Comments Thread For: Golden Boy, Mayweather Promotions, Top Rank Applied For Forgivable Loans Amid Pandemic

[Ajvar]

These guys, oscar, bob and floyd have collectively paid over a billion in taxes. They're entitled in this situation.

bull sht. unless they payed bigger fee than others which we know they didn't, they are not anyhow more entitled.

If anything, they shouldn't get it because bigger ships float longer.

[Ajvar]

Only on a boxing forum you could find unicums who would defend 3 Top Promoters companies getting help package of taxmoney.
It's like There is range from 0 to indefinite of how intelligent talk can be... but boxing forum has it at NEGATIVE.

The only thing more conic and ironic than giving money to promoters would be giving those to banks at the time of financial crisis in 2008.

TOP promoters who "fire" their boxers who cannot bring huge enough profit margin as other top fighters can.

Except boxers are not their emplyees and so none of them actually gets anything from help packages benefiting promoters, not nobody has his rights of not being fired and minimum wage etc.

Promoters provide NOTHING. LITERALLY NOTHING for the society. Their only creation is getting more money to themselves and paying enough scraps to keep a fighter contractually obligated to pay them. NO manufacturing, NO valuable service. You take away promoters and what average Joe loses? He will pay less for a PPV - THAT'S WHAT!

P rompers asking for nonrefundable loan... hilarious. It's like Trump asking for 1 million from taxpayers for painting his hair in orange and getting tan... as of that anyhow had been or would be benefitial to USA

[Combat Talk Radio]

I'll say this.

COVID-19 cut my business income down to less than 10% of norm.

Better believe I took both loans. Didn't matter that I have money in the bank. Bills need income, not savings.

[Luilun]

Same reason Oscar and Arum are taking it, why are you just targeting Mayweather??

Arum net worth
Bob Arum net worth: Bob Arum is a professional boxing promoter who has a net worth of $300 million


Oscar net worth

Net Worth: $200 Million Oscar De La Hoya

Is Oscar and Bob bragging on Youtube videos how much money they have ? Net worth is an estimate of what someone has no one really knows how rich a person is. Net worth says Trump has 3 billion he says 10 billion do you know the answer

[KillaCamNZ]

Can't blame them for gaming the system - that's the way things are set up.

[Inspired]

bull sht. unless they payed bigger fee than others which we know they didn't, they are not anyhow more entitled.

If anything, they shouldn't get it because bigger ships float longer.

Look, there are people like jeff bezoz whose company pays very little in taxes and helps masses of chinese sellers evade taxes through their fulfillment service.
people like bob, floyd and oscar have paid their taxes..these type of people arent let off by the taxman. Evander holyfield had the taxman after him for a long time. They've paid in far more than than they're taking from the system.
These major corporations are the real problem.

Also, the 3 of them do have a lot of money, but their companies don't generate huge numbers, they probably qualify as SME's and if they're eligible for loans, they can use them if they want. They employ people, pay their taxes etc. they help the economy.

[Jax teller]

You do realize what you just said about government funding businesses during catastrophic circumstances applies to 99% of businesses? 99% of businesses in this country are small businesses. They are the businesses that employ the majority of people across this country. They also do not pay dividends because they are not public. Because of the over reacted shutdown small business job loss was in the millions. Small businesses are unable to maintain a flow of income for more than a month. This has nothing to do with carelessness of the part of the small business owner. Small businesses (including the ones we are speaking of in this very article) are the lifeblood of this country and are the largest employers. There are numerous legal reasons why personal and business finances are kept separate. No one expects a business owner to also go financially bankrupt just because the business takes a hit.

What are you talking about? If a company isn't public it just means the shares are private but the shareholders can still take dividends.

You said you can't inject private capital to fund your company as this is mixing personal funds.

You don't know what you are talking about.

An event such as the current may be too much to expect to be covered due to the length of the crisis but companies should have a reasonable period in which they could cover if the CEO's and shareholders are taking out millions. Many started laying people off in the first week and I'm speaking more generally than just this pandemic.

If tax monies are being used to bail out largers companies where then CEO's/Owners (moreso majority owners) continue to earn millions it is not unreasonable to expect them as the main benifactor to provide financial help to protect their source of income. Otherwise their is no risk,s responsibility or consequences for them making bad decisions or making overly aggressive profiteering strategies that cannot be sustained or even sometimes acheived.

