By Mark Vester

Pacquiao came out swinging with an official statement that hit back at Ricky Hatton, and Richard Schaefer, CEO for Golden Boy Promotions. After weeks of negotiations, the proposed Pacquiao-Hatton showdown for May 2 was officially "dead" on Wednesday after Manny refused to a sign the fight contract. Pacquiao was unhappy with the terms and felt that he deserved more than the 52-48 split being offered. He originally wanted a 60-40 split, but later brought his demand down to 55-45.

Pacquiao lashed out at Schaefer and Team Hatton, telling them to try and make alternative fights with Floyd Mayweather Jr. and Oscar De La Hoya.

"I find Schaefer's actions and words too aristocratic," Pacquiao said. "He's the one who is acting childish. He is not professional and civil enough to give merits to the negotiating table. I want to fight Ricky Hatton if the terms are right and fair. Modesty aside, I did not become the best pound-for-pound fighter by fighting patsies on my way to the top."

"They were quoted as saying that if I do not sign their contract, they already have offers for them to fight in the British Isles with 80,000 people watching. Now, it is obvious that they were just bluffing. Now, they are saying, they will fight De La Hoya. Then, they are also calling out Floyd Mayweather. I say, Schaefer is a bad businessman."

Schaefer read Pacquiao's released statement and hit right back. Speaking with the Los Angeles Times, Schaefer says the fair thing would have been for Hatton to receive more money, not Manny.

"It put a big smile on my face. If he's happy with his decision to turn down his biggest career payday, then I'm happy for him. Right and fair would be 60-40 in Hatton's favor," Schaefer said.

"Manny Pacquiao does not bring the same amount of money from the Philippines that Ricky Hatton will bring to this fight from England. It's more than fair to have it 50-50, and Pacquiao's own promoter, Bob Arum, and trainer, Freddie Roach -- people who've been around the fight game for a long time -- believe it's fair."

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