Floyd Mayweather came unhinged during a UStream video broadcast in early September. In his ignorant diatribe he said things that would make the Queen blush. However, most boxing fans have heard rants like this from Floyd before.
The racist and homophobic comments did not really get my attention, what did was the inside knowledge Mayweather seemed to have on Pacquiao’s financial situation.
During his rant he claims “And then this mother f------ [Pacquiao] with Nike only got 70 Gs. How stupid can a mother f----- be?”
Being a Banker and having worked in the Financial Industry for over 10 years, that comment got me thinking.
I’ve read Forbes' 2009 Celebrity 100 and the financial news stories from Finance Manila about Pacquiao and the wealth that he has proliferated over a relatively short period of time.
Manny Pacquiao’s first fight in the United States was in June 2001. Pacquiao made $40,000.00. A last minute replacement to face Lehlohonolo Ledwaba, Manny only had two weeks to prepare for the fight.
As is the case with most replacements, the purse is small and their chances of winning are even smaller. Pacquiao won by TKO in six rounds and began his campaign for P4P best in the sport.
It wasn't until 2006 that Manny was able to negotiate a salary in the millions when he faced Erik Morales.
In the last four years, Pacquiao has made it to #57 of the 100 richest athletes according to Forbes. He is currently tied with LeBron James, raking in an impressive $40 Million in 2009.
How could Manny or his handlers make such a poor business decision with Nike? Moreover, how would Mayweather have access to such information when Nike did not disclose any financial details to the public regarding the endorsement contract?
After some research, I found the endorsement with Nike began in 2006. Pacquiao agreed to several photo shoots with different athletes for a new Nike campaign.
What we do know is the Nike deal would be for two years and the undisclosed payments would be paid over several years.
What is not known is the total contract amount, although Finance Manila published it is easily worth over P100 million. That would equate to 2.83 million USD. To get a more accurate feel for that number, I checked his earnings in 2006.
The New York Times reported Manny Pacquiao making $20 million a year in April 2007, which included fight purses and endorsements.
Pacquiao only fought three times in 2006, twice with Erik Morales and once with Oscar Larios. He earned $6 million in purses for those fights combined. That leaves $14 million in earnings that came from endorsements and other business ventures.
Since the financial details were not disclosed regarding Nike, we don’t know how much of that $14 million came from that endorsement deal, however, it is reasonable to assume he earned more than 75k.
Pacquiao also boasts endorsements from McDonald's, Café Puro, San Miguel Beer, and Electronic Arts (makers of Fight Night video game).
Since we now know it's financially improbable that he earned 75k from Nike, I have to look at the source of this rumor, Floyd.
Floyd is known for stretching the truth; however, I wanted proof that would unequivocally discredit this rumor.
In the same September UStream rant, I found the statement that would be his undoing.
Mayweather states, “Reebok gave me a million dollars for three weeks. I wore Reebok s--- for a week for a million dollars...”
Reebok spokesperson Daniel Sarro told the Las Vegas Review Journal on Sept 9, 2010, “Reebok does not currently have an endorsement contract with Floyd Mayweather Jr. We had a relationship with him in 2009 and earlier this year, which was centered around two specific fights.
Richard Schaefer CEO of Golden Boy Promotions has worked with Floyd Mayweather on his last four fights and had this to say, “"They [sponsors] have no direct relationship with Floyd."
Translation, Mayweather’s promotion company & GBP had the sponsorship with Reebok for his bouts with Juan Manuel Marquez and Shane Mosley. Reebok did not renew the relationship after the Shane Mosley bout.
As seen in recent events, Floyd has come unglued. He’s jealous of the fortune Pacquiao has accumulated in his rise to fame and his reign as the P4P best in the sport.
Manny has the adoration of fans all over the world, as well as the respect of this sport’s finest.
Mayweather can’t deal with this reality, so he makes things up and twists truths to show him in a more favorable light.
Floyd, boxing fans are smarter than you give them credit for. We control your level of fame and fortune. Until you show respect to the sport and to the fans, I’m afraid you’ll always be second to someone.