Who should Manny Pacquiao fight next?
- Thread starter Tony
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You have to remember he's also spent tens of millions on his political campaign in the Philippines (twice), that was all out of pocket, all the while giving out money like MC hammer to his huge posse, his entire family, the poor and anyone else who asks for it.
Now I KNOW there has been some people taking from him under his nose as well, I just don't think it's bob arum/top rank, I think it's Michael Koncz who was in charge of his finances. Bob Arum doesn't need to steel his money, he gets a nice chunk of that money and he's a very smart businessman richer than probably anyone in the sport.
Oh, on top of all this Pacquao had signed with Golden Boy at one time, while under contract with Top Rank (or vice versa I can't recall) so up until the Mosley fight, they (golden boy) were getting a small percentage of his money as well (like 5-10%).
Like I've always said, manny is incredibly naive with the people he trusts with his money, not nearly as bad as Mike Tyson was, but pretty damn bad. I'm not going to search for the article, but up until just recently he had about a dozen people or even more handling all his affairs with contracts and all that. It was chaos. Companies didn't know who to contact to get Pacquiao deals. It was a huge mess.
Now I KNOW there has been some people taking from him under his nose as well, I just don't think it's bob arum/top rank, I think it's Michael Koncz who was in charge of his finances. Bob Arum doesn't need to steel his money, he gets a nice chunk of that money and he's a very smart businessman richer than probably anyone in the sport.
Oh, on top of all this Pacquao had signed with Golden Boy at one time, while under contract with Top Rank (or vice versa I can't recall) so up until the Mosley fight, they (golden boy) were getting a small percentage of his money as well (like 5-10%).
Like I've always said, manny is incredibly naive with the people he trusts with his money, not nearly as bad as Mike Tyson was, but pretty damn bad. I'm not going to search for the article, but up until just recently he had about a dozen people or even more handling all his affairs with contracts and all that. It was chaos. Companies didn't know who to contact to get Pacquiao deals. It was a huge mess.
For his sake I hope it's a case of him extending his hand and helping others. But still, at the end of the day he doesn't even have 10% of what he made. Something isn't right here, bro.
I don't put shit past rich people, especially Bob Arum. Something isn't right about this situation man.
OK, but up until the Mosley fight he raked in just under $300 million. An article in Time suggests his campaign spending was 6.6 million. So we'll go ahead and double each one. We'll say he spent $25 million on his campaign. Where the hell is the rest of the money? We're going to take that $300 million and say $175 million went to marketing, promotions, his camp and whoever else needed to get paid. That leaves him with $125 million. We'll then take $25 million from that and chalk that to his campaign (which is a VERY genrous number since I'm doubling it.)
That leaves Manny with $100 million yet his net worth is under $30 million. Something is not right.
I don't put shit past rich people, especially Bob Arum. Something isn't right about this situation man.
OK, but up until the Mosley fight he raked in just under $300 million. An article in Time suggests his campaign spending was 6.6 million. So we'll go ahead and double each one. We'll say he spent $25 million on his campaign. Where the hell is the rest of the money? We're going to take that $300 million and say $175 million went to marketing, promotions, his camp and whoever else needed to get paid. That leaves him with $125 million. We'll then take $25 million from that and chalk that to his campaign (which is a VERY genrous number since I'm doubling it.)
That leaves Manny with $100 million yet his net worth is under $30 million. Something is not right.
HE didn't make $300 million, he generated $300 million. The cable companies, etc. get huge chunks of that and so does everyone else.
What you look at as is the money he takes home after each fight. Say he made $40 million in his last two fights. That's the number he's taking in, not what he generates.
I know something isn't right I agree with you there, and I feel you on rich people, but personally I just don't think Arum would be the one stealing. He may be guilty of taking a high percentage of his purse compared to maybe if pac was with someone else (maybe) but it's all in the open I believe with Arum. He charges his % and that's it.
Anyone know how much the WBC, etc. charge for their sanctioning fees? I think it's 3% for the WBC. There's another chunk.
It's amazing when you sit down and realize how many hands are taking a piece of a prize fighters pie.
What you look at as is the money he takes home after each fight. Say he made $40 million in his last two fights. That's the number he's taking in, not what he generates.
I know something isn't right I agree with you there, and I feel you on rich people, but personally I just don't think Arum would be the one stealing. He may be guilty of taking a high percentage of his purse compared to maybe if pac was with someone else (maybe) but it's all in the open I believe with Arum. He charges his % and that's it.
Anyone know how much the WBC, etc. charge for their sanctioning fees? I think it's 3% for the WBC. There's another chunk.
It's amazing when you sit down and realize how many hands are taking a piece of a prize fighters pie.
Ok, lets say he generated $384 million. Why is his net worth less than 10% of what he generated? Something is not right.
ETA: I was wrong. it was $384 million not 300.
I'll tell you what was happening here. Bad accounting and people stealing from Manny in very small increments but over a logn period of time. Who was stealing is the question. You generated close to $400 million you need to have a bit more paper.
ETA: I was wrong. it was $384 million not 300.
