With no end to the fiscal nightmare that Manny Pacquiao is living right now, a beacon of light has shown up at the end of the tunnel although that hole might be pretty deep. After his dominating performance over Brandon Rios in late November, Pacquiao was not greeted with a ticker tape parade or a nationwide holiday in his native Philippines but instead was slapped with a $50 million dollar tax lien and his accounts were frozen. According to his promoter Bob Arum of Top Rank the issue was past taxes for fights in ’08-’09 against the likes of Oscar De La Hoya, Ricky Hatton and Miguel Cotto among a couple others. Arum at one point stated that it was all a bureaucratic misunderstanding and all was needed was a letter from the IRS stating that Top Rank paid 30% of each purse for the years mentioned.
Professional boxing, or prizefighting, emerged in the early twentieth century as boxing gradually attained legitimacy and became a regulated, sanctioned sport. Professional boxing bouts are fought for a purse which is divided between the boxers as determined by contract. Most professional boxing bouts are supervised by a regulatory authority to guarantee the fighters’ safety. Most high-profile bouts obtain the endorsement of a sanctioning body, which awards championship belts, establishes rules, and assigns its own judges and referee. Professional boxing bouts are typically much longer than amateur bouts, and can last up to twelve rounds, though less significant fights can be as short as four rounds. Protective headgear is not permitted, and boxers are generally allowed to take substantial punishment before a fight is halted. Pro boxing has enjoyed a much higher profile than amateur boxing throughout the twentieth century and beyond.