Comments Thread For: Ortiz, Trainer Angered Over Promoter's Handling of Joshua Talks

[Jrtxboiy]

Hearn and Joshua making all the money but low balls everyone else sounds about right

[OnePunch]

Isn't that the case with a lot of lower level promoters?

Randomly I'm seeing this Jorge guy has some other businesses too btw.



Thats makes sense.



Yea I'd doubt they've spent 30 cents myself. I see no Dade Promotions or Jorge Carmenate mentioned in any of Ortiz's events on Boxrec.

I did see Henry Rivalta of Heavyweight Factory promoted several of Ortiz's first dozen-ish fights before Ortiz appears to be freelanced out to various promoters til he got to GBP around 20 fights in & when most of us started to really hear about him.



So a $1M dollar deal should be getting a promoter $100k-$150k & the fighter $850k-$900k (to split among the rest of his team) basically? That'd be in the range of fair in your estimation?

What would you consider a promoter who's taking over 15%?

Does a guy operating like this guy is operating have to have had a promotional license at any point or maintain a promoters license or some level of activity "promotional" (if that makes any sense) despite not putting on shows or reallllllly being a promoter? I'm guessing no on the second part, but unsure on the first part.

This seems f#cking nuts to me that this is a thing. Granted its boxing & the level of corruption in boxing never fails to impress me, but wtf still.

For ME I wouldnt want to take more than 100k or 150k out of a $1million purse, because the fighter still has to pay his manager, his trainer, cutman, uncle sam, and still have money to live on. No point in bleeding him dry, and then in 60 days he's calling me for another advance. But thats just me. Other people may think that 20% or 25% is fair. Don King contracts for example take 25% of any purse bid that he didnt win.

As for licensing, for the promotional contract to be valid, the promoter must be licensed. In Florida the only requirements for licensing are a $15,000 surety bond, and the $250.00 license fee. Staging events is not a requirement.

[Eff Pandas]

$500k is the purse that was filed with the NY commission. If he made more than that, then he has committed income tax fraud against the State of NY.

Why would a person be bound to what was filed with the NY (or any state) commission? Seems like you just need to disclose it on your tax documents like everyone else who gets paid off the books in some sorta way & have some documentation about it ideally as I'm sure there are checks & balances for this money along the way.

It appears to me that the purses released by commissions are often not the true purse. Guys in the UFC have regularly stated they got locker room bonuses that are unreported by commissions. Ex-UFC champion Frank Mir has a famous story where he tells of receiving a $1M locker room bonus where he goes all emo & sh^t cuz it was life changing money for him at the time.

And how would you even disclose how much someone is paid for a PPV fight BEFOREHAND when the fighters get a cut of the PPV revenue that takes months to fully count & collect?

[The3]

I don't get why the PBC guys are not jumping to DAZN for more money???

Purses! DAZN vs PBC tonight & tomorrow.

DAZN

Jessie Vargas $1.2M US
Rungvisai $500k
Estrada $200k
Daniel Roman $200k
Doheny $230,000
Humberto Soto $150k
Sims Jr. $50k

PBC

Robert Easter Jr $250k
Barthelemy $250k
Postol $20k
Mimoune $20k
Efe Ajagba $10k
Michael Wallisch $20k

— Boxing Kingdom (@BoxingKingdom14) April 26, 2019

[Eff Pandas]

For ME I wouldnt want to take more than 100k or 150k out of a $1million purse, because the fighter still has to pay his manager, his trainer, cutman, uncle sam, and still have money to live on. No point in bleeding him dry, and then in 60 days he's calling me for another advance. But thats just me. Other people may think that 20% or 25% is fair. Don King contracts for example take 25% of any purse bid that he didnt win.

So there isn't really a industry standard or acceptable range per se? Its a get what you can get or get what YOU deem fair type thing?

As for licensing, for the promotional contract to be valid, the promoter must be licensed. In Florida the only requirements for licensing are a $15,000 surety bond, and the $250.00 license fee. Staging events is not a requirement.

