Floyd Mayweather’s Promoter Sued By Manny Pacquiao's Promoter For $100,000,000 Alleging Bribery, Sabotage, Monopoly And Antitrust Practices

The Gloves Come Off

Al Haymon (center) and Floyd Mayweather (right)

Bob Arum, the promoter of boxer, Manny Pacquiao, under the Top Rank company, has sued, Al Haymon's Premier Boxing Champions. Haymon is a promoter and manager for the world's highest paid boxer, Floyd Mayweather, among other top pugilists. Haymon used to be a top music promoter in the entertainment industry, responsible for many lucrative R&B and rap concerts in the 1980s and 1990s.

Bob Arum and Manny Pacquiao

Arum is accusing Haymon of engaging in a boxing monopoly, anti-trust violations and sabotaging other promoters and boxers, as well as issuing payola type bribes in the sport. Recently, Haymon launched the Premier Boxing Champions series on the NBC network in America, allowing the public watch boxing matches for free, features stars such as Adrien Broner and Shawn Porter. However, another top boxing promotions company, Golden Boy, also sued Hayon alleging the very same thing - he is running a monopoly and violating U.S. anti-trust laws.

Floyd Mayweather and Manny Pacquiao

In all honesty, I have been enjoying the Premier Boxing Champions show on NBC. It is interesting and entertaining. However, if Top Rank and Golden Boy lay out sufficient evidence of a monopoly and anti-trust violations, with the matter properly proven and it reaches the SEC and FTC, Haymon could face charges and a whopping fine from the government. At the end of the day, we all want a clean fight inside and outside the ring.

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Al Haymon Sued by Top Rank Promotions: Latest Details and Reaction

July 1, 2015 - Embattled Premier Boxing Champions promoter Al Haymon is readying for another legal battle, as Top Rank Promotions filed a lawsuit against him Wednesday. Attorneys at Kramer, Levin, Naftalis and Frankel representing Haymon released a statement regarding the Top Rank lawsuit, (via Wil Esco at BadLeftHook.com).

The lawsuit filed today (Wednesday) by Bob Arum and Top Rank is entirely without merit and is a cynical attempt by boxing's old guard to use the courts to undermine the accessibility, credibility and exposure of boxing that the sport so desperately needs. "The Premier Boxing Champions series makes boxing free again, by bringing championship boxing to free TV, with a fighter-first promise and a commitment to the fans to restore boxing to the luster of its heyday. The continued success of this effort will far outlast this baseless lawsuit.

Haymon has become arguably the most prominent promoter and manager in boxing in recent years, but Bob Arum and Top Rank Promotions are looking to put a stop to that. According to Lance Pugmire of the Los Angeles Times, Top Rank is suing Haymon for more than $100 million in damages due to the notion that he is attempting to create a boxing monopoly by taking on multiple roles...

The lawsuit also claims Haymon is intentionally losing money for now in order to gain the upper hand over other promotions. In order to stifle legitimate promoters from competing against PBC, Haymon has obtained exclusivity commitments from broadcasters. Between these predatory 'payola' payments and the expenses of promoting each televised match, Haymon and Waddell & Reed are operating at a significant short-term loss in the millions of dollars. This 'loss leader' strategy ... has allowed Haymon to gain unfair advantage in the promoter market to the severe detriment of legitimate competitors like Top Rank...

Such accusations are nothing new for Haymon, who was sued by Golden Boy Promotions for $300 million in May due to alleged violations of antitrust laws, according to ESPN.com's Dan Rafael. Haymon was also accused by California Boxing Commission Commissioner John Frierson of sabotaging other promoters by reserving both the Forum and the Staples Center in Los Angeles in an effort to prevent competition from holding events, per Ivan G. Goldman of BoxingInsider.com...

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Manny Pacquiao Wants Out Of His Boxing Contract With Promoter Bob Arum Which Would Pave The Way For Fight Against Floyd Mayweather

Manny Pacquiao is facing IRS tax problems and contract issues

Franklin Gacal, the lawyer of well-liked Filipino boxer Manny Pacquiao has revealed the star is seeking a release from his existing contract with Top Rank Boxing promoter Bob Arum. As stated on the site previously, welterweight champ, Floyd Mayweather, stated he will not fight Pacquiao as long as he is represented by Arum. Pacquiao's contract with Arum runs out December 2014. 

