Purses per NSAC: Broner: $1.35m Porter: $1m Spence & Greco: $150k a piece. I don't think these are the true numbers can't see Broner and Porter splitting less than what even Garcia and Peterson got also why would Broner risk fighting Porter for 100k more than Molina? Spence and Greco getting the same sums it up. The fighters will be getting the rest in a duffel bag next day in cash. Realistically: Broner: 2m Porter: 1.25m Spence: 450k Greco 150k
Nah, even Al knows you don't **** with the IRS unless you work for them. The money is legit and I don't hear anybody complaining. If he was pulling the wool the Feds would have jumped on him back in the mid-2000s.
The IRS requires that you disclose all income on your tax return. It does not require that a boxer's entire pay be classified as a purse. For one thing, boxers usually have to share percentages of their purses -- not their total income -- with managers and trainers ... and that's why boxers often actually get in tax trouble: * If a boxer is paid a $1 million purse and gives 30 percent to his manager (by contract) and another 10 percent to his trainer (also by contract) ... he still has to pay tax on the entire $1 million even if he doesn't actually ever possess that money except for long enough to pay off his manager and trainer. * However, many boxers (and managers and trainers) have learned this and work it out with the promotion for the manager and trainer to be paid by the promotion (so they pay taxes on their cut but the boxer only pays taxes on his cut) rather than have it come out of the purse. It's just working the system so the IRS doesn't take a full cut from the boxer's remaining money (after paying off manager and trainer) when he doesn't even get the full purse except "on paper" before he pays his team their share. The promotion can also work it -- for tax purposes -- so the boxer receives a greater amount as expense, which isn't taxed as it's not income ... as long as it's done in a way that it's not a complete tax dodge (i.e. giving someone $1 million "expense" and they cannot produce receipts and records that verify that it was spent that way). It's complicated, but just because a boxer's contracted purse is, say, $1 million that doesn't mean that's his total income from the fight. They can pay him money on top of that as "appearance fee" and "promotional fee" to compensate him for his time promoting the fight by doing interviews and press conferences, etc. The purse, in truth, is just his money for actually fighting.
Kenny Porter says Broner was forced into this fight. I don't know how much truth there is into it. But he seemed very confident.
The word is that Haymon got tired of Broner calling guys out and not really making the fights happen. Also him always getting in trouble and his financial woes.
So Floyd did not likely pay 80+mil to Uncle Sam? 30%tax, 15% manager, 10% trainer - thats already over 50% and you can likely add to that training expences and promoter cut%. For a while i was wondering how fighters would even make money from a million dollar purse, let alone a 10k purse. Thanks for shedding some light.
This is an NBC fight, that is great money for an NBC fight. In MMA their champions only make 500,000 per fight. Jon Jones made that against Cormier... and he is their P4P champ on PPV... crazy
As much as I think Al Haymon is a shady character I don't think he would do this because it would be too easy to get caught. It would also be easy to prove, and it would mean the end of his career. Fixing fights is quite hard to prove though...
I have no idea what Floyd pays in taxes except that all income has to be taxed if it is, indeed, income. I don't think Floyd has a manager beyond Haymon and in his income level the trainer is probably paid a fee rather than a percentage. It's common for most boxers to pay around 30 percent of purses to the manager and another 10 percent to the trainer ... in some cases (especially at the upper income bracket -- you do realize the majority of fighters make a few hundred or maybe a couple thousand per fight?) those numbers are smaller or negotiated downward as the fighter gets into bigger money. The reason Joe Louis and so many others ended up in trouble for "tax evasion" was that the IRS ruled they owed money based on their entire purses as paid by the promoters and the boxers only paid taxes on the portion of the purses that they kept, not the rest that was passed along to the managers/trainers.
Haymon is a business man. He has high end accountants and lawyers advising him. This is no Mickey Mouse organisation.
