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When Roach Speaks People Should Listen!
August 22nd, 2011
Keith Terceira
For the second time or is it the third, in the relatively short career of Manny Pacquiao there are rumors swirling around the globe about financial concerns, missing monies, and not so honest members of a Pac-Man team.
Those with short memories or those that were not on board the Pacquiao express back in 2003-2004 probably don’t recall the intense discussions in the boxing world when Freddie Roach warned the world that something was amiss with the money Pacquiao was getting from then promoter Murad Muhammad.
In 2005, Pacquiao filed suit and the boxing community became fully aware that Roach was spot on in regards to Promotional and Managerial failings in the Pac-Man team. Roach was at the head of protecting his Philippine fighter, even quitting the team at one point.
Missing were the funds to pay his US taxes, diverted by less scrupulous people than the trusting Manny, though this matter was settled in court the cost may have affected Pacquiao’s bottom line, so to that point perhaps money from before that date is not all that correct when reported in the press.
Unfortunately as many of us Americans have learned, man cannot live on credit alone and Pacquiao has a history of taking advances and loans from the people he has fought for and worked with. Like many other fighters perhaps he felt at the time that there would always be another fight around the corner. Someday there won’t be and all that money will still come due to those that were smart enough to know the shady business of boxing.
"It has taken me awhile to come to terms with the fact that I have been cheated by people whom I trusted," stated Mr. Pacquiao regarding the lawsuit today. "I intend to see this suit to the bitter end so that I can recover every dollar that was stolen from me, as well as help protect other fighters from being taken advantage of by Mr. Muhammad. As for the immediate future, my fans can rest assured that I will be fighting soon, but not with Murad Muhammad or M&M Sports as my promoter. As of today, I have instructed my new management to begin negotiating for my next fight and fights thereafter. I will never fight again for Murad Muhammad and M&M Sports."
This was the quote from Pacquiao in 2005 and one wonders if the names can be changed and have it still apply to this day?
Frankly I don’t believe Pacquiao learned a thing from his time with M&M Sports and even in 2006 when the buildup was between Manny and the Eric Morales rematch, Pacquiao was living beyond his means and accepting loans from the people around him.
If you look at the details of the two million dollar rematch contract, Manny only received $313,446 , there were also deferred amounts in the form of loans from people like Shelley Finkel, Nick Khan, Keith Davidson , and even Freddie Roach deferred $40,000 of his $200,000 due him for the bout. When you start breaking down things like a $200,000 advance from Top Rank and $80,350 in fight tickets Pacquiao requested, $75,000 for an assistant trainer, and $50,000 for a translator and camp aide it is little wonder that the money was disappearing then and may be disappearing again today.
Gary Shaw who was brought in to look after Pac-Man’s interests was paid a huge amount of money for little work and also advanced Pacquiao an additional $52,000, bought $3000 worth of tickets for the Corrales and Castillo rematch at Manny’s request , and a $67,639 for a Porsche. All this money including the quarter million dollar fee Shaw got needed to be returned from the purse.
If history continued to repeat itself and Pacquiao has been taking huge amounts of advances and loans from the money people around him, then eventually this needs to be paid and it’s no wonder that the possibility arises that Manny is hurting financially.
Add in the reports of a love of ********, houses and real estate bought around the globe that may be mortgaged or leveraged to others and you have a recipe for the same disaster that has befallen others like Tyson, Joe Lewis, or Holyfield.
In the mist of all this has been one constant, one voice looking to balance truth with hype, one watchful eye that you could take to the bank if they spoke. That has been Freddie Roach, who pulls no punches, and forewarned us several times about issues revolving around and in Pac land.
So when people hear that Freddie Roach has said that Manny Pacquiao is “Broke”, then I for one will put my money on the safe bet, and that’s Roach!
When Roach Speaks People Should Listen!
August 22nd, 2011
Keith Terceira
For the second time or is it the third, in the relatively short career of Manny Pacquiao there are rumors swirling around the globe about financial concerns, missing monies, and not so honest members of a Pac-Man team.
Those with short memories or those that were not on board the Pacquiao express back in 2003-2004 probably don’t recall the intense discussions in the boxing world when Freddie Roach warned the world that something was amiss with the money Pacquiao was getting from then promoter Murad Muhammad.
In 2005, Pacquiao filed suit and the boxing community became fully aware that Roach was spot on in regards to Promotional and Managerial failings in the Pac-Man team. Roach was at the head of protecting his Philippine fighter, even quitting the team at one point.
Missing were the funds to pay his US taxes, diverted by less scrupulous people than the trusting Manny, though this matter was settled in court the cost may have affected Pacquiao’s bottom line, so to that point perhaps money from before that date is not all that correct when reported in the press.
Unfortunately as many of us Americans have learned, man cannot live on credit alone and Pacquiao has a history of taking advances and loans from the people he has fought for and worked with. Like many other fighters perhaps he felt at the time that there would always be another fight around the corner. Someday there won’t be and all that money will still come due to those that were smart enough to know the shady business of boxing.
"It has taken me awhile to come to terms with the fact that I have been cheated by people whom I trusted," stated Mr. Pacquiao regarding the lawsuit today. "I intend to see this suit to the bitter end so that I can recover every dollar that was stolen from me, as well as help protect other fighters from being taken advantage of by Mr. Muhammad. As for the immediate future, my fans can rest assured that I will be fighting soon, but not with Murad Muhammad or M&M Sports as my promoter. As of today, I have instructed my new management to begin negotiating for my next fight and fights thereafter. I will never fight again for Murad Muhammad and M&M Sports."
This was the quote from Pacquiao in 2005 and one wonders if the names can be changed and have it still apply to this day?
Frankly I don’t believe Pacquiao learned a thing from his time with M&M Sports and even in 2006 when the buildup was between Manny and the Eric Morales rematch, Pacquiao was living beyond his means and accepting loans from the people around him.
If you look at the details of the two million dollar rematch contract, Manny only received $313,446 , there were also deferred amounts in the form of loans from people like Shelley Finkel, Nick Khan, Keith Davidson , and even Freddie Roach deferred $40,000 of his $200,000 due him for the bout. When you start breaking down things like a $200,000 advance from Top Rank and $80,350 in fight tickets Pacquiao requested, $75,000 for an assistant trainer, and $50,000 for a translator and camp aide it is little wonder that the money was disappearing then and may be disappearing again today.
Gary Shaw who was brought in to look after Pac-Man’s interests was paid a huge amount of money for little work and also advanced Pacquiao an additional $52,000, bought $3000 worth of tickets for the Corrales and Castillo rematch at Manny’s request , and a $67,639 for a Porsche. All this money including the quarter million dollar fee Shaw got needed to be returned from the purse.
If history continued to repeat itself and Pacquiao has been taking huge amounts of advances and loans from the money people around him, then eventually this needs to be paid and it’s no wonder that the possibility arises that Manny is hurting financially.
Add in the reports of a love of ********, houses and real estate bought around the globe that may be mortgaged or leveraged to others and you have a recipe for the same disaster that has befallen others like Tyson, Joe Lewis, or Holyfield.
In the mist of all this has been one constant, one voice looking to balance truth with hype, one watchful eye that you could take to the bank if they spoke. That has been Freddie Roach, who pulls no punches, and forewarned us several times about issues revolving around and in Pac land.
So when people hear that Freddie Roach has said that Manny Pacquiao is “Broke”, then I for one will put my money on the safe bet, and that’s Roach!
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