Its up to Manny
July 10, 2002 | 12:00am
Whether he likes it or not, the hall is in International Boxing Federation (IBF) superbantamweight champion Manny Pacquiaos hands. Hes got to make a decision on whom to entrust his future manager Marty Elorde or business manager Rod Nazario.
Although Malabon businessman Polding Correa was Pacquiaos first registered manager, Nazario has been in the General Santos City fighters corner from the start. Nazario nurtured Pacquiaos career until it blossomed.
Elorde, backed up by Japanese principals, became Pacquiaos manager in January 2000. In turn, Elorde and Pacquiao signed Nazario as business manager for five years. Pacquiao has figured in seven fights since agreeing to the Elorde deal. Nazario negotiated each of those seven bouts and Elorde took 33 percent share of the purses.
A few weeks after Pacquiao stopped Jorge Eliecer Julio in his second title defense last month, Elorde revealed that New York impresario Lou DiBella had tendered a $2.5 Million, nine-fight, three-year deal for the Filipinos promotional rights. DiBella made the offer on the premise that New Jersey promoter Murad Muhammads contract to represent Pacquiao had lapsed after three fights in the US.
The offer was almost too good to be true. A fortune of a lifetime was laid on Pacquiaos table.
Elorde didnt immediately submit the offer to Nazario who openly acknowledges a debt of gratitude to Muhammad for arranging Pacquiaos IBF title shot. Nazario said he verbally assured Muhammad of priority in promoting Pacquiaos next defense.
The first fight in DiBellas package set a purse of $200,000. Pacquiao had never been paid as much. Against Agapito Sanchez last November, he was paid $120,000. And against Julio, his paycheck was $70,000. Elorde said Pacquaio was shortchanged in the two fights and looked to DiBella to make things right. Nazario justified the drop in purse to $70,000 as an investment because the fight was on the Lennox Lewis-Mike Tyson undercard and it exposed Pacquiao to millions of fans all over the world.
Nazarios gamble obviously paid off. In the wake of Pacquiaos sensational knockout over Julio, offers started to pour in. DiBella called. So did Don King.
Elordes lawyers Hector Rodriguez and Leoville Ecarma eventually showed Nazario a copy of DiBellas offer. Nazario then faxed the copy to Muhammad. His intention was to get the best possible deal for Pacquiao. When DiBella learned that a copy reached Nazario and worse, Muhammad, he flared up and withdrew his offer.
Muhammad later sent his own termsheet to Nazario. Its a $2.5 Million, eight-fight, 2 1/2-year offer. Compared to Di Bellas bid, its more generous. DiBella proposed his share to be 33 1/3 percent while Muhammads cut was 20. Muhammads offer was broken down to $650,000 for the first year, $900,000 for the second and $1 Million for two fights in the last six months. DiBellas bid was a package of $600,000 for the first year, $800,000 for the second, and $1 Million for the third plus a signing bonus of $50,000 and $50,000 more in the next two years.
Last week, Nazario sent copies of both bids to his legal adviser, former World Boxing Council (WBC) secretary general Rudy Salud, for review. Salud and his son Chito, also a lawyer, promised to submit their findings last Monday. But the Friday before, DiBella withdrew his offer and Elordes lawyers served notice to terminate Nazarios contract as business manager.
An attempt was made to broker a conciliatory meeting between Elorde and Nazario the other day. Elordes lawyers, however, refused to back down from their demand for Nazario to quit as business manager. As a result, it doesnt seem like a reconciliation is possible.
Salud told The STAR yesterday the key to break the impasse is Pacquiao himself. "Both Marty and Rod committed violations in their contracts," said Salud. "Which violations were more serious? Im sure Manny knows just as he knows who has helped him more in his career. If he chooses Marty, that means he trusts him more than Rod. If he chooses Rod, then Rod should negotiate to buy Elorde out or kick him out legally."
Salud said DiBellas 28-page contract was done "the American way," with numerous caveats and escape clauses that could release him from his obligations to Pacquiao. In contrast, Muhammads bid was a simple three-page document that was without frills.
Salud suspected that Elorde hatched a "grand scheme" from the onset to ease Nazario out of the picture. The "plot" involved making it appear that Pacquiao suffered actual damage because of DiBellas withdrawal.
"Marty isnt exactly blameless," explained Salud. "Under the law, he violated the terms of his contract by passing off his responsibilities and duties as boxing manager to somebody else. Thats what you call freeloading. Besides, he has admitted to be answerable to Japanese principals. That, too, is an admission of guilt under the law. Marty has no right to unilaterally revoke Rods contract because it was a tripartite agreement. Marty cannot do something legal unless he started with clean hands."
If the case is brought to the attention of the Games and Amusements Board (GAB), Salud said the government agency must rule on Elorde acting as a dummy for Japanese principals and reneging on his personal duties as a boxing manager. The GAB cannot ignore the violations and do a Pontius Pilate, added Salud.
As for San Francisco-based lawyer Sydney Hall, it appears that Elorde has no authority to cancel his seven percent share of Pacquiaos purses because the deal was negotiated with the fighter himself. Salud said Hall advises Nazario on immigration and tax issues in the US.
Its tough for Pacquiao to choose between Elorde and Nazario. But hes come to a point of no return. Elorde and Nazario are no longer a viable tandem. Ones got to go. Pacquiao must decide and hes got to do it soon because the longer he takes, the harder to convince big-money promoters to bank on the countrys only reigning world champion today.
