Why Floyd fight can erase Pacquiao's tax problems


Posted at Mar 25 2014 09:54 PM | Updated as of Mar 26 2014 05:54 AM

MANILA, Philippines – If Manny Pacquiao's alleged financial problems remain after his rematch against Timothy Bradley in April, then there's one option that can wipe out his problems, according to a boxing trainer.

Retired junior heavyweight-turned trainer John Scully said Pacquiao should really go after Floyd Mayweather Jr.

“Well, if he wins against Bradley and is still in big debt with no other way to get out of it, there is only one way to turn in order to wipe that slate clean in one fell swoop. Only a fool wouldn’t jump on that fight but, by the same token, both of these guys (Pacquiao and Mayweather) have left 40 million each on the table,” Scully, who was once a contender for the IBF junior heavyweight crown, said in On The Ropes Boxing Radio.

Pacquiao stands to receive $20 million from his upcoming WBO welterweight title bout against Bradley, but is currently settling a P2 billion tax liability with the Bureau of Internal Revenue (BIR).

The US Internal Revenue Service (IRS) also issued a tax lien on Pacquiao for allegedly failing to settle $18 million in taxes.

The lien was later lifted after the Filipino agreed to work on his tax obligations.

Back in January 2012, Mayweather offered Pacquiao a flat fee of $40 million for their supposed superbout.

The Filipino boxer, however, declined the offer and asked for a 50-50 split in revenues.

Meanwhile, Scully frowns on Pacquiao’s activities outside boxing, particularly his work as congressman of Sarangani.

“I am not in favor of boxers taking on such important jobs and interests outside of their chosen profession because it’s sort of disrespectful to the title of champion. Being a professional fighter, especially being a world champion, calls for full on focus and commitment,” he said.

“Being involved with politics is no joke, I’m sure. I am sure it takes quite a bit of focus and intensity, just like boxing does. I’m also sure the people who are looking for him to help them in the political arena would expect and want his full attention as do the people involved in his boxing career.”