27.11.03 – Dennis Principe: MANILA, PHILIPPINES – Now that newly-crowned Featherweight King Manny Pacquiao of the Philippines have been feted to several accolades and financial pledges for his recent feat in San Antonio,Texas, will these get into his head and think about managing himself?
That likelihood came to fore after a reliable source revealed that Pacquiao has hired an American lawyer to negotiate on his behalf a reported deal with Cable TV Giant HBO.
Pacquiao’s hiring of the said American lawyer, whom the source declined to identify, was done without the consent of registered manager Martin Luis Elorde and business manager Rodolfo Nazario.
The source claimed that Pacquiao has been dismayed with the way his handlers negotiated for his previous fights and now wants to wiggle out of his present deal with American promoter Murad Muhammad of M&M Sports.
August of last year, Nazario negotiated and signed for Pacquiao a 2 ½ year US promotional deal with Muhammad worth $2.65 million.
Before signing the Muhammad offer, Nazario had to clash with Elorde who was then finalizing a similar lucrative deal with former HBO executive Lou DiBella.
Elorde eventually gave way to Nazario who has since taken the lead in negotiating for Pacquiao’s succeeding transactions.
Towards the end of the coverage of Pacquiao’s obliteration of Marco Antonio Barrera two weeks ago, the HBO announcing team divulged that HBO has allocated a $700,000 budget for the Filipino champion’s share of the purse.
But the Pacquiao camp announced a $350,000 gross purse for the Filipino champion who will still have to settle with 60% of the said purse as stipulated in his managerial contract with his handlers.
As manager, Elorde gets 30% of the same purse while the rest will be divided among Nazario and trainers Freddie Roach, Buboy Fernandez and Lito Mondejar.
Also, the source confirmed the HBO offer but refuted reports that the said deal is worth $25-million.
“Pacquiao may be a marquee name right now but the $25-million is unrealistic. Pacquiao may look at a six-fight deal worth around 10-15 million dollars” the source said.
The latest move of Pacquiao may be seen as his way of deciding for himself and probably managing his own career in the near future just like his co-superstars namely Oscar Dela Hoya and Roy Jones, Jr.