Pacquiao ends standoff, walks out of Hatton fight

http://www.gmanews.tv/story/145300/Pacquiao-ends-standoff-walks-out-of-Hatton-fight

MANILA, Philippines (01/21/2009 | 09:10 PM) – Manny Pacquiao finally ended weeks of uncertainty on Wednesday by walking away from a planned mega-bucks deal against British boxer Ricky Hatton on May 2.

Jeng Gacal and Pacquiao met with Top Rank representative Michael Koncz in General Santos City Wednesday afternoon hoping to find a last-minute solution in the standoff.

Gacal, who is Pacquiao’s lawyer, said his client did not sign the contract that would have sealed the deal with his client’s expected match against Hatton.

Still, no deal was sealed despite Top Rank boss Bob Arum imposing a 6 p.m. (Manila time) deadline on Wednesday on the camp of the Filipino boxing icon.

The main culprit of the collapse? Disagreement in the purse split, which Pacquiao wants at 60-40 in his favor since he believes he would be the top draw when he fights Hatton in Las Vegas.

Hatton’s camp wants the revenue sharing deal at 50-50 relying heavily on a verbal agreement with Arum, who tried to save the fight by laying out either a 52-48 or 55-45 counter proposal to Pacquiao.

Gacal said Pacquiao could have agreed to a 52-48 revenue split but requested a higher revenue share on the minimum guaranteed purse, which he would get whether he wins or loses against Hatton.

Golden Boy Promotions, Hatton’s US promoter, chief executive officer Richard Schaeffer was also not amenable on the two revenue sharing options.

Arum said the Hatton’s have been patient with the negotiations and is now planning to hold a press conference announcing that they would call off the fight and shop around for a new opponent for a scheduled match either in May or June this year.

Koncz believes this is the end of the planned Pacquiao-Hatton match. “The fight will not happen. Based on what we were told the fight is called off."

Now that the fight against Hatton is a no go, Pacquiao’s camp is looking for a new opponent and has reportedly began talks with the group of the retired Floyd Mayweather Jr. – GMANews.TV

 

I couldn't have said it better..