Pacquiao denies losing millions
MANILA, Philippines – Boxing superstar and Sarangani congressman Manny Pacquiao denied that he has been losing money amid reports on the internet that his net worth is merely $26 million.
Despite reportedly earning $20 million from his recent fight against Shane Mosley, Pacquiao’s latest net worth is just over $26 million, noted the The Boxing Tribune .
The author of the report, Paul Magno, said: "Pacquiao is still a very wealthy man and will likely remain one for the rest of his life, but it’s worth noting that some people, somewhere are enjoying the money that, rightfully, belongs to him."
The $26-million figure is based on Pacquiao’s Statement of Assets, Liabilities and Net Worth (SALN), which showed that his total net worth as of December 31, 2010 is P1.134 billion or around $26 million.
Pacquiao, however, laughed off reports that he's losing money.
“Ah, talaga? Kaya pala nakabili ako ng bahay sa Forbes. (Oh, really? So that's why I was able to buy a house in Forbes.)," Pacquiao said, referring to the P388-million mansion he purchased in Forbes Park in Makati City.
Based on Nevada State Athletic Commission (NSAC) figures, Pacquiao earned $3 million against Juan Manuel Marquez in March 2008; $3 million against David Diaz in June 2008; $6.6 million against Oscar de la Hoya in December 2008; $7.4 million against Ricky Hatton in May 2009; and, $7.5 million against Miguel Cotto in November 2009.
He also received an estimated $12 million for his fight against Joshua Clottey in 2010; $20 million against Antonio Margarito in 2010; and, $20 million against Mosley in 2011.
Revamped business team
The report about his "shockingly" $26 million net worth fueled speculations on the recent changes in Pacquiao's business team .
In a press release from Pacquiao’s official website, www.mp8.ph , it was announced that Pacquiao had hired the firm of VisionQwest Resource Group, Inc. and VisionQwest Accountancy Group from Los Angeles to handle the accounting, personal and business tax, audits and examinations and contract reviews.
The press release also noted that VisionQwest reports directly to Pacquiao, and that the firm is examining all of the boxer’s contracts from 2005 onwards.
With the hiring of VisionQwest, Canadian business adviser Michael Koncz will no longer be responsible for the handling of Pacquiao’s business dealings.
Life Of Manny Pacquiao - News
MANILA, Philippines – Boxing superstar and Sarangani congressman Manny Pacquiao denied that he has been losing money amid reports on the internet that his net worth is merely $26 million. Despite reportedly earning $20 million from his recent fight
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Life Of Manny Pacquiao - Bookshelf
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