Manny Pacquiao opened this Pandora?s Box himself by clearly stating that his return to the ring had at least something to do with his finances.
?Boxing is my main source of income. I can?t rely on my salary as public official,” Pacquiao recently told CNN Philippines. “I?m helping the family of my wife and my own family, as well…Many people also come to me to ask for help and I just couldn?t ignore them.?
Now, the eight-division former world champ and Filipino Senator is doing his best to backtrack and laugh off the notion that he is looking to re-load his bank account with his November 5 comeback bout.
“I’ve been fighting for the past 21 years and [the] recipient of so many of what I consider as ‘jokes’ perhaps, to disarm me every time I will fight. But, I’ll tell you, this joke that I’m broke is the funniest and most annoying,” Manny told Philboxing.com. “Me, broke? Come on. Last year, as member of the Lower House, I was adjudged as the richest congressman based on SALN [Statement of Assets, Liabilities, and Net Worth] I filed for year 2015.”
Pacquiao would go on to say that his net worth is approximately 4 billion PHP (Philippine Pesos), which comes out to about $86 million U.S. dollars. Based on the SALN report filed with the Filipino government, however, Pacquiao?s net worth is 3.27 billion PHP, which is a little over $70 million U.S. dollars.
Net worth, by the way, is calculated by taking a person?s total assets, then subtracting their liabilities. The figures quoted above take into consideration all Pacquiao assets, including real estate and pay from TV and radio performances, public appearances, album sales, licensing, local and international endorsements, government salary, as well as the money earned from his fights.
Whether you believe the 4 billion number or 3.27 billion declaration, though, the fact is that things don?t add up.
Wasn?t it reported that Pacquiao earned $150 million (USD) for his bout with Mayweather, alone? And, while we?re at it, hasn?t Pacquiao been earning a guaranteed $20 million (USD) minimum for the past several years?
Back in 2011, when reports came out that Pacquiao?s net worth was hovering around the $26 million (USD) mark and an aborted move was initiated to hire an independent accounting firm to get to the bottom of his finances, he had generated about $384 million (USD) in revenue from his PPV events up to that point. Since then, Manny has had nine PPV fights?one of them the richest and most lucrative, by far, in the history of the sport, bringing in around $600 million (USD). Conservatively, Pacquiao has generated well over $1 billion (USD), just over the last eight years of his twenty-one year boxing career.
Do the math. Something?s not right.
Yes, it?s probably true what Manny said in the above mentioned Philboxing interview– It?s unlikely that he and his family will ever go broke. Most likely, Manny Pacquiao will be a wealthy man for the rest of his life. And, yes, we all understand that he?s a generous man who has given millions to friends, family, and needy people. But that still doesn?t answer the question regarding why a man who has made so much is worth so relatively little.
