Tweet
sorry if this is a REPOST....
article credit : http://www.newsday.com/news/arum-kos...enue-1.1593067
It appears the Tax Man is about to do to Manny Pacquiao and Floyd Mayweather Jr. what Oscar de la Hoya, Ricky Hatton and Miguel Cotto could not.
Namely, knock both of them out.
Out of New York, that is. And New Jersey, too.
Even before Pacquiao's thrilling TKO over Cotto on Saturday night in Las Vegas, there was talk that the most sought-after match in boxing, a showdown between Pacquiao and Mayweather, was headed for Yankee Stadium next spring.
And beginning Sunday morning, more suitors had entered the picture. Steve Tisch, co-owner of the Giants, went to the fight and told promoter Bob Arum, "Don't commit to Yankee Stadium until we talk.'' Yesterday, the Mets sent word that they had some down time at Citi Field, and not only in October.
But last night, Arum dropped the hammer on the fight taking place anywhere east of the Mississippi River.
"No chance,'' Arum said. "Nothing would please me more than to have it at Yankee Stadium, but the way the tax structure in New York is set up, it's impossible.''
But that's not the worst news. The front-runner to host the bout, proposed for early May or June 2010, is - gulp! - Cowboys Stadium, Jerry Jones' $1 billion-plus, retractable-roof football palace that makes Yankee Stadium look like a sandlot.
"As a lifelong Giants fan, how can you do this?'' Tisch said to Arum, a longtime friend to Bob Tisch, Steve's late father, when he found out the fight was likely to wind up in the home of one of his team's most-hated rivals.
connections
* New York Mets
* New York Islanders
* New York Yankees
* Paul McCartney
* Oliver Perez
The answer is, no state taxes in Texas and a ton of them in New York and New Jersey. According to Arum, the fighters could lose more than $12 million in taxes if the fight takes place in New York and slightly less if it winds up in the Meadowlands.
Arum said that between New York State and city taxes and a tax levied on nonresident independent contractors performing in New York, the fighters - and the promoter - would lose 15 percent of all revenue generated by the bout.
"It's just not economically feasible to do events like that in New York,'' Arum said. "It's ridiculous, really.''
article credit : http://www.newsday.com/news/arum-kos...enue-1.1593067
It appears the Tax Man is about to do to Manny Pacquiao and Floyd Mayweather Jr. what Oscar de la Hoya, Ricky Hatton and Miguel Cotto could not.
Namely, knock both of them out.
Out of New York, that is. And New Jersey, too.
Even before Pacquiao's thrilling TKO over Cotto on Saturday night in Las Vegas, there was talk that the most sought-after match in boxing, a showdown between Pacquiao and Mayweather, was headed for Yankee Stadium next spring.
And beginning Sunday morning, more suitors had entered the picture. Steve Tisch, co-owner of the Giants, went to the fight and told promoter Bob Arum, "Don't commit to Yankee Stadium until we talk.'' Yesterday, the Mets sent word that they had some down time at Citi Field, and not only in October.
But last night, Arum dropped the hammer on the fight taking place anywhere east of the Mississippi River.
"No chance,'' Arum said. "Nothing would please me more than to have it at Yankee Stadium, but the way the tax structure in New York is set up, it's impossible.''
But that's not the worst news. The front-runner to host the bout, proposed for early May or June 2010, is - gulp! - Cowboys Stadium, Jerry Jones' $1 billion-plus, retractable-roof football palace that makes Yankee Stadium look like a sandlot.
"As a lifelong Giants fan, how can you do this?'' Tisch said to Arum, a longtime friend to Bob Tisch, Steve's late father, when he found out the fight was likely to wind up in the home of one of his team's most-hated rivals.
connections
* New York Mets
* New York Islanders
* New York Yankees
* Paul McCartney
* Oliver Perez
The answer is, no state taxes in Texas and a ton of them in New York and New Jersey. According to Arum, the fighters could lose more than $12 million in taxes if the fight takes place in New York and slightly less if it winds up in the Meadowlands.
Arum said that between New York State and city taxes and a tax levied on nonresident independent contractors performing in New York, the fighters - and the promoter - would lose 15 percent of all revenue generated by the bout.
"It's just not economically feasible to do events like that in New York,'' Arum said. "It's ridiculous, really.''
Comment