Arum reiterates concern over Pacquiao's financesabs-cbnNEWS.com | 05/15/2009 8:55 PM
Top Rank promoter Bob Arum on Friday reiterated his concern over the finances of boxing icon Manny Pacquiao, who is known to be “overgenerous†with his money even to free loaders.
Arum repeated his concern after handing Pacquiao his $12 million purse for his “Battle of East and West†match with Ricky Hatton last May 2. He added that the boxer stands to receive more from pay-per-view earnings generated by the fight.
“He has [already] been paid his complete purse,†said Arum.
Arum said that he wanted to have a word with Pacquiao patrons, Environment and Natural Resources Secretary Lito Atienza and Deputy National Security adviser Luis “Chavit†Singson, to make sure that the boxer uses his money wisely.
“As far as any extra amount, he stands to make an additional considerable amount, I'd like to sit with everybody and make sure he saves his money. It’s his and he works very hard for it,†said the Top Rank honcho.
Lavish spendingIn an earlier report by BoxingScene.com Arum said: "I'm not going to stick that money [fight earnings] in his bank. I am going to sit down with him and Jinkee (Pacquiao's wife) and guys like Lito (Atienza) and Chavit (Singson) whom I respect, and make sure he puts it some place where he can't get his hands on it."
Arum is afraid that Pacquiao might someday end up like Mike Tyson, who went bankrupt after having squandered nearly $300 million in ring earnings through lavish spending and bad financial advice.
A report by the Manila Standard Today said Arum is concerned over Pacquiao’s plan to run for public office in the 2010 elections, where the boxer is expected to pour a "considerable amount."
The report also said that Pacquiao had three construction projects under way in the Philippines and recently bought a 4,500-square feet, 5-bedroom house in Hancock Park, which borders Beverly Hills, California.
Willing to helpSingson, who threw a victory party for Pacquiao last Thursday, said he is very much willing to help Pacquiao regarding financial advices.
“Okay lang sa akin ‘yun. Sa tingin ko dapat lang ‘yun lalo na sa laki ng kinikita niya ngayon ay alagaan niya na husto yung mga pag-iinvest nya,†he said.
Pacquiao said he sees nothing wrong with Arum’s concern.
“Okay lang ‘yun na may tutulong pa sa akin sa pera ko. Meron naman good investments at may bad investments ‘di ba? So tama lang na magtulungan tayo sa pera,†he said. -- Report from TJ Manotoc, ABS-CBN News
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