Sports

Is Manny Pacquiao Broke? Hires New Firm to Go Over Tax Records

| by Michael Allen

Manny Pacquiao has hired a Los Angeles accounting firm (Tanner, Mainstain, Blatt and Glynn) to go over his tax records and to audit records from Top Rank Inc., which will cooperate with the audit, according to CEO Bob Arum.

According to RingTV.com, Arum said: "They're a terrific firm, they were highly recommended, and we're working with them on the IRS audits of Manny's returns. They're very reputable, and they know what they're doing and we're very pleased with the selection."

There have been questions about Pacquiao's finances in recent months. Trainer Freddie Roach has said that Pacquiao is "broke" and "goes through money like you wouldn't believe."

Pacquiao's advisor Michael Koncz explained the choice of the new auditors: "This a large firm, I've verified that they're all certified public accountants, and I've prioritized what they've been hired to do. The first priority is to contact the IRS, to inform the IRS that they've taken over Manny's representation, and to facilitate whatever information they're entitled to and that they need to continue the audit that's been ongoing."

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Koncz added: "The second priority is to review prior tax returns and to inquire of the IRS what the delay is in the refunds that are due to Manny. The third priority is to exercise our rights pursuant to our co-promotion contract with Top Rank and to review all financial records relating to Manny's bouts."

Pacquiao made a $20 million guarantee for his May 7 fight with Shane Mosley, and will make the same amount for his November 12 trilogy bout against Juan Manuel Marquez.