guardian
03-21-2009, 05:03 PM
From PHILIPPINE STAR
Pacman honors Solar agreement
By Abac Cordero Updated March 22, 2009 12:00 AM
Manny Pacquiao
MANILA, Philippines - When Bob Arum says it’s gonna be okay, it’s gonna be okay.
Manny Pacquiao, the Filipino boxing icon, yesterday ended all the anxiety when he decided to stick it out with Solar Sports and honor a valid, binding and legal contract that covers the local television rights for his May 2 fight with Ricky Hatton and all his future fights until 2011.
Solar Sports came out with a statement saying everything’s okay between them and Pacquiao who announced last Wednesday that he has rescinded their contract and that he has decided to switch back to ABS-CBN as his official media partner.
But Pacquiao had a change of heart.
“After a thorough study and weighing of things, it was proven that my contract with Solar Sports is valid and binding and was not violated by anyone,” said Pacquiao in his own statement read by his lawyer, Franklin Gacal.
“I whole-heartedly apologize for all the confusion on where my coming fight against Ricky Hatton would be shown (in the Philippines). It was a result of miscommunication between Solar Sports and MP Promotions,” added his statement that was read in Filipino.
“Solar Entertainment Corporation, Manny Pacquiao and MP Promotions, are happy to announce that in the spirit of utmost good faith, the parties have favorably resolved their unfortunate misunderstanding,” the Solar Sports statement said.
“Manny and MP Promotions have agreed to honor the television rights agreement and fully comply with the terms and conditions therein. Accordingly, MP Promotions and Manny Pacquiao have withdrawn in writing their rescission letter dated March 17th, 2009.”
Solar Sports president Wilson Tieng and chief operarting officer Peter Chanliong flew to Los Angeles the other night, and met boxing’s biggest star in his posh La Palazzo apartment Friday (LA time) to thresh our their problems.
“We are happy that now he can concentrate on preparing for his fight with Ricky Hatton on May 3 (Manila time) to be shown on GMA-7 and Solar Sports. Preparation for the fight should be his priority,” the Solar statement added.
The other day, Arum, Pacquiao’s promoter, assured that “everything’s going to be okay” and that the reigning pound-for-pound champion “has realized that he already has a deal with Solar so he can’t make another deal (with ABS-CBN).”
Arum was right. Yesterday, the Top Rank president and Harvard lawyer once again spoke to The STAR, and said Pacquiao made the “right decision” in honoring the contract with Solar Sports.
“It was his decision. It was really up to him,” said Arum over the phone.
From Los Angeles, shortly after meeting with Pacquiao, Tieng said, “now that it’s all over, we can leave everything behind.”
Tieng, who crossed the Pacific to get hold of Pacquiao, said Solar Sports “has no bitter feelings against anyone or any other network” and that they only had to “defend ourselves” in contesting Pacquiao’s move to side with ABS-CBN.
“This is for the best interest of Manny Pacquiao and the best for what the laws provide. Now it’s back to training for him, and back to business for us.”
Tieng and Chanliong were welcomed inside Pacquiao’s apartment shortly before midnight, but waited awhile, seated at the dining table, as the 30-year-old superstar had to finish a game of darts with his friends.
Aside from Gacal, Pacquiao’s Canadian adviser Mike Konkz and business manager Erik Pineda were present during the make-or-break meeting.
The other night, Pacquiao appeared on ABS-CBN saying his decision (to switch back to the giant network) “is still the same.” He also dared Solar Sports to open its financial record books for him to investigate.
But Solar Sports said it would only open their record books in court.
Pacquiao claimed that Solar Sports erred and was late in payment of what was due him for the Hatton fight. Under their contract, the boxer would receive P60 million for the TV rights to the Philippines.
For non-title fights, Pacquiao will be paid, or was paid by Solar P55 million. Their contract was forged on May 6, 2007, and is good until May 7, 2011.
Pacquiao received P15 million from Solar Sports last Monday, and will receive another 25 percent or P15 million 15 days before the fight. The remaining 50 percent comes a week before the fight with Hatton, set May 2 in Las Vegas.
Then 21 days after, Pacquiao will receive five percent of the gross from Solar Sports earnings. The five percent is also worth millions.
For the Hatton fight, Pacquiao can get as much as $20 million representing his purse, pay-per-view sales, ticket and merchandise sales.
ABS-CBN, which has aired some of the Pacquiao fights over the last few years, has yet to issue a statement.
It said in a previous statement it did not have anything to fear of, as far as legal matters are concerned, because Pacquiao approached the Lopez-owned network after he rescinded his contract with Solar Sports.
Solar Sports and its battery of lawyers from the Ponce Enrile Reyes and Manalastas Law Offices, led by Atty. Enrique dela Cruz Jr., had announced that it planned to file a case against Pacquiao and ABS-CBN for P150 million.
Dela Cruz said Pacquiao can only back out of that contract if there was any breach incapable of any remedy. And if there was one, he should have given Solar a 15-day notice.
