Pacman sets sights on Asian market
MANILA, Philippines – With just a few fights left in his career, boxing superstar Manny Pacquiao wants to maximize his profits from his remaining bouts before he retires.
This is the reason Pacquiao wouldn’t like to fight in the US, said his promoter Bob Arum.
The Top Rank CEO said the US government takes a huge amount of taxes from Pacquiao’s earnings each time he fights there.
"Manny can go back to Las Vegas and make $25 million, but how much of it will he end up with – $15 million?" Arum said in Kevin Iole’s Yahoo! Sports report.
Pacquiao’s confidante, Michael Koncz, agrees.
With Pacquiao’s career winding down, it will be more practical for the Filipino superstar to maximize his earnings before calling it quits, the boxer’s Canadian adviser said.
"One thing we agreed on is that the taxes make Vegas a no-go. You're a fighter up there risking your life in the ring, so you have to maximize what you are going to get out of it,” said Koncz.
"I know, Manny knows, that he only has a certain number of fights left, maybe one, maybe three. We don't know. So that means the priorities change a little bit at this point."
Part of their plan is to bring Pacquiao’s brand to the Asian market.
"We feel the real growth potential for Manny and his brand and fan base and all that is going to be in Asia," said Koncz. "He is so popular in the States, there is not much more we can do there.”
Among the most viable options are Macau and Singapore.
Arum said Macau, Asia’s answer to Las Vegas, is an ideal spot for high-profile boxing matches.
“They had a UFC fight in Macau, and they had like 6,000 people attend the fight,” the Top Rank CEO said in RingTV.
"The casino reported that they did an extra $28 million in business from what they would have done without the fight. So they want these fights."
Koncz, for his part, said he was impressed by his visit in Singapore, where there are at least three venues that could host a Pacquiao fight.
"So here is what we are looking at: We want somewhere that is appealing from a financial perspective, with low taxes that allow him to keep a lot of his income.
Also, we are looking for him to take something back to the fans who have supported him. He is a global fighter with global popularity, but he has only fought in one country for so long," Koncz said.