Again thats f#cking nuts to me. If you can find a dumb enough or desperate enough boxer you could f#ck up their whole career just cuz you got $15,250.

Randomly if your surety bond got canceled or w/e could negatively happen to your surety bond to void it or for some wonky reason you couldn't come up with $250 (I assume this is a yearly charge so disregard my inclusion of his in the question if its a one & done situation) does that mean all fighters you had signed to your promotion are free agents or is there some window to retain them or what happens if you fall out of favor as a promoter with the state in some way?

[OnePunch]

Why would a person be bound to what was filed with the NY (or any state) commission? Seems like you just need to disclose it on your tax documents like everyone else who gets paid off the books in some sorta way & have some documentation about it ideally as I'm sure there are checks & balances for this money along the way.

It appears to me that the purses released by commissions are often not the true purse. Guys in the UFC have regularly stated they got locker room bonuses that are unreported by commissions. Ex-UFC champion Frank Mir has a famous story where he tells of receiving a $1M locker room bonus where he goes all emo & sh^t cuz it was life changing money for him at the time.

And how would you even disclose how much someone is paid for a PPV fight BEFOREHAND when the fighters get a cut of the PPV revenue that takes months to fully count & collect?

they could indeed disclose it on their NY taxes. Its just been my experience that folks in boxing aren't always thorough on their tax compliance lol.

And PPV revenue takes months, sometimes years, to trickle in, sometimes long after taxes have been filed and paid. At that point it would be on the fighter to file a supplemental return and pay the tax on that residual income. But who are we kidding?

[Jsmooth9876]

You do know there is an article in this very thread where Jorge Carmenate, the President of Dade Promotions, says he thought Eddie was lowballing him & he wanted more money right? LOL.

Why mfers ALWAYS trying to blame Al Haymon for EVERYTHING??!?!??!?????!!!!!

Its sorta hilarious people do this.



I suspect you'll counter with "well he's just saying that cuz HAYMON told him too" lmfao.

Ok what' the excuse for Ortiz not telling them Mfers to make the fight then?
Supposedly he wants it and nobody has been selected for June 1st by Hearn.

Little su****ious all the dudes who deal with PBC/Haymon all turned down huge offers to face the guy.

Youd think they would wanna go after 3 belts and multi millions but somehow they all keep saying no. Kownacki and Ortiz make chump change compared to what they've been offered and Wilder got offered about 30 million more than hes ever sniffed.

They're all either the dumbest mfers on the planet or someone is in their ear.

Or it's just a huge coincidence I guess lol

[Fanofreason]

See how they said what Eddie verbally offers and what Eddie puts in writing in a contract are totally different.

Eddie is garbage.

[OnePunch]

So there isn't really a industry standard or acceptable range per se? Its a get what you can get or get what YOU deem fair type thing?



Again thats f#cking nuts to me. If you can find a dumb enough or desperate enough boxer you could f#ck up their whole career just cuz you got $15,250.

Randomly if your surety bond got canceled or w/e could negatively happen to your surety bond to void it or for some wonky reason you couldn't come up with $250 (I assume this is a yearly charge so disregard my inclusion of his in the question if its a one & done situation) does that mean all fighters you had signed to your promotion are free agents or is there some window to retain them or what happens if you fall out of favor as a promoter with the state in some way?

Technically if you have decent enough credit you dont even need $15,250. The fee for a $15k bond is only like $600


and yes, if your promoters license is suspended or revoked, all contracts die.

[Robbie Barrett]

Tuesday - Luis Ortiz announces the fight with Anthony Joshua won't happen & accuses Eddie Hearn of "low-balling him".

Wednesday - Eddie Hearn threatens to "expose" Luis Ortiz's team on the offer.

Friday - Ortiz's team announce it's their fault the AJ fight isn't happening.

👀 pic.twitter.com/zgpofrHTTD

— bet365 (@bet365) 26 April 2019