DOLLARS AND SENSE: THE “MONEY” VS. “MANNY” CONTRAST
05 May 2013
Floyd Mayweather Jr. will make 32 million dollars in thirty six minutes (or less) of work tonight. That is guaranteed money for Mayweather Jr. whether he takes home the win or not against his challenger, Robert Guerrero.
And that is only the preliminary figure for the boxer who is aptly nicknamed “Money.” He will earn more from pay per view sales, tickets sold and other revenues from the biggest boxing event of 2013.
His salary tonight will match the highest guaranteed prize money for a boxer, his own.
Mayweather Jr. was guaranteed the same amount of money on his last fight against Miguel Cotto last year, making him the world’s highest paid boxer and athlete.
The unbeaten and current top boxer in the world has not only been making smart moves inside the ring but also outside of it. His newest venture of switching TV networks, from HBO to Showtime, will make him the richest pugilist in the history of the sport. Mayweather Jr. signed a six fight deal with the network this year. And if all goes well tonight, we are looking at a total earning of 192 million dollars and that is without the extra revenues from all those fights.
According to Forbes Magazine, he earned forty five million against Cotto last year. If that trend continues and he fights five more bouts after tonight, he will have 270 million dollars in his bank account.
In the meantime, the second highest paid boxer and athlete is having trouble landing a job in recent weeks. Filipino superstar, Manny Pacquiao is still without a definite date and an opponent this year. A planned April fight was scrapped after he suffered a devastating defeat last year, one that has earned him only a guarantee of 8.59 million dollars according to figures released by the Nevada Sports Athletic Commission. But that was also just the preliminary figures for Pacquiao. Forbes Magazine has him earning 56 million from his last two fights in 2012.
But that will all change this year for Pacquiao, his earnings will definitely be cut in half in 2013. That is if he still fights in the fall, in what will be his longest layoff from the ring. And with a planned fight outside of revenue-rich America, who knows if he can still make the same amount of money that he usually gets for his fights in the US, factoring ticket sales and the very important pay-per-view dollars that are bought by American households.
Another contrast between the two top money makers, Mayweather Jr. keeps more of those numbers for himself compared to Pacquiao. Mayweather Jr. is also his own promoter unlike Pacquiao who has to split his revenue with his promoter, Top Rank and possibly other entities. Forbes Magazine estimates that Mayweather Jr. takes at least 50 % of what Pacquiao makes. It certainly counts when all zeros and digits are all summed up.
This begs the question, did Pacquiao made the wrong move when he signed an extension with Top Rank? This is after a rich public clamor for him to stage a mega bout with Mayweather Jr. in recent years. A bout that will never happen because of the bad blood between Mayweather Jr. and his former promoter, Bob Arum.
I have been told that there were people in Pacquiao’s team that are advising him to weigh his options after his contract ends this year, against some who are urging him to sign another extension which binds him until the end of 2014. We all know who won that argument.
Did Pacquiao and his advisers jump the gun too early, knowing that a bigger a pay day is waiting for him in the future? Was the glitter of the signing bonus too hard to refuse at that time?
Also, did they err in match-making, opting for what seems like a bigger payday against Juan Manuel Marquez instead of a rematch with Timothy Bradley? Because it was a choice that resulted in catastrophic results both professionally and physically for Pacquiao last year and now financially because of loss revenue from him being sidelined after that knockout in the hands of Marquez.
These are all just all questions, but not necessarily bad questions that Pacquiao can direct to his adviser, Michael Koncz and his promotional company. At the end of the day, he alone risks life and limb whenever he steps in that squared ring and no one else.
If there is one lesson that Pacquiao can learn from Mayweather Jr., it is one that concerns economics.
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