Advertisement
Advertisement

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 Top Rank Motivated To Continue Staging Events in China Daud Yordan Gets Technical Nod Over Yoshitaka Kato Amir Khan: When I Beat Canelo, Everyone is Going To Say 'Wow!' Thompson: They Can't Find a Bum For Luis Ortiz, I'd Expose Him! Julian Williams-Marcello Matano IBF Eliminator For Charlo Shot Boxeo Telemundo Season Premiere to Honor Decorated War Veteran Photos/Weights: Machado vs. Araiza, Cotto vs. Lopez, More Francisco Santana Inks Managerial With Frank Espinoza Luis Ortiz's Opponent Hunt Continues For 3/5 HBO Date Amir Khan Hit By Social Media Hack Attack Frampton: I Feel Sorry For Rigo; Quigg Should Be Embarrassed Dublin Weigh-In Turns Deadly; Saturday Show Canceled Sammy Vasquez Jr. Welcomes Billel Dib To PROBox Stable Inoue, Carmona Agree To Terms For Mandatory Title Fight Lundy Warns Terence Crawford: Nobody Has 'Clearly' Beat Me Sanchez: Canelo Can Be 155, But Golovkin Will Weigh 160! Frank Warren Gives His Take on Canelo Alvarez vs. Amir Khan Joseph Parker Nears Title Shot, Lands Top WBO Ranking George Groves Very Interested in Martin Murray Showdown Lolenga Mock Faces Jorge Silva on February 26 in Aarhus Fazeldin-Mboyane Rescheduled For April 2 In Rotherham Fury: If I Can Beat Klitschko, Khan Capable of Stunning Canelo Chavez Jr. Rips Canelo For Facing Khan: Embarrassment To 160 Seanie Monaghan Hungers For Title Shot, Says Time is Now Deontay Wilder: If Fury Wins, I'll Go To The UK To Take His Titles! Video: Ashley Theophane Discusses Adrien Broner Clash Andre Ward: Nobody Wants Kovalev - That's The Guy I Want! Konstantin Ponomarev-Brad Solomon in Play for Pacquiao-Bradley Margarito Ordered To Have More Medical Tests Before Return Photos/Weights: Caballero, Frankie Gomez, Shane Mosley Jr. Video: Floyd Mayweather Jr. on Canelo-Khan, Career, More Alexander Ustinov Accepts WBA Showdown With Luis Ortiz Floyd Mayweather Jr. on Fighting: I Don't Really Miss It Tarver Cracked Hard Over Child Support Bill - Belts, Medal, Car Theophane Explains His Secret Weapon To Beat Adrien Broner John Magda, Christopher Brooker Clash on ShoBox, 2/19 Canelo's Coach: Khan is an Attractive Fight, Dangerous Speed NSAC Approves Canelo-Khan For 5/7 At T-Mobile Arena Callum Smith Pumped For "Biggest Fight" of His Career Tyson Fury Says 5 Venues in The Running For Klitschko Rematch
Advertisement

Latest Active Forum Threads
Advertisement
Advertisement