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

[aboutfkntime]

It does seem strange now I think about it.

He would have had to make a series of bad decisions to be bankrupted by this imo.

The other option which i saw on another forum, is that he could have stashed money somewhere out of view and is declaring bankruptcy to avoid paying Warren. Whether Burns is bright enough or has the means to pull it off i dont know

It can be really difficult to hide assets/wealth, but IF that is happening, then rest assured that Burns would be taking the advice of a very good accountant/lawyer.

Burns current assets total $228 ?

[aboutfkntime]

$228..... is about $400 here.

What does $400 buy ?

2x tyres for my old jeep.

A good quality jacket.

2x reasonable pair of shoes.

Wow.

[aboutfkntime]

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.

That makes much more sense, not surprised at all.

The " what a dumba55 " comments, when there is little/no information on the table, were always going to be premature.

[Humean]

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.

Burns may have more assets than he is declaring but I doubt he has all that much. The reason he left Warren for Hearn was he was in financial difficulties due to late payments from Warren and the postponement of fights and besides his purses don't seem to have been all that substantial in the first place.

[Tom Cruise]

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.

Cheers Humean. Sounds a bit sketchy from a few different angles to be honest.

Also though,

Doesn't the Ali act stop the same person from being promoter and manager? I seem to remember a few different Warren fighters escaping his contracts citing this law. Maybe Cleverly and Degale? I forget now. Seems strange that Burns wasn't able to use the same reasoning, unless the situations were different

[Humean]

Cheers Humean. Sounds a bit sketchy from a few different angles to be honest.

Also though,

Doesn't the Ali act stop the same person from being promoter and manager? I seem to remember a few different Warren fighters escaping his contracts citing this law. Maybe Cleverly and Degale? I forget now. Seems strange that Burns wasn't able to use the same reasoning, unless the situations were different

The Ali Act is a US federal law. You can be both a manager and a promoter in the UK. As Haymon proves you can also be both in the US as the Ali Act doesn't seem to be enforced.

[aboutfkntime]

I would bet that a number of " homeless " people, have a net worth that is higher than Ricky Burns.

$228

Strange that very few posters have even commented on that.

[////]

Boxing is worse than MMA in some ways when it comes to money. You are always a few fights away from that superstar payday, but if you don't quite make it there, you probably retire owing more than your net worth. That's the downside of each fighter being is own "franchise".

[SlySlickSmooth]

Should of fought Broner for some money when he had the chance.

[Humean]

I would bet that a number of " homeless " people, have a net worth that is higher than Ricky Burns.

$228

Strange that very few posters have even commented on that.

He does have more than 228 dollars, he has 228 pounds . . .