PACQUIAO WATCH: The beauty of guaranteed purse
By Edwin G. Espejo
PhilBoxing.com
Wed, 26 Nov 2008
BOTH Golden Boy Promotion and Top Rank top executives are now downsizing and downplaying their earlier huge forecast on pay per view (PPV) buys for the December 6 (December 7 Philippine time) fight between Oscar dela Hoya and Manny Pacquiao.
From a high estimate of topping or equaling the 2.15 million buys generated by the Dela Hoya-Mayweather Jr. ticket last year, the promoters of the Dream Match are now saying 1.5 million PPV buys would already be a 'smash hit' given the recession that is hitting the US economy.
Scalpers who anticipated to make a killing earlier cornered the live ticket sales are now reportedly having a hard time moving tickets valued at $1,500 where before these could command a pricey tag of up to $35,000 each.
That is why this corner has always prodded Pacquiao lawyer Jeng Gacal, a fellow 1977 graduate of the Marist Notre Dame school system in General Santos, to always include in the fight contract proviso of Manny a guaranteed purse clause.
For the Dela Hoya tiff, a $10 million dollar guaranteed pay slip plus substantial share on the upside of the PPV and other sales (live and close circuit television tickets and cable and free TV proceeds) were broached.
After all, it was money above all that made Team Pacquiao decide to take on Dela Hoya's offer aside from a shot at boxing immortality.
Dela Hoya's initial offer to Manny was a flat out 70-30 split on PPV buys that was promptly rejected by Team Pacquiao and which turned out to be a good decision.
Given the confidentiality of fight contracts of Pacquiao in the past, we can only assume Jeng did his homework well especially during these times when credit crunches are hitting every economy tied to the 'free market' mode of production that is capitalism.
So, those freeloaders and 'free-lunchers' lurking when Manny comes home after his date with dela Hoya better brace themselves for disappointment.
At the max, Manny will earn a gross of $15 million, half of that will go to the taxman in the US and to his trainer and other members of the Team Pacquiao, which includes Jeng of course.
Before their eyes roll down the $ sign, these freeloaders should realize that the world economic crisis is here to stay ? at least for the next 18 months.
Those who are looking at the anticipated Pacquiao-Ricky Hatton square-off and/or a Pacquiao-Floyd Mayweather Jr. fantasy match next year should not expect these will fatten their bank accounts and feed their insatiable greed.
The dela Hoya bonanza could be the last of the big ticket fights and PPV events in the many years to come.
That is why it is a must for Manny to win convincingly or lose gallantly to keep his lofty ranking afloat.
That way, he could always command at least half of what Oscar is now guaranteeing him.
Click here to view a list of other articles written by Edwin G. Espejo.
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