Manny Pacquiao Borrowed Millions From Bob Arum To Stay Out of Debt
Ask a casual sports fan who they believe will go broke sooner Manny Pacquiao or Floyd Mayweather?
I would say at least 70% (probably more) would say Floyd Mayweather. It is an understandable reply because Mayweather’s moniker is “Money Mayweather”. You see him with large amount of cash, making huge bets, buying expensive cars and jewelry, so logically you would think he would be far worse off that Manny Pacquiao who comes across as a very humble individual.
You would be wrong.
Not about Pacquiao being a nice guy and not very flashy, but just because you aren’t flashy doesn’t mean you are good with money.
Besides the womanizing, there was smoking, drinking, heavy gambling — which caused him to take seven-figure advances before recent fights from Top Rank promoter Bob Arum in order to pay his debts — and partying nights away while trying to also balance boxing and his political career.
But now, seven months later, Pacquiao said there are “no distractions, everything is OK,” as he prepares to defend his welterweight title for the fourth time, against junior welterweight titlist Timothy Bradley Jr.
This isn’t a surprise to me or anyone who covers boxing closely.
Manny Pacquiao has had a string of bad investments, business dealings and just terrible money management. Unlike Floyd Mayweather who broke away from Bob Arum years ago and essentially cut out the middle man, Bob Arum like most boxing promoters is milking Manny for all he is worth.
The main financial difference between Mayweather and Pacquiao. Is Mayweather money cause after everything is paid and Pacquiao gets his money before everything is paid.
He is still making a ton of money, but it is split a lot more ways.
Pacquiao has said he has found religion and is cleaning up his life, but as long as Bob Arum is calling the shots it is a lot more likely he will end up broke before Floyd Mayweather does.