Boxing Champion, Manny Pacquiao Set To Pay $5 Million For Breach Of Contract
8-time boxing champion, Manny Pacquiao is set to pay $5.1 million for breaching his contract with Paradigm Sports Management.
Paradigm was attempting to receive $8 million from the lawsuit, but it was settled on $5.1 million being the final amount owed. Pacquiao is also expected to pay about $2 million in lawyer fees.
The lawsuit is dealing with Pacquiao’s last fight against Yordenis Ugas. He was originally supposed to fight welterweight champion Errol Spence, but an injury caused Spence to withdraw.
Paradigm was attempting to stop the fight after this withdrawal but were unable to. It was found out that Pacquiao also had a contract with TGB Promotions, which was one of the main reasons that the fight could not be stopped.
“The reason that Paradigm’s attempt to get the injunction failed was, in large part, due to the fact that we had had an ongoing contractual relationship with Pacquiao which predated any alleged contract that Paradigm entered into with Pacquiao,” Phil Weiss, legal counsel for TGB Promotions said.