MANILA, Philippines - It’s been labeled as a potential Fight of the Year, the latest lawsuit involving promotional giants Top Rank and Golden Boy.
Manny Pacquiao, according to his legal counsel, Franklin Gacal, will be watching from ringside.
“Labas tayo diyan (We’re out of it),” the Filipino lawyer told The STAR yesterday.
“It’s between them. I believe it involves the shares Golden Boy should be getting from Top Rank for each of the Pacquiao’s fights, and the amount depends on who the opponent is,” he said.
Top Rank and Golden Boy landed in court in 2007 and disputed the promotional rights over Pacquiao who in 2006 ended up signing contracts with both promotional firms.
Daniel Weinstein, a retired federal judge, mediated, and succeeded in forging a deal: Top Rank keeps the promotional rights over Pacquiao but Golden Boy would still get as its share a percentage of Top Rank’s earnings.
Under the deal, Top Rank does the accounting if Pacquiao fought a non-Golden Boy boxer. Otherwise, Golden Boy does the accounting as for fights with Oscar dela Hoya, Ricky Hatton, Juan Manuel Marquez and Marco Antonio Barrera.
Now, Golden Boy is questioning Top Rank’s transparency with and accounting of the figures involving Pacquiao fights with David Diaz, Miguel Cotto and Joshua Clottey, who are not under Golden Boy Promotions.
Recently, Golden Boy filed a case.
Dan Rafael of ESPN.com went through the 23-page lawsuit that was recently filed by Golden Boy, and wrote that more issues could or should come out after Pacquiao’s fight with Antonio Margarito, a fellow Top Rank fighter, on Nov. 13.
Rafael also wrote that if there’s someone to blame for all these, it’s Pacquiao, for signing a contract with Golden Boy in 2006, leaving a Los Angeles steakhouse with hundreds of thousands of dollars in a black overnight bag even if he knew he had just inked a contract with Top Rank.
The rest is history.
“That’s the deal. That Golden Boy gets a portion or a percentage of Top Rank’s profits depending on the opponent. Now if Golden Boy feels that the proper figures were not reported for the Diaz, Cotto or Clottey fights, then they need to prove it,” said Gacal.
Pacquiao’s legal counsel said he’s hoping that Pacquiao would not get distracted with the latest court case as he trains for the fight with Margarito, and shoots for an eighth world title in eight different weight classes.
Gacal said the lawsuit should settle all doubts.
“In a way we welcome it because it will open up everything. All the figures will come out, and once they’re out, Manny may even end up with a few collectibles,” said the Filipino lawyer.
He did not elaborate.
Abac Cordero, Philippine Star