AS VEGAS – Though sports fans remain desperate to see
Floyd Mayweather Jr. fight Manny Pacquiao, in 2010 the superstar boxers
came closer to fighting than anyone previously realized, according to a
document obtained by Yahoo! Sports.
A contract sent on Dec. 11, 2009, by Golden Boy Promotions on behalf of
Mayweather to Top Rank on behalf of Pacquiao proposed a 50-50 financial
split between the sides for a fight that would have been held March 13,
2010. The eight-page agreement is so detailed that it
indicates which of the
two fighters would step onto the scale first at the weigh-in (Pacquiao),
who would walk to the ring first (Pacquiao), who would be introduced
first (Mayweather) and who had first choice of the locker room
(Mayweather).
It detailed that the bout would have been on HBO Pay-Per-View at a cost
of $59.95. Billing was to be "Mayweather vs. Pacquiao, presented by Top
Rank, Golden Boy Promotions, Mayweather Promotions and M-P Promotions in
association with [approved sponsors and the site]."
A Mayweather-Pacquiao bout is expected to be the largest-grossing fight
in history, in which total revenues could reach $300 million. Experts
have predicted the fight would sell between 2.5 million and 3 million
pay-per-views in the U.S.
Given that Mayweather's May 5 bout against Miguel Cotto was priced at
$69.95, it would not be unreasonable for Mayweather-Pacquiao to be
priced at $79.95 or more. At $79.95, it would generate a whopping
$199.875 million if it reached 2.5 million pay-per-view buys.
Pacquiao's side declined the 2009 contract offer because Pacquiao
objected to Mayweather's request for the drug testing. Though Pacquiao
has subsequently agreed to Mayweather's demands for random blood and
urine testing, the sides have not been able to reach agreement on a
deal.
After his May 5 win over Cotto, which sold 1.5 million pay-per-view
units and generated $94 million in domestic PPV revenue, Mayweather said
he would not agree to a 50-50 split of revenue.
Mayweather entered the Clark County Detention Center on Friday
to begin serving the remainder of a 90-day sentence as the result of a
plea deal to misdemeanor domestic violence charges. With good behavior,
Mayweather is expected to serve two months.
Pacquiao faces unbeaten Timothy Bradley on June 9 at the MGM Grand in
Las Vegas, a bout he must win if he is to keep hope alive for a match
with Mayweather either later this year or early next year. According to
Top Rank chairman Bob Arum, they already had a contract in place.
"We have a contract that they sent us and all the terms have been agreed
to," Arum said. "All this that's been going on – 'Bob Arum doesn't want
it,' and 'I'm entitled to this and that,' is all [expletive]. All
[expletive]. This is their lawyer who prepared this, sent copies to
everyone. … This isn't something I wrote and passed out. Their lawyer
did this and sent it to us."
Richard Schaefer, the chief executive officer of Golden Boy Promotions,
said he did not recall sending a contract offering a 50-50 split.
"If we had a deal, how come we didn't have a fight?" Schaefer said when asked to comment.
Schaefer said he met Arum shortly before Thanksgiving in 2009 to discuss
parameters of a deal, but said he didn't remember sending Top Rank a
completed contract for signature that included a 50-50 purse split.
However, in a contract obtained by Yahoo! Sports, paragraph 11 under the
section entitled Net Profits reads: "Net Profits shall be allocated
50/50 between GBP and TR." The contract goes on to say that net profits
would include a split of "all gross revenues."
In sub-paragraph 11 (a), entitled HBO PPV Fight Night Advance, it reads,
"Not withstanding the foregoing, the HBO PPV fight night advance shall
be paid 50% directly to GBP and 50% directly to TR."
Schaefer said Pacquiao's reluctance to accept the drug testing
Mayweather was demanding in 2009 was "a deal killer." Still, Schaefer
told Yahoo! Sports he didn't recall offering a 50-50 split, but said
that even had he done so, it wouldn't apply now given what has
subsequently happened in the fighters' careers.
"It never happened, but for the sake of argument, let's say that the
50-50 split was offered back then," Schaefer said. "A long time has
passed. Let's say that I wanted in 2009 to hire you and I offered you
$100,000. We didn't sign a contract, but now, I come to you and said,
'Kevin, I know now you are worth $200,000. You are more accomplished and
more famous than you were in 2009, but remember that contract I offered
you in 2009 where I said I would pay you $100,000? Well, I want you to
sign that now.' Like I said, I don't think that ever happened, but if it
did, circumstances are vastly different now."
Schaefer said he wanted to hire an accounting firm to do an audit of the
fighters' earning power. He said the money split could then go however
the audit turned out.
Arum said the stadium would have cost $20 million to build and estimated
a paid gate for a Mayweather-Pacquiao fight at between $50-60 million.
MGM Resorts chairman and CEO Jim Murren and chief marketing officer Bill
Hornbuckle were traveling and could not be reached for comment.
However, Gordon Absher, the vice president of public affairs at MGM
Resorts, said the company believes Las Vegas needs such a facility to
host major events.
"The potential of a Pacquiao–Mayweather match-up highlights the need for
a large capacity, 40,000-plus-seat stadium in our community," Absher
said. "But a once-in-a-lifetime boxing match is by no means the only
such event that could be hosted there. MGM Resorts supports the concept
of a multi-purpose, 50,000-seat stadium currently being discussed at
UNLV."
Top Rank president Todd duBoef said that even if after construction
costs the temporary facility only generated the same paid gate as the
roughly 16,000-seat MGM Grand Garden would, it would be worth it to
allow more people to attend the event.
If the fight were to happen at the MGM Grand, almost certainly all
tickets would be taken by corporate types and ticket brokers before the
public had a chance to purchase them. As a result, the vast majority of
spectators would be casino customers and VIPs and not general boxing
fans.
"I'd like to make that a special week and have it be a celebration of
the sport," duBoef said. "And it could be a Festival of Boxing and be
like the sport's Super Bowl. It would allow more people the opportunity
to be a part of it."
The largest gate in boxing history came on May 5, 2007, when Mayweather
fought Oscar De La Hoya at the MGM Grand Garden. That fight drew a crowd
of 17,078 and generated a paid gate of $18,419,2000.
That is an average of $1,078.53 per ticket. With the same per-ticket
price, the gate at a 40,000-seat venue would be $43,141,356. Prices
could climb because of a greater number of expensive floor tickets that
would be available and the intense desire to see the fight.
Schaefer remains skeptical of the weather and noted that Clark County
building codes only allow a temporary structure to remain erect for a
year, making it difficult to have a rematch there. He also suggested
that if the fight occurred, the promotion could have a fan festival that
duBoef suggested by emulating the UFC and holding something in the
convention area at sister property Mandalay Bay.
The issue that is more pressing, though, is the money split, because
Mayweather has repeatedly said he won't give 50-50 and Pacquiao said he
won't fight for less.
HBO Sports president Ken Hershman said earlier this year that he
believed the fight had "a short shelf life," and said if the bout wasn't
made soon, it would be time to move on. Pacquiao trainer Freddie Roach
agreed, saying interest in the match may be starting to wane.
"My fear is that we may have passed the point of no return," Roach said.
"I don't get asked if the fight is going to happen as often as I used
to. If they don't make this fight soon, it may no longer be relevant."
By Kevin Iole | Yahoo! Sports