manny got played by Top Rank and it all started with them ducking Mayweather over testing.

 

[The Bay Area]

Leonard Ellerby and Floyd Mayweather were spot on...when they said that Pacquiao doesn't even know his own finances and needs to get his business together...

Bob Arum and Michael Kontz NEVER wanted to make a Mayweather fight...I HOPE THIS FINALLY SETTLES THIS ISSUE ONCE AND FOR ALL...

Check out these two excepts from this link: VISIONQWEST REVEALS PACQUIAO BELIEVED ARUM WAS HIDING MONEY, FINANCIAL RECORDS IN DISARRAY AND KONCZ WORKING FOR TOP RANK || FIGHTHYPE

Once VisionQwest got involved, the company quickly realized that Manny Paquiao had no true knowledge of his financial worth, missing a number of key documents, including "bout contracts, bank statements, bout proceed distributions, endorsement contracts, promoter contracts, co-promoter contracts, and property ownership records" to name a few. At that point, the company began their investigation, agreeing not to request any fees upfront due to the fact that Pacquiao and Koncz informed them that there was a lack of funds and they would be unable to pay until they received either tax refunds or advances for future bouts. Moving forward, VisionQwest attempted to gather all the necessary documentation from Top Rank Promotions, however, what they were given was not enough to fully gain a complete understanding of revenue generated from Pacquiao's bouts. In a nutshell, Bob Arum and Top Rank became difficult to work with and "would not respond to requests for documentation and answers to questions".

At this point of time, roughly in mid 2011, our relationship with Top Rank, Inc. and Michael Koncz was non-existent. The IRS issued a refund check dated June 24, 2011. VQ's senior staff flew to and met with Manny in the Philippines and delivered to him the tax refund check and they discussed their findings pertaining to Top Rank, Inc. and Michael Koncz. Manny was distraught and after reviewing the documentation, Manny agreed to pursue Top Rank, Inc. as well as Michael Koncz. However, Manny requested that no legal action take place until Manny received his advance for his upcoming fight in November 2011 from Top Rank, Inc. and to take no action until September 1, 2011. VQ's staff requested payment and again presented Manny with billing for their services that had been performed on his behalf and Manny stated that he would deposit the check and then wire the funds.

What baffles me the most is Manny knew he was getting ripped off...he borrowed money from Top Rank...and then he "DUCKS" a $40 million payday... resigns with Arum when he could have went independent and maxed out with Floyd...in the end the answer is MANNY WAS SCARED OF FLOYD.

 

[The Bay Area]

But when Mayweather doesn't want to do business with Bob Arum he's scared. Lol. Mayweather tried to school Manny man to man on the phone with that $40 million offer. Mayweather was going to wire dude $20 million in his personal account just to sign the contract to fight. Lol. But when I broke the money down to people like 206 they didn't want to listen. Lol. Manny got played by Top Rank and it all started with them ducking Mayweather over testing.

Bro...I tried to break down those SAME numbers and people just side step the whole shit...I didn't see your post but I just found and article that shows you how crooked Top Rank and Kontz are...but watch some one come up with some lame ass excuse to say Mayweather is at fault for all of Manny's problems Floyd turned the US and Flip government against Manny and Gayweather is just ducking him again lol.

 

[The Bay Area]

OH YEAH...about that CONTRACT with Top Rank that prevented him from taking that $40 million Floyd offered him...Manny could have accepted the the $40 million and taken Top Rank to court on the grounds of "breach of contract" "bad business practice" and whatever else you want to throw up...so 2-0-Sixx that was your last stand in regards to the debate we had earlier. I think with all the evidence brought forth you have to conclude that Manny ducked Floyd and the issue is now rested.

In the end it was ALL MANNY'S FAULT...(and...he was juicing)

 

[Johnny Truelove]

completely agree that this is all manny's fault he had his suspicions BUT decides to resign?!?! WTF!! here's a article from 2011 very interesting....


Manny Pacquiao's Money Problems: Is He Losing Millions of Dollars?
BY HENRY MARTIN (SENIOR ANALYST) ON JULY 22, 2011


I find this incredibly interesting, but this might not come as a surprise to some of you.

