Bob Arum, age 79 going on 39, interrupted his champagne and strawberries, Lifestyles of the Rich & Blameless summer holiday, to inform me by telephone Thursday afternoon that my reportage concerning IRS tax audits on Manny Pacquiao for the years 2006 and 2007 was accurate as far as it went.
I did point out Wednesday–in the midst of the internecine Michael Koncz-Timothy James Sladeck White Guys battle for the power behind the Pacman throne position–that such Uncle Sam tax audits are common occurences for big-time earners such as Floyd Mayweather Jr., proud American, and also for foreigners who cash in our shores such as Pacquiao.
Still, Arum wanted to clarify the information.
“We have a 30 percent US witthholding on Manny,” the Top Rank major domo said. “These audits will result in money refunds to Manny. He just got one for almost $1 million.
“These audits are not going results in any liabilities for Manny. No liablities whatsoever, just getting money back. Manny’s in good shape in this taqx category.”
As to a report from the Philippines, that Megamanny’s net worth may “only” be $26 million or as much as he has made in recent fights, Arum demurred.
“They say that., by far, he’s the richest Congressman in the country. Remember, he’s got a lot of real estate also. So I don’t know how they account for all that or if it is understated.
“I would estimate Manny’s net worth to be more, a lot more.”
As for the Sladeck-Koncz power struggle, Arum was ho-hum.
SEE TIMOTHY JAMES SLADECK TELLING HIS STORY.
“This will be straightened out. There’s a lot of jealousy, a lot of backing and filling here. It takes me back to the days of the Muhammad Ali entourage, that was the same kind of spit.
“This James guy, I’ve never even met him, I don’t know what he looks like as many times as I’ve been to the Philippines. As far as I’m concerned, Koncz is a very honest guy. The other guy is aligned with (lawyer Franklin “Jeng”) Gacal and they are out to get Koncz.”
