As it turns out, Manny Pacquiao didn’t come out of his historic victory against Erik Morales a Million Dollar Man. More like A Few Hundred Thousand Dollar Man.
His earnings from the fight are not exactly chump change, but in light of his reported projected income for the rematch, this fact might surprise more than a few of his loyal fans.
Various reports before his January 21 fight had mentioned the $2 million purse windfall that awaited the boxing star’s post-fight.
A comprehensive article by Thomas Hauser of secondsout.com published early this week shows that minus deductions, including a hefty management team and promoter tab, Pacquiao received after the fight only $313,446 out of the $2 million purse.
The article detailed the payments received by Pacquiao’s team, which amounted to almost a million dollars. Pacman also paid for fight tickets amounting to $80,350, according to Hauser. His tax payments amounted to $376,666.
The Filipino boxing champ has three co-managers, Shelly Finkel, Nick Khan, and Keith Davidson, who negotiate fights for him, and who take care of his other personal and business needs. They also successfully handled Pacquiao’s litigation suit versus his previous promoter who, reports indicated, took advantage of him financially. His new promoter, Gary Shaw, came into the picture starting with Pacquiao’s fight with Hector Velasquez last year.
Some people believed that the organization that his new management team imposed contributed to a more focused and distraction-free Pacman that resulted in his excellent performance versus Morales. Shaw also made the arrangements for Pacquiao to get star treatment, including a swanky hotel suite, for his fight.
But other observers wonder if Pacquiao is being beaten financially again, as his camp alleged when the boxer was being handled by promoter Murad Muhammad.
Pacman’s trainer Freddie Roach averred that things are much different this time around.
“Everything is being done aboveboard. Everything goes through Manny, and he decides what to do with his money,” said Roach.
Among Pacquiao’s multiple handlers, Roach was the one that Pacman’s fans thought deserved every penny of his 10 percent cut in the fight purse, as evidenced by comments on the money issue posted on the Filipino fighter’s official website, mannypacquiao.ph.
“Manny’s going to earn more in the coming fights. He’ll get television rights and other (income) because he will be doing his own promotions from now on,” Roach said. He added that Shaw was only contracted for Pacquiao’s two recent fights to drum up maximum publicity, and so, future earnings for Pacquiao would sufficiently increase with a separate (and substantial) promoter’s fee done away with.
“I’m looking out for him. He asks for my opinion on these matters, and he knows that I will always look out for his best interests,” Roach said.
Pacquiao has always had good words for his management team, and has said that his experience with Murad has taught him how to take care of his financial matters better. A statement alluded to Pacquiao about erstwhile Filipino boxing star Rolando Navarette not knowing how to handle his money seemed to indicate that Pacman would be savvier about his finances than other boxing champs before him.
Pacquiao’s managers are in the thick of negotiations with other potential opponents for the boxer. With the Filipino ring icon’s star burnished by his phenomenal takedown of boxing great Morales, Pacman is expected to command a bigger purse for his coming matches.
Watching closely if anyone will take advantage of their hero, Pacquiao has in his corner his multitude of fans closely keeping tabs on his behalf his team’s every move.
The boxer is still expected to receive more than a million dollars for his share of pay-per-view earnings and other revenues. But that amount again is, of course, still subject to many deductions and cuts.
