Boxing legend Manny Pacquiao has been hit with a hefty financial penalty after being found in breach of contract.
The eight-division world champion was ordered to pay a staggering $5 million for breaching his contract with Top Rank Promotions.
The incident has sparked debate and controversy, with many people wondering if the amount of the penalty is justified. In this blog post, we will explore the events that led up to the penalty and discuss whether or not it was fair.
The original agreement
A recent jury verdict favored Paradigm Sports Management in their lawsuit against Manny Pacquiao, which was filed after Pacquiao’s scheduled fight against Errol Spence was canceled due to Spence’s injury.
Although TGB Promotions, the event presenter, was named in the civil case as an interested party, their legal counsel Phil Weiss claimed that their pre-existing contract with Manny was the reason why Paradigm’s injunction against them failed.
According to Jason Aniel, who represents Pacquiao’s legal team, the court will hold a hearing in June to address remaining legal issues before fully resolving the case. Weiss added that while they didn’t want Pacquiao back, they appreciated him putting on a show for them, even if he had the wrong lawyers representing him.
What led to the breach of contract
Manny Pacquiao, the Filipino professional boxer, has been slapped with a $5 million penalty for breaching his contract with his former promoter, Top Rank.
The contract in question was signed in 2017, and it required Pacquiao to fight three times under the Top Rank banner.
However, things went south when Pacquiao announced that he would be promoting his next fight, which was scheduled to take place on July 15, 2021, himself.
This move was seen as a breach of the contract by Top Rank, and they subsequently sued Pacquiao for breach of contract.
The case was heard by a judge in the United States District Court in Nevada, who ruled in favor of Top Rank, and ordered Pacquiao to pay a $5 million penalty for the breach of contract.
This ruling came as a big blow to Pacquiao, who has a reputation for being one of the greatest boxers of all time.
Many believe that Pacquiao’s decision to promote his own fight was due to the financial gains that come with being a promoter. It is believed that Pacquiao could have made more money by promoting the fight himself, rather than allowing Top Rank to do so.
Despite the ruling, Pacquiao has remained optimistic about his future in boxing. He has expressed his desire to continue fighting and has stated that he is looking forward to promoting his own fights in the future.
Overall, the breach of contract has been a costly mistake for Pacquiao, who will now have to pay a significant sum of money to Top Rank. This incident also highlights the importance of honoring contractual obligations and the consequences that can arise from breaching them.