interesting article from 2011...
Manny Pacquiao's Money Problems: Is He Losing Millions of Dollars?
BY HENRY MARTIN (SENIOR ANALYST) ON JULY 22, 2011
I find this incredibly interesting, but this might not come as a surprise to some of you.
If you have not heard, Michael Koncz has supposedly been dismissed from Pacquiao's camp.
This rumor has been quashed by Koncz, Arum and Pacquiao himself to be false saying that Koncz is still under the employment of Pacquiao. Koncz is actually heading to the Philippines with the contract for the November bout with Marquez to be looked over and finalized with Pacquiao.
So now you may be wondering what started all the rumors that Koncz was fired by team Pacquiao.
There have been several rumors as to why.
One is because of an ongoing beef between Timothy James of MP8.ph and Koncz.
Another is because of Koncz's limited knowledge on boxing and his recent interview with fighthype.com, where he dismissed Pacquiao's statement of unlimited blood testing to the day of the fight.
The last rumor that I've heard of, and this seems to be the more likely one to me, is that Pacquiao has been losing millions of dollars, and they feel that Koncz is somewhat responsible.
Recently, a document was issued by the House of Representatives in the Philippines detailing the congressman's net worth.
He had a net worth of about 1.134 billion pesos, which is equivalent to $26 million.
This brings up the question, where did all of his money go?
Now, this is a far cry from what people have estimated what his net worth would approximately be. His estimated net worth was $70 million. His $26 million is almost one-third of what people believed it to be!
He also recently made more than $20 million in his fight against Mosley and about $35 million from his Clottey and Margarito fights last year.
This only fuels the theory that Pacquiao is reconstructing his inner circle, which supposedly started with Koncz.
Pacquiao recently hired Visionqwest resource group, an accounting and auditing firm in Los Angeles, to handle all accounting and contract reviews. Also, they were to review Pacquiao's contracts and audit the Pacman's earnings.
Pacquiao believes that there are inconsistencies between how much he was told he earned from the PPV buys share and how much is being reported to the IRS. He also denies losing millions of dollars and joked about how he recently bought a million-dollar house.
Whatever happens though, I'm interested in knowing if he really is losing money and if he is, where it is all going. I wouldn't be surprised if he spent most of it on his latest game show (buying gifts for the less fortunate) or if people have been funneling money from him.
I should also point out that Pacquiao is notorious for his donations to his countrymen from donating money to the typhoon Ondoy victims and even handing out money to impoverished.
You never know. Pacquiao has an insanely large posse, and it wouldn't be too surprising if somebody he thought he could trust was stealing from him.
Manny can make some money staring in Undisputed ll
