PROMOTER PAYS $2,500 AS INITIAL INSTALLMENT OF CUELLO?S PURSE
By Ronnie Nathanielsz
PhilBoxing.com
Tue, 02 Jul 2013
The manager of WBC minimum weight Silver champion Denver Cuello who lost a somewhat controversial decision to Chinese champion Xiong Zhao Zhong at the World Trade Center in Dubai last Saturday, has received $2,500/- as initial payment as part of an installment plan to cover the fighter?s purse which was not paid as required by the rules after the official weigh-in.
Cuello who was crippled because his right hand could not be used due to a rotator cuff tear which will be operated on Wednesday at the Makati Medical Center lost what many regarded as a heartbreaking twelve round majority decision after waiting two years for the title shot.
Cuello's manager Aljoe Jaro revealed that the managing director of KO Promotions, Zack Taumafai submitted a Memorandum covering an agreement on a payment schedule where he would ?use reasonable skill and care in performing his obligations under this agreement? which would include $2,500 installments on July 3, 5 and 7, a $12,500 installment on July 15 and a final payment of $13,225 ON July 29.
It also turns out that the purse of Cuello which was originally reported to be $40,000 was apparently reduced to $24,000 which Taumafai claimed was 40 percent of the total amount of the $60,000 purse of champion Zhong.
KO Promotions also agreed to reimburse the $8, 725 advanced by Aljoe Jaro for the purchase of 5 return airline tickets which the promoter failed to deliver as per fight contract.
Leonil Legarda who fought on the undercard was promised a purse of $3,000.
In a letter KO Promotions Taumafai offered his ?sincere apologies for the non-payment of the fighters fee?s of Cuello and Legada and also non-reimbursement of the airline tickets that were purchased? and claimed that the financial problems were caused by ?the theft of the event resources, the consequence of this matter put a heavy strain upon the promoter and caused multiple hardships during the last days of preparation? adding that ?we offer this purely as an explanation and we do not excuse the payment commitment. KO Promotions will ensure that the payment is honored as set put in the signed memorandum.?
Photo: Zack Taumafai.
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