Although Malabon businessman Polding Correa was Pacquiaos first registered manager, Nazario has been in the General Santos City fighters corner from the start. Nazario nurtured Pacquiaos career until it blossomed.
Elorde, backed up by Japanese principals, became Pacquiaos manager in January 2000. In turn, Elorde and Pacquiao signed Nazario as business manager for five years. Pacquiao has figured in seven fights since agreeing to the Elorde deal. Nazario negotiated each of those seven bouts and Elorde took 33 percent share of the purses.
A few weeks after Pacquiao stopped Jorge Eliecer Julio in his second title defense last month, Elorde revealed that New York impresario Lou DiBella had tendered a $2.5 Million, nine-fight, three-year deal for the Filipinos promotional rights. DiBella made the offer on the premise that New Jersey promoter Murad Muhammads contract to represent Pacquiao had lapsed after three fights in the US.
The offer was almost too good to be true. A fortune of a lifetime was laid on Pacquiaos table.
Elorde didnt immediately submit the offer to Nazario who openly acknowledges a debt of gratitude to Muhammad for arranging Pacquiaos IBF title shot. Nazario said he verbally assured Muhammad of priority in promoting Pacquiaos next defense.
The first fight in DiBellas package set a purse of $200,000. Pacquiao had never been paid as much. Against Agapito Sanchez last November, he was paid $120,000. And against Julio, his paycheck was $70,000. Elorde said Pacquaio was shortchanged in the two fights and looked to DiBella to make things right. Nazario justified the drop in purse to $70,000 as an investment because the fight was on the Lennox Lewis-Mike Tyson undercard and it exposed Pacquiao to millions of fans all over the world.
Nazarios gamble obviously paid off. In the wake of Pacquiaos sensational knockout over Julio, offers started to pour in. DiBella called. So did Don King.
Elordes lawyers Hector Rodriguez and Leoville Ecarma eventually showed Nazario a copy of DiBellas offer. Nazario then faxed the copy to Muhammad. His intention was to get the best possible deal for Pacquiao. When DiBella learned that a copy reached Nazario and worse, Muhammad, he flared up and withdrew his offer.
Muhammad later sent his own termsheet to Nazario. Its a $2.5 Million, eight-fight, 2 1/2-year offer. Compared to Di Bellas bid, its more generous. DiBella proposed his share to be 33 1/3 percent while Muhammads cut was 20. Muhammads offer was broken down to $650,000 for the first year, $900,000 for the second and $1 Million for two fights in the last six months. DiBellas bid was a package of $600,000 for the first year, $800,000 for the second, and $1 Million for the third plus a signing bonus of $50,000 and $50,000 more in the next two years.
Last week, Nazario sent copies of both bids to his legal adviser, former World Boxing Council (WBC) secretary general Rudy Salud, for review. Salud and his son Chito, also a lawyer, promised to submit their findings last Monday. But the Friday before, DiBella withdrew his offer and Elordes lawyers served notice to terminate Nazarios contract as business manager.
An attempt was made to broker a conciliatory meeting between Elorde and Nazario the other day. Elordes lawyers, however, refused to back down from their demand for Nazario to quit as business manager. As a result, it doesnt seem like a reconciliation is possible.
Salud told The STAR yesterday the key to break the impasse is Pacquiao himself. "Both Marty and Rod committed violations in their contracts," said Salud. "Which violations were more serious? Im sure Manny knows just as he knows who has helped him more in his career. If he chooses Marty, that means he trusts him more than Rod. If he chooses Rod, then Rod should negotiate to buy Elorde out or kick him out legally."
Salud said DiBellas 28-page contract was done "the American way," with numerous caveats and escape clauses that could release him from his obligations to Pacquiao. In contrast, Muhammads bid was a simple three-page document that was without frills.
Salud suspected that Elorde hatched a "grand scheme" from the onset to ease Nazario out of the picture. The "plot" involved making it appear that Pacquiao suffered actual damage because of DiBellas withdrawal.
"Marty isnt exactly blameless," explained Salud. "Under the law, he violated the terms of his contract by passing off his responsibilities and duties as boxing manager to somebody else. Thats what you call freeloading. Besides, he has admitted to be answerable to Japanese principals. That, too, is an admission of guilt under the law. Marty has no right to unilaterally revoke Rods contract because it was a tripartite agreement. Marty cannot do something legal unless he started with clean hands."
If the case is brought to the attention of the Games and Amusements Board (GAB), Salud said the government agency must rule on Elorde acting as a dummy for Japanese principals and reneging on his personal duties as a boxing manager. The GAB cannot ignore the violations and do a Pontius Pilate, added Salud.
As for San Francisco-based lawyer Sydney Hall, it appears that Elorde has no authority to cancel his seven percent share of Pacquiaos purses because the deal was negotiated with the fighter himself. Salud said Hall advises Nazario on immigration and tax issues in the US.
Its tough for Pacquiao to choose between Elorde and Nazario. But hes come to a point of no return. Elorde and Nazario are no longer a viable tandem. Ones got to go. Pacquiao must decide and hes got to do it soon because the longer he takes, the harder to convince big-money promoters to bank on the countrys only reigning world champion today.
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