by Ronnie Nathanielsz
Former two division world champion Gerry Penalosa who has formed MAG Promotions along with boxing icon Manny Pacquiao and businessman Anson Tiu insists he will never exploit Pacquiao in the new promotional outfit.
Penalosa issued the clarification amidst concerns that there were individuals exploiting Pacquiao as evidenced in his tax issues with the BIR and the US Internal Revenue Service and others whom Pacquiao claims are out to destroy his good name.
Penalosa informed us that while MAG is a new company under Pacquiao, himself and Tiu, the “Fighter of the Decade” is only “an industrial partner and for the record he never spent any single cent from his pocket on putting up the promotion (this Friday at Solaire Resorts Hotel & Casino) until now.”
He said Pacquiao “was well informed before putting this promotion and in fact he signed the papers in the SEC (Securities and Exchange Commission) with all h is knowledge that we all have the same advocacy in helping our fellow boxers in the Philippines.”
In the promotion on Friday, Penalosa’s protégé, hard-hitting southpaw Michael Farenas will battle Mexico’s Jesus Rios over ten rounds in what Penalosa hopes will be a stepping stone to a future world title fight against reigning WBO champion Mikey Garcia.