Advertisement
Advertisement
Boxingscene.com

Arum Explains Background To Pacquiao Tax Audits

By Michael Marley

Top Rank's CEO Bob Arum, age 79 going on 39, interrupted his champagne and strawberries summer holiday in Paris, to inform me by telephone Thursday afternoon that my reportage concerning IRS tax audits on Manny Pacquiao for the years 2006 and 2007 - were accurate as far as it went.

I did point out Wednesday, that these kind of tax audits are common occurences for big-time earners such as Floyd Mayweather Jr., and also for foreigners who earn 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 tax category."

As to a report from the Philippines, that Pacquiao'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," Arum said.

As for the internal power struggle within Team Pacquiao, between Timothy James Sladeck [runs Pacquiao's website] and Michael Koncz [Pacquiao's adviser], Arum was ho-hum.

"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," Arum said.

"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 (Pacquiao's lawyer Franklin "Jeng") Gacal and they are out to get Koncz."

With that, Arum excused himself.

User Comments and Feedback (Register For Free To Comment) Comment by Brother Jay on 07-23-2011

[QUOTE=Gino Ros;10882081]Already was. Floyd was guaranteed $22 million to fight Shane. A year later, manny was guaranteed $6 million to fight Shane. NSAC contracts - public record.![/QUOTE] Well the fact that Mosley wasn't a top boxer when Pac fought him…

Comment by ♠ĞЯ8ЯH8Я© on 07-22-2011

[QUOTE=mathed;10882077]LOL, no need to even try to break you down because you are already a broke a55 punk anyways. :lame:[/QUOTE] I got $50 from ya momz just last night. Dat hoe was given head to all my boyz for one…

Comment by Gino Ros on 07-22-2011

[QUOTE=BoxingScribe;10881909]Sad part is [COLOR="Red"][B]Floyd is about to be so vindicated[/B][/COLOR] in this as far as him saying Manny has the WORST contract[/QUOTE] Already was. Floyd was guaranteed $22 million to fight Shane. A year later, manny was guaranteed $6 million…

Comment by mathed on 07-22-2011

[QUOTE=♠ĞЯ8ЯH8Я©;10881983]Wackypacky needing daddy arum to explain why he is so stupid to let Kuntz steal all his loot. What an clown azz fool lol[/QUOTE] LOL, no need to even try to break you down because you are already a broke…

Comment by ♠ĞЯ8ЯH8Я© on 07-22-2011

Wackypacky needing daddy arum to explain why he is so stupid to let Kuntz steal all his loot. What an clown azz fool lol

Post a Comment - View More User Comments (71)
Top Headlines Bob Arum Reflects on Kicking Out Anthony Mundine, Praises Horn Paul Gallen Losing Hope of Landing Sonny Bill Williams Clash Amir Khan Family Dispute To Be Part of New Reality Show? Anthony Joshua Sees No Need To Use Chisora-Whyte WWE Tactics Roach: Pacquiao-Crawford Possible, I like Pacquiao-Canelo Better Joselito Velazquez To Face Eduardo Casimero in Pro Debut Abel Sanchez: Ruiz, Parker Will Hit Each Other, Hurt Each Other Will Khalid Yafai Expand the Picture at 115? Jackson: Kovalev Was 5-1 After Six, Was 3-3 With Ward in Last Six Molina Warns Joshua: You Slip Up Once and You Will Be Dancing! Oleksandr Usyk Eyes World Titles Held By Gassiev, Tony Bellew Julian Williams: Being Underrated and Overlooked Ends Saturday Chocolatito's Manager Outlines The Options For 2017 Photos: Joseph Parker vs. Andy Ruiz Weigh-In - Ready For War Photos: Cuellar vs. Mares, Charlo vs. Williams - Final Presser Marco Huck vs. Noel Gevor Eliminator Order By The IBF Briggs Warns Hearn: Keep Joshua Away From Me and He'll Rule! Misha Aloian of Russia Loses Olympic Silver After Failed PED Test Photos: Chavez Jr. and Britsch - Go Face To Face at Final Presser Crawford: Me and Molina Can Box It Out, Bang It Out Or Whatever British Board Admits Decision on Chisora Did Not Come Easy Joseph Parker Signs Up With VADA, Will Be Testing in Ruiz Bout Photos: Crawford vs. Molina - Face To Face at Final Presser Video: Hearn Talks Crazy Week - Shannon Briggs Crashes Interview! Whyte vs. Chisora is STILL ON - But No British Title! Andy Ruiz: Everyone's Underestimating Me, But I'm In Great Shape Jose Pedraza: Gervonta Davis Will Leave Ring With First Career Loss Photos: Anthony Joshua, Eric Molina - Face To Face at Final Presser Lee Haskins Suffers Leg Injury, Out Of Dec 31 IBF Defence Cueller vs. Mares Undercard - Facebook Stream By Showtime Photos: Erik Skoglund, Sven Fornling, Mikaela Lauren on Weight Molina Not Worried About Judging in Crawford's Hometown Stiverne Says Goal is 'Fake Champion' Wilder, Tabs Parker To Win BBBofC To Hold Meeting, Discuss Whyte-Chisora Altercation Roach: Cuellar Said He Was Never Learning Anything At Garcia's Gym Chavez's Trainer: If Julio is Well Prepared - He Beats Golovkin! Frank Warren Gives Thoughts on Billy Joe Saunders' Poor Form Molina Reacts To David Haye's Prediction: He is Nothing in America! Jeff Horn, Lenny Zappavigna Lead Aussie Charge This Weekend Enrico Koelling vs. Ryno Liebenberg Rematch on February 4
Advertisement

Latest Active Forum Threads
Advertisement
Advertisement