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Part 2 is up.
http://******.craveonline.com/news/4...haymon-part-ii
Hauser covers some familiar territory with Lamon Brewster.
Also goes intot he financial sisutations with promoters and fighters:
Also goes into the Top Rank case:
http://******.craveonline.com/news/4...haymon-part-ii
Hauser covers some familiar territory with Lamon Brewster.
Also goes intot he financial sisutations with promoters and fighters:
Haymon purports to be a manager. But he functions as the de facto promoter for virtually all of the shows on which his fighters appear. He negotiates with the television networks, selects most of the fighters who appear on the card, determines purses for the featured fighters and tells the promoter of record how much the promoter will be paid.
“I don’t know how much money was raised, I don’t know how much money was spent and I don’t care,” Leon Margules said of a recent PBC card for which he was the promoter of record. “That’s Al’s job.”
One can argue that the Ali Act was designed to protect fighters and, thus, Haymon’s blurring of the line between managing and promoting is inconsequential. Other legal issues are more problematic.
Haymon seems to be engaging in some of the same questionable practices as other managers and promoters.
For example; Keith Thurman’s purse as reported to the Florida State Athletic Commission in conjunction with his July 11, 2015, PBC fight against Luis Collazo was $1.5 million. But Thurman told Dan Rafael of ESPN.com that Haymon gave him a check for an additional $1.2 million.
The purses filed with the New Jersey State Athletic Control Board for the Aug. 15, 2015, PBC fight between Antonio Tarver and Steve Cunningham were listed as $250,000 for each fighter. But Tarver is said to have received a total of $500,000. And a source close to Cunningham says that the fighter was paid an additional $100,000 as an advance.
Haymon isn’t the first person in boxing to be mentioned in conjunction with differing sets of contracts and inaccurate filings with state athletic commissions. But if an inaccurate filing occurs, the tax consequences can be significant. And it might affect payments to third parties based on contract percentage splits.
“I don’t know how much money was raised, I don’t know how much money was spent and I don’t care,” Leon Margules said of a recent PBC card for which he was the promoter of record. “That’s Al’s job.”
One can argue that the Ali Act was designed to protect fighters and, thus, Haymon’s blurring of the line between managing and promoting is inconsequential. Other legal issues are more problematic.
Haymon seems to be engaging in some of the same questionable practices as other managers and promoters.
For example; Keith Thurman’s purse as reported to the Florida State Athletic Commission in conjunction with his July 11, 2015, PBC fight against Luis Collazo was $1.5 million. But Thurman told Dan Rafael of ESPN.com that Haymon gave him a check for an additional $1.2 million.
The purses filed with the New Jersey State Athletic Control Board for the Aug. 15, 2015, PBC fight between Antonio Tarver and Steve Cunningham were listed as $250,000 for each fighter. But Tarver is said to have received a total of $500,000. And a source close to Cunningham says that the fighter was paid an additional $100,000 as an advance.
Haymon isn’t the first person in boxing to be mentioned in conjunction with differing sets of contracts and inaccurate filings with state athletic commissions. But if an inaccurate filing occurs, the tax consequences can be significant. And it might affect payments to third parties based on contract percentage splits.
Top Rank has served discovery demands on the Haymon defendants and close to a dozen other individuals and corporate en****** including Waddell & Reed, Ryan Caldwell, Richard Schaefer and several local promoters that Haymon has been using to promote PBC events. Similar requests for discovery from the television networks that Haymon has been doing business with are expected shortly. To date, Top Rank’s discovery demands (and those of Golden Boy) have been met by a laundry list of objections with the apparent aim of delaying, if not outright obstructing, discovery.
A source close to Haymon says, “So far, Al is resisting discovery. But if discovery really goes forward, he’s going to go after every piece of paper that involves Top Rank’s relationship with Manny Pacquiao. Al takes pride in the fact that his representation of Mayweather is the antithesis of the way Arum has dealt with Pacquiao. And yes, I know that Arum is Pacquiao’s promoter, not his manager, so he has a different fiduciary duty. But that doesn’t relieve him of the obligation to give Pacquiao an honest accounting. And by the way, why should Michael Koncz (Pacquiao’s business advisor) get a free pass?”
This could get ugly.
A source close to Haymon says, “So far, Al is resisting discovery. But if discovery really goes forward, he’s going to go after every piece of paper that involves Top Rank’s relationship with Manny Pacquiao. Al takes pride in the fact that his representation of Mayweather is the antithesis of the way Arum has dealt with Pacquiao. And yes, I know that Arum is Pacquiao’s promoter, not his manager, so he has a different fiduciary duty. But that doesn’t relieve him of the obligation to give Pacquiao an honest accounting. And by the way, why should Michael Koncz (Pacquiao’s business advisor) get a free pass?”
This could get ugly.
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