And if a remedy is unavailable, another 30-day notice is needed before the contract is rescinded.
Pacman honors Solar agreement
By Abac Cordero Updated March 22, 2009 12:00 AM
Manny Pacquiao
MANILA, Philippines - When Bob Arum says it’s gonna be okay, it’s gonna be okay.
Manny Pacquiao, the Filipino boxing icon, yesterday ended all the anxiety when he decided to stick it out with Solar Sports and honor a valid, binding and legal contract that covers the local television rights for his May 2 fight with Ricky Hatton and all his future fights until 2011.
Solar Sports came out with a statement saying everything’s okay between them and Pacquiao who announced last Wednesday that he has rescinded their contract and that he has decided to switch back to ABS-CBN as his official media partner.
But Pacquiao had a change of heart.
“After a thorough study and weighing of things, it was proven that my contract with Solar Sports is valid and binding and was not violated by anyone,” said Pacquiao in his own statement read by his lawyer, Franklin Gacal.
“I whole-heartedly apologize for all the confusion on where my coming fight against Ricky Hatton would be shown (in the Philippines). It was a result of miscommunication between Solar Sports and MP Promotions,” added his statement that was read in Filipino.
“Solar Entertainment Corporation, Manny Pacquiao and MP Promotions, are happy to announce that in the spirit of utmost good faith, the parties have favorably resolved their unfortunate misunderstanding,” the Solar Sports statement said.
“Manny and MP Promotions have agreed to honor the television rights agreement and fully comply with the terms and conditions therein. Accordingly, MP Promotions and Manny Pacquiao have withdrawn in writing their rescission letter dated March 17th, 2009.”
Solar Sports president Wilson Tieng and chief operarting officer Peter Chanliong flew to Los Angeles the other night, and met boxing’s biggest star in his posh La Palazzo apartment Friday (LA time) to thresh our their problems.
“We are happy that now he can concentrate on preparing for his fight with Ricky Hatton on May 3 (Manila time) to be shown on GMA-7 and Solar Sports. Preparation for the fight should be his priority,” the Solar statement added.
The other day, Arum, Pacquiao’s promoter, assured that “everything’s going to be okay” and that the reigning pound-for-pound champion “has realized that he already has a deal with Solar so he can’t make another deal (with ABS-CBN).”
Arum was right. Yesterday, the Top Rank president and Harvard lawyer once again spoke to The STAR, and said Pacquiao made the “right decision” in honoring the contract with Solar Sports.
“It was his decision. It was really up to him,” said Arum over the phone.
From Los Angeles, shortly after meeting with Pacquiao, Tieng said, “now that it’s all over, we can leave everything behind.”
Tieng, who crossed the Pacific to get hold of Pacquiao, said Solar Sports “has no bitter feelings against anyone or any other network” and that they only had to “defend ourselves” in contesting Pacquiao’s move to side with ABS-CBN.
“This is for the best interest of Manny Pacquiao and the best for what the laws provide. Now it’s back to training for him, and back to business for us.”
Tieng and Chanliong were welcomed inside Pacquiao’s apartment shortly before midnight, but waited awhile, seated at the dining table, as the 30-year-old superstar had to finish a game of darts with his friends.
Aside from Gacal, Pacquiao’s Canadian adviser Mike Konkz and business manager Erik Pineda were present during the make-or-break meeting.
The other night, Pacquiao appeared on ABS-CBN saying his decision (to switch back to the giant network) “is still the same.” He also dared Solar Sports to open its financial record books for him to investigate.
But Solar Sports said it would only open their record books in court.
Pacquiao claimed that Solar Sports erred and was late in payment of what was due him for the Hatton fight. Under their contract, the boxer would receive P60 million for the TV rights to the Philippines.
For non-title fights, Pacquiao will be paid, or was paid by Solar P55 million. Their contract was forged on May 6, 2007, and is good until May 7, 2011.
Pacquiao received P15 million from Solar Sports last Monday, and will receive another 25 percent or P15 million 15 days before the fight. The remaining 50 percent comes a week before the fight with Hatton, set May 2 in Las Vegas.
Then 21 days after, Pacquiao will receive five percent of the gross from Solar Sports earnings. The five percent is also worth millions.
For the Hatton fight, Pacquiao can get as much as $20 million representing his purse, pay-per-view sales, ticket and merchandise sales.
ABS-CBN, which has aired some of the Pacquiao fights over the last few years, has yet to issue a statement.
It said in a previous statement it did not have anything to fear of, as far as legal matters are concerned, because Pacquiao approached the Lopez-owned network after he rescinded his contract with Solar Sports.
Solar Sports and its battery of lawyers from the Ponce Enrile Reyes and Manalastas Law Offices, led by Atty. Enrique dela Cruz Jr., had announced that it planned to file a case against Pacquiao and ABS-CBN for P150 million.
Dela Cruz said Pacquiao can only back out of that contract if there was any breach incapable of any remedy. And if there was one, he should have given Solar a 15-day notice.
And if a remedy is unavailable, another 30-day notice is needed before the contract is rescinded.