by Paul Magno
According to an official document issued by the House of Representatives in the Philippines, current WBO welterweight champ, Manny Pacquiao has a net worth of approximately 1.134 billion PHP (Philippine Pesos), which comes out to just over 26 million in American Dollars. (The document takes into account all assets up to January 1st, 2011)
Net worth is calculated by taking a person’s total assets, then subtracting their liabilities. The figure quoted above takes into consideration all Pacquiao assets, including real estate and pay from TV and radio performances, public appearances, album sales, licensing, local and international endorsements as well as the money earned from his fights.
Generating approximately $384 million in revenue from his PPV events prior to last May’s Shane Mosley bout, alone, the shockingly low net worth tells the tale of a fighter either quickly going through his money or in desperate need of an independent accounting firm to deal with some pressing business issues.
Enter, VisionQwest Resource Group, Inc., an agency specializing in contract issues and tax concerns.
As reported in a press release yesterday, Manny Pacquiao has retained the services of VisionQwest to handle all business dealing as well as review “all contracts from 2005 and going forward.”
Team Pacquiao is currently being reviewed and the management team streamlined in order to create a more effective business unit. In the press release, the Los Angeles-based firm also announced that they had “retained the services of a strong boxing business professional who has a solid background in fighter management and negotiations” who will be involved in all future contract reviews.
Tales of fighters and money woes are, sadly, as much a part of boxing’s history as devastating knockouts and shocking upsets, but these things are never nice to hear.
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.