Much of Pacquiao's tax troubles that Mayweather keeps bragging about, are being blamed on adviser, Michael Koncz, who has hidden the beloved fighter's contracts (with Top Rank Boxing). Pacquiao's lawyer stated, "Well, it appears there is really a problem. The IRS is claiming there is a tax deficiency. If there were some mistakes, it was Mike's fault. Why did it happen? They were supposed to have hired accountants. At the end of the year, after the filing of the tax returns, all problems should have been solved. If the US still has claims, there should be problems with recording and everything. So this is the point man's fault and that is Mike." 

Mike (Michael Koncz) suffered a stroke and is paralyzed on the right side of his body. It is not known whether his mental faculties are intact enough to make a clear representation of exactly what he did with Pacquiao's business and contracts. Pacquiao's lawyers need to continue talks with the IRS showing good faith, in attempt to work through the tax issue. If they sense a genuine desire to rectify the deficiencies, they will work with you and a payment plan can be established.

If boxer Floyd Mayweather does not fight Manny Pacquiao his legacy will be incomplete with folks continuing to state he is scared of him. 

 

It appears Pacquiao trusted the wrong people, which has happened to others. For example, gifted musician, Billy Joel, who is one of the most talented singer/songwriters ever, made a fortune from his talent, but someone close to him stole and squandered $20,000,000 of his earnings. In the entertainment and sports world, the general rule must always be, trust no one and verify all items presented to you. While there are decent, honest people in both industries, there are opportunists and thieves as well, who are always looking for someone to rob and exploit. Protect yourself and your financial future. 

In closing, Money May is still trash talking stating, "Pacquiao had his opportunity. He had his chance. When he had his opportunity and he had his chance, I guess he was tooting his own horn and he felt like he was on the same level as me. It's obvious he wouldn't have asked for 50/50. So now, two losses later and he's got a problem...when I offered you $40 million, you turned it down...Pacquiao got IRS problems. Pacquiao got pay-per-view number problems. Pacquiao's boss name is Rob Arum. Pacquiao owes $68 million in taxes..."

Who knows what Mayweather's true feelings are regarding wanting Arum out of the picture. However, it is Mayweather's right to decline to fight anyone in Arum's stable. Just like it is Pacquiao's right to seek a new promoter when his contract with Top Rank Boxing expires at the end of the year. That's sports. 

Both Pacquiao and Mayweather have to do what's best for them. It's not a matter of being cold, calculating or callous. They both need to seek the best compensation package in any deal they pursue, as they have families to support and need to plan for their financial futures. It's unfair to work so hard and not be able to enjoy the fruits of one's labor. Once again, protect yourselves and be smart with your money (or someone else will).

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PACQUIAO LAWYER, FRANKLIN GACAL, BLAMES MICHAEL KONCZ FOR TAX ISSUES AND HIDING CONTRACTS; URGES PACQUIAO TO LEAVE

January 07, 2014 - In a recent interview, Manny Pacquiao's long-time Filipino lawyer, Franklin Gacal, raised a number of eyebrows after urging promoter Bob Arum to release the multi-division world champion from his contractual obligations. Responsible for reviewing all of Pacquiao's contracts, both in and out of the ring, Gacal has long-been considered one of the closest confidants of the fighting congressman from Sarangani, who named him his Chief of Staff after his election. To the surprise of many, Gacal revealed that he has never seen Pacquiao's current contract with Top Rank thanks to adviser Michael Koncz, who apparently kept it hidden from him...

Gacal also suggested that Koncz may not have Pacquiao's best interest at heart and is more concerned about maintaining good relations with Arum. "Mike looks up to Bob Arum when Pacquiao is done with boxing. When Pacquiao is done, who is he? So he has to maintain his good relations with Bob Arum," Gacal continued in an interview with Edwin Espejo of Rappler.com. He went on to explain why Pacquiao has kept Koncz around for so long. "Manny is a good man. If you show him loyalty and you really work for him, you will be rewarded. Steal from him 10 times and asked for forgiveness once, he will forgive you 11 times."... 

It seems now, even members of Pacquiao's inner circle agree with what Alex Ariza first told FightHype readers over two years ago; that Bob Arum and Michael Koncz are preventing a mega-fight between Floyd Mayweather and Manny Pacquiao from taking place. "For this fight, Arum should not be involved. That is the only way for the fight to happen. Everybody wants the fight. Bob should give way if that is the only way. That is the advice I can give to Manny for now," Gacal added. 

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