Email
Password
Remember meForgot password?
    Log in with Twitter

article imageOp-Ed: Why Manny Pacquiao needs to hire credible financial manager

By Leo Reyes     Dec 22, 2013 in Sports
I don't have anything bad against Manny Pacquiao's Canadian Adviser Michael Koncz, who is reportedly acting or has acted as manager of MP Promotions USA, Inc., a Las Vegas, Nevada, registered company reportedly owned by Pacquiao.
At the same time, Koncz also acts as Pacquiao's emissary to promoter Bob Arum and handles the nitty-gritty of his fights.
Koncz was reportedly recommended by Arum to Pacquiao to manage his own promotions company. Apart from his job as manager of MP Promotions, Koncz has since been acting as Pacquiao's adviser.
Early this month, Arum confirmed that Koncz owns a company called EDK and admitted that portion of Pacquiao's funds are channeled to this company to pay off some of Pacquiao's bills in the US.
Arum told Bev Llorente of ABS-CBN Las Vegas, who told Boxing Scene that his company "pays a lot of Manny's bills in the United States, so we from time to time, make payments to that company at Manny's instructions."
Pacquiao may have agreed with Arum and Koncz on the manner of disbursing his funds in the US but I don't understand why is there a need for Pacquiao to channel his funds to Koncz-owned EDK company when he can use his Nevada registered company for the same purpose?
Anyway, I met Koncz about two years ago at Pacquiao's congressional office in Quezon City. He was introduced to me by a mutual friend who was then a member of Team Pacquiao.
We had a brief discussion about Pacquiao's career when I opened the idea to him about setting up a credible website for MP Promotions, similar to Top Rank's website to promote local talents.
At that time, he was in a "word war" with Pacquiao's MP8 website partner Timothy James, who could not easily be eased out because he owns part of MP8 site.
I remember him telling me that there was no need for it as Pacquiao will soon retire and when he does, that would be the end of his career and there will be no need for the website to exist.
I was a bit surprised with his comment because I know that Pacquiao will continue to promote sports in general and boxing in particular even after retirement and a credible website would be necessary as a promotional tool.
Now I can see that Pacquiao has not been lucky in setting up his own promotions companies or sites and other related ventures because of ownership complications which could have been avoided if he had good legal and financial advisers around him.
Pacquiao's sad experiences with past projects that had gone awry, must have led him to partner with fellow boxer Gerry Penalosa and Anson Tiu Co of Cooyesan Hotel in Baguio City as they formed MAG Promotions to help promote local boxers in international competitions.
Hopefully the partnership will last. But it would have been better if he took control of the management and ownership of MP Promotions because it has already made its name in the international boxing community. A good lawyer and financial planner without vested interest can perhaps help him take control of the US-registered company.
Filipino boxer Manny Pacquiao celebrates with coach Freddie roach and promoter Bob Arum during one o...
Filipino boxer Manny Pacquiao celebrates with coach Freddie roach and promoter Bob Arum during one of his fight wins.
Chris Farina
Right now it appears that Koncz is practically running Pacquiao's boxing career. Koncz has been tailing Pacquiao wherever he travels and wherever he camps out prior to his fights.
During his visit to the White House to meet with US President Barack Obama, Koncz was by his side wherever he goes and whatever he does. He takes care of Pacquiao's accommodations and travel expenses and just about anything that Pacquiao needs to make his stay in the US comfortable.
Koncz's loyalty is beyond question and if I were Pacquiao, I will also reward him for being such a loyal soldier.
Still, Pacquiao's career and legacy are at stake especially now that his retirement time is drawing near.
Pacquiao's last three or four fights will ultimately define his career and legacy. But the possibility of losing everything he has worked on so hard with his own sweat and blood, is becoming more real than imagined.
As he embarks on another death-defying fight on April 12, Pacquiao could lose everything in his possession if, God forbids, he suffers severe injury as he trains out in the camp or inside the ring.
If an injury won't happen in his remaining fights, let us all be thankful to God for the guidance and blessings.
But even if he remains healthy up to his last fight, it is of utmost importance that he takes financial planning seriously by immediately hiring an honest and capable financial adviser/manager who can make sure that he gets his rightful share from his few remaining fights.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
More about Boxing, Manny Pacquiao, Michael koncz, Bob arum, Irs
More news from
Sports Video
Latest News
Top News