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Oscar de la Hoya's Golden Boy Promotions (GBP) has filed a suit against Top Rank Inc. over revenues generated from 3 Manny Pacquiao fights.
According to ESPN.com, GBP accused Top Rank chief Bob Arum and his financial officer David Lopez of racketeering as well as fraud amounting to miliions of dollars.
GBP, which is entitled to a share of revenues from Pacquiao's fights, claimed that Top Rank owes them millions of dollars from the Filipino champion's fights against David Diaz in 2008, Miguel Cotto in 2009, and Joshua Clottey in March 2010.
In a suit filed before the US District Court in Nevada, De la Hoya’s promotional outfit claimed that Arum allegedly ordered Lopez to send 16 accountings to GBP in the Diaz fight.
The accountings "falsely claim[ed] that TR (Top Rank) received no income from sponsorships even though pictures of the Diaz bout show that Tecate beer, Affliction [a clothing company] and a company known as Smart were featured sponsors."
GBP alleged that in the Cotto fight, Top Rank falsely reported Pacquiao's purse. GBP’s asserted that based on its financial reports, Pacquiao's purse was $15 million, which is different from the $7.5 million filed with the Nevada State Athletic Commission.
GBP likewise claimed that similar “deceptions” were also present in the Clottey fight with regards to the money generated by sponsorships. There were also questions regarding the alleged inflation of travel expenses, sanction fees and training expenses for the fighters, which were allegedly done to mark down the reported profit of the event.
De la Hoya's firm admitted it does not know if Top Rank is cheating Pacquiao and his MP Promotions of earnings.
Atty. Judd Burstein, who represents GBP, told ESPN.com that his client is seeking $3 million to $5 million in damages plus attorneys fees.
Burstein added that the damages would be tripled under the Racketeer Influenced and Corrupt Organizations Act (RICO) statute if GBP wins a judgment.
Arum denied the allegations, saying the charges are frivolous. (Click here for related story).
GBP and Top Rank have previously been locked in a legal battle, particularly over the promotional rights of Pacquiao.
In 2006, the Filipino signed contracts with both companies. Pacquiao eventually stayed with Top Rank, sparking a bitter legal dispute between the two promotional firms.
The case was settled under the mediation of retired federal judge Daniel Weinstein.
Top Rank now enjoys the Filipino's promotional rights but gives GBP a percentage Pacquiao's fight revenues.
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According to ESPN.com, GBP accused Top Rank chief Bob Arum and his financial officer David Lopez of racketeering as well as fraud amounting to miliions of dollars.
GBP, which is entitled to a share of revenues from Pacquiao's fights, claimed that Top Rank owes them millions of dollars from the Filipino champion's fights against David Diaz in 2008, Miguel Cotto in 2009, and Joshua Clottey in March 2010.
In a suit filed before the US District Court in Nevada, De la Hoya’s promotional outfit claimed that Arum allegedly ordered Lopez to send 16 accountings to GBP in the Diaz fight.
The accountings "falsely claim[ed] that TR (Top Rank) received no income from sponsorships even though pictures of the Diaz bout show that Tecate beer, Affliction [a clothing company] and a company known as Smart were featured sponsors."
GBP alleged that in the Cotto fight, Top Rank falsely reported Pacquiao's purse. GBP’s asserted that based on its financial reports, Pacquiao's purse was $15 million, which is different from the $7.5 million filed with the Nevada State Athletic Commission.
GBP likewise claimed that similar “deceptions” were also present in the Clottey fight with regards to the money generated by sponsorships. There were also questions regarding the alleged inflation of travel expenses, sanction fees and training expenses for the fighters, which were allegedly done to mark down the reported profit of the event.
De la Hoya's firm admitted it does not know if Top Rank is cheating Pacquiao and his MP Promotions of earnings.
Atty. Judd Burstein, who represents GBP, told ESPN.com that his client is seeking $3 million to $5 million in damages plus attorneys fees.
Burstein added that the damages would be tripled under the Racketeer Influenced and Corrupt Organizations Act (RICO) statute if GBP wins a judgment.
Arum denied the allegations, saying the charges are frivolous. (Click here for related story).
GBP and Top Rank have previously been locked in a legal battle, particularly over the promotional rights of Pacquiao.
In 2006, the Filipino signed contracts with both companies. Pacquiao eventually stayed with Top Rank, sparking a bitter legal dispute between the two promotional firms.
The case was settled under the mediation of retired federal judge Daniel Weinstein.
Top Rank now enjoys the Filipino's promotional rights but gives GBP a percentage Pacquiao's fight revenues.
link
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