If you have not heard, Michael Koncz has supposedly been dismissed from Pacquiao's camp.

This rumor has been quashed by Koncz, Arum and Pacquiao himself to be false saying that Koncz is still under the employment of Pacquiao. Koncz is actually heading to the Philippines with the contract for the November bout with Marquez to be looked over and finalized with Pacquiao.

So now you may be wondering what started all the rumors that Koncz was fired by team Pacquiao.

There have been several rumors as to why.

One is because of an ongoing beef between Timothy James of MP8.ph and Koncz.

Another is because of Koncz's limited knowledge on boxing and his recent interview with fighthype.com, where he dismissed Pacquiao's statement of unlimited blood testing to the day of the fight.

The last rumor that I've heard of, and this seems to be the more likely one to me, is that Pacquiao has been losing millions of dollars, and they feel that Koncz is somewhat responsible.

Recently, a document was issued by the House of Representatives in the Philippines detailing the congressman's net worth.

He had a net worth of about 1.134 billion pesos, which is equivalent to $26 million.

This brings up the question, where did all of his money go?

Now, this is a far cry from what people have estimated what his net worth would approximately be. His estimated net worth was $70 million. His $26 million is almost one-third of what people believed it to be!

He also recently made more than $20 million in his fight against Mosley and about $35 million from his Clottey and Margarito fights last year.

This only fuels the theory that Pacquiao is reconstructing his inner circle, which supposedly started with Koncz.

Pacquiao recently hired Visionqwest resource group, an accounting and auditing firm in Los Angeles, to handle all accounting and contract reviews. Also, they were to review Pacquiao's contracts and audit the Pacman's earnings.

Pacquiao believes that there are inconsistencies between how much he was told he earned from the PPV buys share and how much is being reported to the IRS. He also denies losing millions of dollars and joked about how he recently bought a million-dollar house.

Whatever happens though, I'm interested in knowing if he really is losing money and if he is, where it is all going. I wouldn't be surprised if he spent most of it on his latest game show (buying gifts for the less fortunate) or if people have been funneling money from him.

I should also point out that Pacquiao is notorious for his donations to his countrymen from donating money to the typhoon Ondoy victims and even handing out money to impoverished.

You never know. Pacquiao has an insanely large posse, and it wouldn't be too surprising if somebody he thought he could trust was stealing from him.

 

[battle619]

His financial crisis, if all this becomes true, has nothing to do with him ducking Floyd. He was still making a shit load of momey but if money was an issue for him wouldn't he have taken the money? Also, 50 Cent was gonna push start his promo company by helping promote this fight between them too and he also said Floyd was very difficult to work with and pretty much put the blame on Floyd for the fight not happening. Floyd wanted all the money pretty much. But Manny is getting fucked hard bro

 

[CZAR]

Once u said the name 50 Cent I stopped reading your post lol. Sorry but the proof is in the pudding and everyone can see it but u but then again u are Floyd's biggest hater so what else would I expect u to say lol. Floyd needs Manny right? LMAO!! Got Em!!

 

[Johnny Truelove]

50 cent is fuckin snake. floyd cut the grass and cut that piece of shit out of his circle applause for that.

 

[Johnny Truelove]

Manny Pacquiao Disputing $18 Million Owed To The IRS

By Ronnie Nathanielsz

“Fighter of the Decade” Manny Pacquiao has denied allegations published by the entertainment website TMZ Sports that he owes the US Internal Revenue Service or IRS $18.3 million in taxes for the years 2006 to 2010.

TMZ claimed it had obtained official documents which show the IRS claims Pacquiao owes federal income taxes totaling $18,313,668.79 but Pacquiao said this was not true.

He maintained that Top Rank promoter Bob Arum deducts 30 percent from his purse in every fight and pays the IRS which Arum himself confirmed.

Pacquiao claimed there appears to be a concerted effort to destroy his image following an earlier report that he was a green card holder which he said was totally false.

BoxingScene.com/Manila Standard learned that a disgruntled individual who tried to wiggle his way into Team Pacquiao and was rejected, is behind the effort to besmirch the name not only of Arum and Pacquiao’s adviser Michael Koncz but the boxing hero himself.