There either needs to be more regulation to encourage the building of robust companies or consequences for not having a robust business. If not you will be always giving away handouts at every hiccup.

Prevention is bettter than a cure.

[Boxingfanatic75]

What are you talking about? If a company isn't public it just means the shares are private but the shareholders can still take dividends.

You said you can't inject private capital to fund your company as this is mixing personal funds.

You don't know what you are talking about.

An event such as the current may be too much to expect to be covered due to the length of the crisis but companies should have a reasonable period in which they could cover if the CEO's and shareholders are taking out millions. Many started laying people off in the first week and I'm speaking more generally than just this pandemic.

If tax monies are being used to bail out largers companies where then CEO's/Owners (moreso majority owners) continue to earn millions it is not unreasonable to expect them as the main benifactor to provide financial help to protect their source of income. Otherwise their is no risk,s responsibility or consequences for them making bad decisions or making overly aggressive profiteering strategies that cannot be sustained or even sometimes acheived.

There either needs to be more regulation to encourage the building of robust companies or consequences for not having a robust business. If not you will be always giving away handouts at every hiccup.

Prevention is bettter than a cure.

Myself and my ex wife have owned multiple LLCs. An LLC CANNOT have shareholders, period end of story. Almost all small businesses are LLCs. I also never said you CANT inject personal capital into your business. However any person with half a brain will tell you that you save, take out a small business loan and that is the start of your LLC. IF YOU TAKE PERSONAL CAPITAL or start mixing your personal capital with your LLC business capital your lose the legal protections of your LLC. If someone sues you you cannot use the LLC to shield the litigant from your PERSONAL finances. They can therefore come after your house, your car, your personal savings etc.

I’m not for more regulations. Regulations kill business. The Government can’t even run their own budget and have bankrupted the nation 10 times over yet id trust anyone in Government to “regulate” businesses? Please....With respect to large companies there’s no easy answer. One part of me says let them fail as we should another part knows damn good and well thousands (depending on the company) depend on dividends in retirement in order to live. If you let the company fail thousands could be thrust into poverty at no fault of their own.

This is what bankruptcy is for and should have been forced onto GM, and the banks during the financial crisis early 2000’s. Bankruptcy allows you and your company to restructure and some come out much stronger as a result. That is why there are bankruptcy laws on the books.

[Boxingfanatic75]

Only on a boxing forum you could find unicums who would defend 3 Top Promoters companies getting help package of taxmoney.
It's like There is range from 0 to indefinite of how intelligent talk can be... but boxing forum has it at NEGATIVE.

The only thing more conic and ironic than giving money to promoters would be giving those to banks at the time of financial crisis in 2008.

TOP promoters who "fire" their boxers who cannot bring huge enough profit margin as other top fighters can.

Except boxers are not their emplyees and so none of them actually gets anything from help packages benefiting promoters, not nobody has his rights of not being fired and minimum wage etc.

Promoters provide NOTHING. LITERALLY NOTHING for the society. Their only creation is getting more money to themselves and paying enough scraps to keep a fighter contractually obligated to pay them. NO manufacturing, NO valuable service. You take away promoters and what average Joe loses? He will pay less for a PPV - THAT'S WHAT!

P rompers asking for nonrefundable loan... hilarious. It's like Trump asking for 1 million from taxpayers for painting his hair in orange and getting tan... as of that anyhow had been or would be benefitial to USA

Enlighten us genius. Exactly how many people have you employed during your existence? Exactly how many times have you had to meet payroll? How many lines of credit have you had to float during your first few years of your startup in order to meet payroll? I’m betting the farm in never. Yet you seem to have a big mouth knowing absolutely nothing about business.

Golden Boy Promotions operates on an annual revenue of 7 million and employs 36 people. Top Rank operates on a revenue of 6 million and employs 30 people. But I digress. Please do keep going I’m receiving an education.

[Dasmius Shinobi]

This can be a double edge sword, but help is the desicions are smart.

I don't know how taxes operate, loans and interest, but understand this can be a edge-sword, If thing don't go right and still the dept amount is not profit is earned. My angle is, I hope this not begin a trend of debts and cutting loses to all party's involve.