Pacquiao, confidante Rex (Wakee) Salud and lawyer Jeng Gacal arrived in Los Angeles last Monday and motored here the other day to finalize the fight contract with Arum.
Salud said the $3 million purse has been approved "in principle" by Arum who initially offered a $2.5 million paycheck for Pacquiao. Other details in the contract will be ironed out in the next few days, added Salud.
The final contract will stipulate a $500,000 penalty for every pound Morales weighs in over 130 pounds up to 132. And if Morales scales 132 pounds, Pacquiao will not only be entitled to $1 million but also has the option to either accept or decline the fight.
The website fightnews.com described the contract stipulations as "extraordinary and unprecedented in the sport of boxing and will no doubt, be the catalyst for future mega-fight contracts."
The deal will also give Pacquiao a 50 percent share of the pay-per-view upside, or net of network expenses, up from 40 percent in his second bout against Morales last January.
Another reason why Pacquiao is in the US is to attend a press conference in the Mouton Room of the Wynn Hotel with Morales this morning. Pacquiao was requested to attend another press conference with Morales at the Beverly Hills Hotel in Los Angeles on Wednesday but Salud said he may ask to be excused from extending his stay in the US because of commitments in the Philippines. Salud said talk of Pacquiao entering politics is premature at this point.
"Manny has three to four more good years of boxing left so why rush entering into politics?" said Salud. "In politics, there will be those for him and those against him. In boxing, he has no enemies. Three to four years will go very fast and I don’t think Manny is in a hurry. He can continue to dominate in his division for three to four more years and his earning potential is unlimited."
Legendary Argentinian cutman Miguel Diaz, 68, said Pacquiao will find it "a little more difficult" to beat Morales in their coming fight but will win just the same, this time on points.
Diaz was recently in Manila as Oscar Larios’ cutman in the fight against Pacquiao at the Araneta Coliseum last July. He has trained 11 world champions, including Roger Mayweather, Pedro Decima and Johnny Tapia, and worked with 27 other titlists.
"I think Morales will make the 130-pound limit," said Diaz. "He has taken a different approach to this fight, hiring a dietician, nutritionist and experts to help him make the weight without losing his strength. He will be more determined to win. But I think Manny will beat him on points. Manny is too strong and too quick. Also, Manny has tremendous confidence which is good for a boxer. Manny believes he can walk through a wall — that’s how confident he is in his skills. Against Larios, he did what he had to do to win. I don’t think he was in the best physical condition but he put Larios down twice and was an easy winner."
Brian Viloria’s manager Gary Gittelsohn said Pacquiao will knock out Morales like he did last January. — Joaquin Henson