Ring Magazine featherweight champion Manny Pacquiao has been advised not to accept an offer dangled by his registered manager Marty Elorde for a renewal of his contract, which expires on Jan. 31, pointing out that he could earn much more from his upcoming fights compared to what his manager was offering him.
Elorde, who claimed that with several deductions taken out of his manager?s share of Pacquiao?s purse he winds up with 20 percent net instead of 30 percent, has offered Pacquiao a P5 million signing bonus, which he has indicated could go as high as P10 million plus a monthly allowance of P10,000 for a five-year extension of his manager?s contract.
However, the advisers of Pacquiao disclosed that Elorde could recover his investment in one shot in the scheduled Feb. 26 rematch with World Boxing Association/International Boxing Federation champion Juan Manuel Marquez since the purse of Pacquiao was $900,000 and that even 20 percent at the current exchange rate would net Elorde more than P10 million.
It was also revealed that an influential group of businessmen, who love boxing had approached a respected figure in sports, offering to up the offer of Elorde for an even shorter period of two-and-a-half years.
Pacquiao was advised to turn down the management offers and instead keep 70 percent of his purse in future fights with business manager Rod Nazario getting 20 percent to include training and other expenses and trainer Freddie Roach getting the usual 10 percent.
Under such a set-up, Pacquiao would earn $630,000 for the Marquez rematch instead of $450,000 or a difference of P10 million.
In the planned showdown with Erik Morales in July, Pacquiao would earn $875,000 out of the $1.75 million purse should he re-sign with Elorde or another management group while if he follows the recommendations made to him by advisers, he would get $1.225 million or a difference of $350,000 or some P20 million.
