Comments Thread For: Ricky Burns Has Gone Bankrupt, Battles Heavy Debts

[Grimmer]

I don't doubt for one second that this whole scenario was played out well before Eddie Hearn snapped him up.
'Listen mate you're going to get sued big time by Frank, he has a contract so you cannot expect to win there, I'll have an accountant move a few things around for you, all of your assets will need to go under another name and then I want you to go bankrupt before u have a big payday and u wont have to pay fisheyes a thing!!'

If they didn't go through this whole scenario then Burns is one dozey f##ker

Well his biggest paydays would have been when he was world champion. He's lost his title and will struggle to earn the amount he was getting paid as a champion. So what you suggested doesn't really add up as Burns value has plummeted after his last 4 fights. If they were doing what you suggested he'd have done it when he first signed with Hearn

Eddie Hearn is a vile human being. He isn't even fit to shine Frank Warren's shoes, and I'm not big Warren fan... Why wouldn't Warren sue?? Why would he just let people take liberties with his business and not protect that??

Eddie Hearn is a used car salesman with a rich dad, who is basically doing Barney Francis' bidding for Sky. He has been allowed to build a UK monopoly and gives zero ****s about any of his fighters deep down. He has cashed out most of them in the end.

There is no way he has helped Burns stash money and assets away in some Swiss safety deposit boxes, he isn't the wolf of wallstreet.

Ricky Burns is now ****ed, coz Hearn promised him big paydays and dodge legal advice and then couldn't deliver after Burns lost to Beltran, Crawford and then Zlaticanin (which was shocking match making too).

Frank Warren owed Burns £150k for the Mitchell fight, money which Burns will never see as FWP, the company who owe Burns, has been liquidated. Burns left Warren because he wasn't getting paid properly, which is fair grounds for wanting to leave.

Frank Warren also approached Burns 15 minutes before a fight, when Burns had his hands wrapped up and gloves on and presented him with a contract extension saying "if you don't sign this now, you don't fight". Real Don King type shady shît.

Hearn's used Burns but at least he paid him and hasn't liquidated companies to avoid paying fighters.

It's not even the first time Frank has done it. He creates companies, employs himself as a director, takes his salary before paying everyone else and when the money dries up without being able to pay everyone he dissolves it without there being any liability on himself to pay the debts. He then starts up a new company and does the same. He did it with Sports Network and FWP in recent years.

How he's allowed to do that is crazy. The British Boxing Board of Control should have taken action a long time ago to prevent this and protect the boxers.

[Dr Rumack]

Apparantly there's a Ltd company which was formed back in 2011 under the name of Ricky Burns Promotions.

He's been paying all his purses into that company. So that £224 or however much it is, isnt really how much Ricky has left. He's been tucking his money into a seperate company for about 4 years so Frank cant touch that. He can only lay claim to this 200 odd quid Ricky is showing so I'd say Ricky is not in as much trouble as is made out.

Will that work?

[Daveros]

Well his biggest paydays would have been when he was world champion. He's lost his title and will struggle to earn the amount he was getting paid as a champion. So what you suggested doesn't really add up as Burns value has plummeted after his last 4 fights. If they were doing what you suggested he'd have done it when he first signed with Hearn



Frank Warren owed Burns £150k for the Mitchell fight, money which Burns will never see as FWP, the company who owe Burns, has been liquidated. Burns left Warren because he wasn't getting paid properly, which is fair grounds for wanting to leave.

Frank Warren also approached Burns 15 minutes before a fight, when Burns had his hands wrapped up and gloves on and presented him with a contract extension saying "if you don't sign this now, you don't fight". Real Don King type shady shît.

Hearn's used Burns but at least he paid him and hasn't liquidated companies to avoid paying fighters.

It's not even the first time Frank has done it. He creates companies, employs himself as a director, takes his salary before paying everyone else and when the money dries up without being able to pay everyone he dissolves it without there being any liability on himself to pay the debts. He then starts up a new company and does the same. He did it with Sports Network and FWP in recent years.

How he's allowed to do that is crazy. The British Boxing Board of Control should have taken action a long time ago to prevent this and protect the boxers.

Surely if you liquidate a company you are unable to open a new one??

[Chrismart]

Not a nice story if it's as serious as it sounds. Surely Matchroom must shoulder some of the blame? Hard to say thought, not knowing the facts.

He's probably past is best now but he needs to keep busy and earn some money.
He has a fight over in America soon, then, although he probably feels he's above domestic level..there is some decent domestic fights to be made, especially if he is willing to go back down to 135.

[Grimmer]

Surely if you liquidate a company you are unable to open a new one??

You'd have thought so, but Warren seems to do it at will. He liquidated Sports network and then formed Frank Warren Promotions. He liquidated that and opened Queensbury Promotions in his sons name, yet he's still the main man behind it.

The BBBoC really ought to have done something about it by now as it's shady as hell.

[Tom Cruise]

Something that confuses me also about this.

So Burns was owed money by FW for the Mitchell fight, but ended up not paying due his company being liquidated, so who was Burns' contract with? Surely not being paid £150,000 is grounds to terminate a contract?

Or was his contract directly with FW, in which case surely he would have to foot the bill whether one of his companies goes bust or not?

Someone in the know explain for me?

[Santa_]

Damn that sucks.

Omar Figueroa going to clobber him to boot, tough luck.

[sicko]

This happens a lot in boxing, it is so unfortunate. These guys get themselves in AWFUL DEALS which looks great when they first turn PRO but then you realize it is a **** deal once you start have success and your fame starts to rise and you start to win World Championships. Then you end up paying a lot of money trying to get out of that deal.

So I guess this fight vs Figueroa is must win for him

[Humean]

Something that confuses me also about this.

So Burns was owed money by FW for the Mitchell fight, but ended up not paying due his company being liquidated, so who was Burns' contract with? Surely not being paid £150,000 is grounds to terminate a contract?

Or was his contract directly with FW, in which case surely he would have to foot the bill whether one of his companies goes bust or not?

Someone in the know explain for me?

Frank Warren Promotions was Burns' promoter. The promotional company owed Burns money although if I remember correctly the judge said that Burns still didn't have grounds to end his promotional contract although he also found that Warren's claims about the amount of money he lost out from this situation was a pile of bull**** because Warren's shows were unprofitable. Frank Warren was also the co-manager and the judge deemed that he was owed his money as Burns co-manager, money that he had deferred going back a number of years. It is this money that apparently Burns cannot pay.

[aboutfkntime]

I don't doubt for one second that this whole scenario was played out well before Eddie Hearn snapped him up.
'Listen mate you're going to get sued big time by Frank, he has a contract so you cannot expect to win there, I'll have an accountant move a few things around for you, all of your assets will need to go under another name and then I want you to go bankrupt before u have a big payday and u wont have to pay fisheyes a thing!!'

If they didn't go through this whole scenario then Burns is one dozey f##ker

Not convinced that Hearn was involved.

Maybe, not sure.

But I think that there is likely some truth in what you are saying here.

Burns current assets total $228 ?

Riiiiiiiiiighty then !