Pacquiao’s earnings breach P1 billion
| Pacquiao’s earnings breach P1 billion (The Freeman) Updated November 22, 2009 12:00 AM |
NEW YORK — HBO Sports reported here Friday that Manny Pacquiao’s 12th round TKO of Miguel Cotto was the top-drawing pay-per-view bout of 2009 with 1.25 million purchases worth 70 million dollars in revenue.
With his guaranteed purse of 13 million dollars from the bout and his shares from pay-per-view, Pacquiao stands to make about 22 million dollars in all.
At 47.100 pesos to the dollar at Friday’s close of trading, that is a whooping one billion, 36 million, 200 thousand pesos (P1,036,200,000) for the Filipino boxing icon.
Pacquiao, however, is not expected to enjoy all of that money. There will also be staggering amounts of money to be paid in taxes, as well as the shares of those who work for him.
As in previous bouts, his trainer Freddie Roach is expected to get 10 percent of Pacquiao’s earnings. Some 30 percent more could go to taxes.
But Pacquiao is assured of pocketing at least half of what he earned, which is to say he is going to net at least a cool half-billion pesos.
Cotto himself was expected to make some …
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