ARECENT ESPN story says Manny “Pacman” Pacquiao is already running into financial trouble and the Filipino boxing icon could end up where he started, a poor guy with nothing.
American journalist Ted Lerner, who is based here in the Philippines and has known the Filipino superstar since his days as a six-round fighter, says in an ESPN piece that Pacquiao could just be another example of someone who grew up poor and has no idea of money management and trusted the wrong people to handle his business investments.
“Manny has clearly lost the zeal for boxing that he once had. Before, he used to fight for the love of fighting, and the money seemed secondary. Now he is obviously fighting for only one reason: money,” writes Lerner.
He notes that the eight-division world champion’s bank account is slowly inching closer and closer to big, fat zero because of his failure to keep track of all his funds over the years.
Interestingly, in a previous interview with former Ring Magazine editor-in-chief and now ESPN.com columnist Nigel Collins, Lerner says it is highly likely that Pacquiao is not making sound financial decisions.
“After years of spending like there was no tomorrow, it appears that tomorrow has come, and Manny is in need of cash,” Lerner tells Collins.
And even though Pacquiao has already given up gambling, he is now reportedly spending tremendous amounts of hard-earned money on pastors and other religious groups. He has reportedly given heaps of cash for ministries and infrastructure projects related to their churches.
Politics
But politics is believed to be Pacquiao’s biggest single expenditure.
The fighting congressman reportedly spent over $6-million during his election campaign in 2010. Although he may have spent considerably less for his re-election in last May’s polls, he spent around $2-million in helping his wife Jinkee win as Sarangani vice governor, as well as in the losing congressional bid of brother Rogelio in South Cotabato.
Lerner even warns that Pacquiao could be broke within the next couple of years, and that is one of the reasons why he wants to continue boxing because, in reality, he needs to continue doing it in order to survive.
Is this true? Or is it just one of those fake articles stirring up gossip, and a mere promotional stunt to generate global interest in Pacquiao’s comeback fight against American Brandon Rios in Macau on November 24?
Well, if the report is true – and I say if – it is still hard to believe that Pacquiao is hard up for cash right now considering that it has been reported recently that he remains one of the highest paid athletes in the world as well as one of the richest in the Philippines.
I would like to believe Pacquiao is still good for at least three more fights. If he beats Rios, it will likely reinvigorate his career and pave the way for more lucrative paydays.
Then consider Pacquiao’s pronouncement that he intends to fight two to three more years and that would mean he will have multi-millions still coming in.
However, we have heard tales of boxers, including great champions, who had ended up poor at the end of their boxing careers. Sadly, boxers and money problems are as much a part of boxing’s history as devastating knockouts and shocking upsets.
That’s no way for a great boxer like Pacquiao to go out. He should be wiser and pay close attention to his finances so he can enjoy a comfortable retirement because he deserves it.