Koncz told BoxingScene/Manila Standard “this allegation (about taxes) is nothing new. We have been under audit for three years. The scenario in America is totally different from the scenario here with the BIR” which he indicated is likely to be resolved soon.
Pacquiao reportedly met with his lawyers on Tuesday evening and discussed the tax issues with the BIR which is expected to be resolved amicably.

Koncz clarified that in the US it’s a very simple issue involving four categories of deductions. He said “when you file taxes in America you have to itemize every deduction and there are four areas of tax deductions that is being disputed between us and the IRS. Its not a question of earnings its a question of allowable deductions.”

One of the deductions being contested is the airfare of people whom we buy tickets for to come to the fights. Another issue is whether signing bonuses are taxable or not taxable.”

Koncz said “these are the issues at hand and its very simple. We have very competent accountants handling our taxes and a competent tax lawyer and this should be resolved shortly.”

Discussing the figure of $18.3 million Koncz said “if they disallow all our deductions then perhaps they are there. But that’s not our tax liability. We are not going to come anywhere near that.”

Koncz conceded that “we know we are going to end up owing some additional taxes but it will depend on what the tax appeals court will allow us to deduct and what they won’t allow us to deduct.”

 

[battle619]

Yeah, what does Fitty know, his fighters are not on undercards of ppv's or overshadow main event fights. Shit, he payed for TMT to be built! He'sa a snake alright, that's why they are cool again huh?

 

[Tony]

Well then maybe it's good that he didn't take the Mayweather fight back in 2010 because all of the money he would have made from that fight would be gone too.... and that's when they were at a 50/50 split and the fight was in huge demand.

I guess we see now why Floyd says that boxing is a business. He left Arum at the right time.

Manny has been making some really poor decisions career wise (re-signing with Top Rank, passing up on the Floyd fight twice, and fighting Marquez for the 4th time)

 

[The Bay Area]

His financial crisis, if all this becomes true, has nothing to do with him ducking Floyd. He was still making a shit load of momey but if money was an issue for him wouldn't he have taken the money? Also, 50 Cent was gonna push start his promo company by helping promote this fight between them too and he also said Floyd was very difficult to work with and pretty much put the blame on Floyd for the fight not happening. Floyd wanted all the money pretty much. But Manny is getting fucked hard bro

GOD HELP ME..."Floyd wanted all the money pretty much." What the FUCK (being dramatic) do you mean...Floyd offered Manny $40 million...NOT Arum, NOT Kontz, NOT 50 cents would offer him that...and yet you STILL manage to put Mayweather in a bad light...and so you acknowledge in the end he is getting FUCKED HARD...okay...by who? Not Floyd.

 

[Johnny Truelove]

Yeah, what does Fitty know, his fighters are not on undercards of ppv's or overshadow main event fights. Shit, he payed for TMT to be built! He'sa a snake alright, that's why they are cool again huh?

he went and started TMT promotions while floyd was locked up, goes and starts sucking arums dick in hopes of making the fight happen and getting the credit for it. he's on every website telling the world he can make the fight happen lol floyd comes out see the snakes true colors and kicks him to the curb lol 50 starts sms promotions where his espn deportes stable of fighters get to fight top rank fighters... goes on espn and says mayweather was scared of manny and he's the reason why the fight didn't happen...

snake.

 

[Tony]

Looks like Floyd was trying to help Manny out by offering him $40 million off top. Floyd didn't want to work with Top Rank because Top Rank is shady.

Manny needs to buy out his contract like Floyd did and leave.

 

[Tony]

In regards to 50 and Floyd, 50 was doing business while Floyd was in jail acting like he was Al Haymon. Floyd probably saw something was up and cut financial/business ties with 50.

 

[Johnny Truelove]

Looks like Floyd was trying to help Manny out by offering him $40 million off top. Floyd didn't want to work with Top Rank because Top Rank is shady.

Manny needs to buy out his contract like Floyd did and leave.

oscar de la hoya & mayweather were both with top rank, they leave and look at what happens? floyd highest paid athlete in the world and de la hoya (besides the coke and fishnets) has golden boy promotions. fuck top rank.