Not $2 million for Pacquiao — only $313,446

Of the $2 million Manny Pacquiao got from his rematch with Erik Morales whom he demolished in Las Vegas last week, the Filipino boxing idol ended up with $313,446 in his pocket or roughly P16.6 million after deductions were made.

But where did the rest of the purse go?

According to SecondsOut.com, one piece of the pie went to Pacquiao’s management team made up of Shelly Finkel, Nick Khan and Keith Davidson. The co-managers helped Pacquiao free himself from his promotional contract with Murad Muhammad, Pacquiao’s former promoter.

As part of that effort, and in addition to other services, they advanced a portion of the legal fees that were paid to Judd Burstein, who represented Pacquiao in his litigation against Muhammad. Pacquiao later reimbursed Finkel, Davidson, and Khan for the legal fees that they advanced.

Pursuant to the managerial contract, which Pacquiao had reportedly signed, Finkel is entitled to receive 12 percent ($240,000) of Pacquiao’s gross purse from the Morales rematch. Finkel deferred $40,000 of this amount in the form of a loan to Pacquiao and received the remaining $200,000.

Khan received 4.64 percent or $92,800 out of the $2,000,000 minimum purse. Khan deferred $11,600 of this amount in the form of a loan to Pacquiao and received the remaining $81,200.

Davidson took 3.36 percent or $67,200 although he deferred $8,400 of this amount also in the form of a loan. The cash he received was $58,800.

Pacquiao’s noted American trainer Freddie Roach got 10 percent or $200,000 but deferred $40,000 of this amount in the form of a loan to Pacquiao. He got $160,000.

Other deductions included $376,666 paid to the Internal Revenue Service on behalf of Pacquiao for present and back taxes; a $200,000 advance from Top Rank (believed to have gone to Pacquiao); $80,350 to Top Rank for Pacquiao-Morales fight tickets requested by Pacquiao; $75,000 to assistant trainer Restituto Fernandez; $50,000 to translator and camp aide Joe Ramos; $4,708 to Finkel for airplane tickets for Pacquiao’s wife and one of Pacquiao’s friends; $2,000 to the WBC as a sanctioning fee and $25,000 that was withheld by the Nevada State Athletic Commission pending the result of Pacquiao’s post-fight drug test.

There was also $372,839 in deductions paid to Pacquiao’s promoter Gary Shaw Productions. Top Rank, Bob Arum’s promotional company, was the lead promoter for the fight and did the bulk of the promotional work. Shaw was brought in by Pacquiao’s management team to look after Pacquiao’s interests.

In addition to performing his promotional duties, Shaw developed a great fondness for Pacquiao. After learning that Muhammad had enjoyed a luxurious suite while the fighter was consigned to lesser quarters, Shaw arranged for Pacquiao to be lodged in a luxurious two-bedroom suite with a wet bar, plasma TVs, and other amenities.

"It made me feel good just to see Manny’s reaction," said Shaw after escorting his ward to his suite. "He had a smile like a kid at his first Christmas."

Deductions paid to Shaw included $3,200 for tickets to the rematch between Diego Corrales and Jose Luis Castillo which Pacquiao requested; $52,000 in additional advances (believed to have been paid to the fighter); and $67,639 for a Porsche purchased on behalf of Pacquiao.

However, once all of the pay-per-view income and additional revenue from Morales-Pacquiao II are calculated, the Pacquiao team expects to receive approximately $1,250,000 beyond the $2,000,000 that has already been paid.

But Pacquiao’s co-managers will still be entitled to 20 percent of that amount, which would bring their collective share of the purse to over $600,000.