Pound-for-pound icon Manny Pacquiao has just upped the ante on his planned promotional outfit, to be named after him, putting up an initial investment that would jumpstart the fledling company that he envisions to revolutionize how boxing is done in the future.
As a first step, though, a source said that the General Santos City-raised lefty is poised to divest himself of any financial involvement with a local boxing program, In This Corner, which is run by his former business manager Rod Nazario.
"He has his own money invested in that outfit, and he seems interested in getting back his investment first," said the source, who requested anonymity. The same source had also expressed positively of Pacquiao's plan not to sue Nazario, indicating that the latter has long been credited for making Pacquiao what he is today.
"Pacquiao and Nazario should not be fighting against each other. Instead, they just need to let bygones be bygones," said the source, who also added that Pacquiao has already set aside some P1.5 Million to start the ball rolling for his new promotional outfit, which is designed under the same concept as that of Oscar De la Hoya's Golden Boy Promotions.
Rex "Wakee" Salud, the Cebuano boxing promoter who had produced three world champions in the past, is also said to be working closely with Pacquiao for the project.
Also, the same source added that Pacquiao is now working with veteran matchmaker Jimmy Narvaez, an expert of the fight game, to be able to put up quality shows in the future.
Pacquiao is currently managing the affairs of his younger brother Bobby, along with Los Angeles-based Michael Koncz.
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