I'll tell you what was happening here. Bad accounting and people stealing from Manny in very small increments but over a logn period of time. Who was stealing is the question. You generated close to $400 million you need to have a bit more paper.
well what I would want to know is how much he's taking home, not how much he's generated. Then we can talk real numbers and what his real networth should be.
The real money he's been making is since Oscar. Right. before then his biggest paychecks were $2-$3 million, around there and a number a lot less. Post Oscar he's been making $15-$20+ million per fight. So I would reckon the majority of the stealing would happen between then (2008) and now. Michael Koncz.
The real money he's been making is since Oscar. Right. before then his biggest paychecks were $2-$3 million, around there and a number a lot less. Post Oscar he's been making $15-$20+ million per fight. So I would reckon the majority of the stealing would happen between then (2008) and now. Michael Koncz.
The fact is his net worth is less than $30 million. If he generated damn near $400 million things should have been set up for him to get way mroe cream. Seriously, this is rape. This man is doing the work, he's getting in there and fighting and he isn't bringing home 10% of what he generated? What kind of deal is that? This is all fucked up and kinda makes you wonder if Floyd is right when he says Manny never saw a contract he didn't like.
From Clotty on back, he had four fights totalling around $55 million which was his earnings. Something is not right.
From Clotty on back, he had four fights totalling around $55 million which was his earnings. Something is not right.
Check out this article of Alex Ariza the other day, he blasts Michael Koncz something fierce:
http://www.fighthype.com/pages/content10376.html
http://www.fighthype.com/pages/content10376.html
People talk all that shit about Mayweather, but when you actually listen to what he has to say most of the time he's telling the truth. Mayweather said years ago that Manny had the wrost contract in boxing and that Top Rank was raping him. Manny should have $50 - $60 million in the bank right now. The business of boxing is very dirty ask Mike Tyson you better count your money close.
I agree with all that and I'm not arguing against any of that. Just trying to break down some of the numbers. Generating x amount of dollars is a lot of different than what you take home is all I'm saying. If we know what he's been taking home, then we can figure out the real damage that has been done. Quite obviously he should have more that $26 million (if that is indeed the true number).
As of 3-6 months ago.
It was Top Rank that got him the big deals with HP, Nike, etc. Prior to Top Rank, it was chaos.
This is from May:
http://www.gmanews.tv/pbr/article/2...xec-to-organize-pacquiaos-marketing-potential
It was Top Rank that got him the big deals with HP, Nike, etc. Prior to Top Rank, it was chaos.
The move was made after various complaints from current and potential sponsors that Team Pacquiao or those affiliated with the business end of Team Pacquiao were disorganized or never followed thru on potential promises. One source cites skipping Pacquiao’s likeness for the cover of the EA Fight Night video game, ” We love Manny,he’s been good to me personally and good for the company.He would have been the ideal guy for the cover of our ‘Fight Night’ game. But because of all the layers of people out there representing him or claiming to represent him, I didn’t want to do it.”
“The left hand didn’t know what the right hand was doing. I’m not subjecting my company to that,” said Sandy Sandoval,senior director of athlete relations for EA sports.
To combat the problem Top Rank has enlisted Lucia McKelvey, a a former vice president of golf development and sales at IMG who will know be the sole point of contact for all potential sponsorship opportunities for the boxer. As a result Top Rank has sent out letters to current and potential sponsors noting the change in hopes of growing Pacquiao’s commercial interest and brand names through out North America.
“The left hand didn’t know what the right hand was doing. I’m not subjecting my company to that,” said Sandy Sandoval,senior director of athlete relations for EA sports.
To combat the problem Top Rank has enlisted Lucia McKelvey, a a former vice president of golf development and sales at IMG who will know be the sole point of contact for all potential sponsorship opportunities for the boxer. As a result Top Rank has sent out letters to current and potential sponsors noting the change in hopes of growing Pacquiao’s commercial interest and brand names through out North America.
This is from May:
http://www.gmanews.tv/pbr/article/2...xec-to-organize-pacquiaos-marketing-potential
Why the hell is Top Rank getting 23% of his guranteed pay? They already took their cut from the PPV and gate! This is not right man. This is a stain on the eye of boxing. To anyone in the entertainment industry I say this, get your paperwork straight and keep an eye on your shit. Have a lawyer on top of your lawyer and an accountant on top of your accountant.
Top Rank built him up so they could milk him for all he is worth. I'm convinced now bro. They put their marketing dollars and expertise behind him because they knew he had the skills to win and that people would want to spend money to see him. They'll make sure he eats but they are going to eat the most from his hard labor. This is fucked up. This is like when Don King hired a tax lawyer to help defend Iron Mike. Fucked up and fucked off.
lol isn't that the idea behind every promotional company? To make the most money? You think Golden Boy, lou dibella, don king, gary shaw, et al are doing any different? It's about creating stars, making money, etc. Like Floyd Mayweather said, this is Prize Fighting. I don't know why this is shocking to you!
Golden Boy for example takes about 20% as well. Floyd probably a little less because they want his business so maybe 15%
Golden Boy for example takes about 20% as well. Floyd probably a little less because they want his business so maybe 15%