The reported termination of the services of VisionQwest Resource Group as retainer of Rep. Manny Pacquiao for his financial interests in the US appears to be one of the many impulsive moves of the Filipino boxing champion that continue to puzzle many of his observers.
Pacquiao hired the US-based financial advisor group to straighten out his accounts and business interests in the United States. It was not really clear if the contract includes Pacquiao?s business and other financial interests in the Philippines.
It immediately caused ruckus inside the Team Pacquiao as long time advisor and man-Friday Mike Koncz was widely reported to have been stripped of his function as chief financial advisor of the Filipino multi-millionaire athlete.
Any reputable accounting and financial advisor firm would like to start working with its client at ground zero ? on a clear cut balance sheet. It can only be done by digging into Pacquiao?s past financial records and business contracts.
After all, it is to the best interest of both the principal and the service provider that they begin with a clean sheet.
An audit, to begin with, is certainly in order once the two agreed on the parameters of the service contract.
This may have ruffled the feathers of those whose past dealings with Pacquiao may be unearthed or exposed.
Boxing, as they say, is the red light district of sports. You do not have to be a rocket scientist to be able to understand that wheeling and dealings in professional boxing not only involve game-fixing and one-sided matches. They also extend to the financial side of fight contracts ? verbal or written or both.
Pacquiao began receiving, officially, upward the million dollar purse when he fought Erik Morales in a rematch in January 2006.
Since then, his fight purses have been on the upwards, topping a reported US$20 million guaranteed prize for fighting Shane Mosley.
Counting the upsides from all his previous fights since 2006 (pay per view receipts, TV rights, live gate proceeds, fight merchandises commercial endorsements, etc), Pacquiao should have already accumulated well over US$150 million in gross earnings.
