Group Prepared to Offer Over $100 Million USD for Pacquiao vs Mayweather?Written by Richard V. Powell
In an exclusive interview with FightSaga, former WBA Light Heavyweight Champion Eddie Mustafa Muhammad asserted his venture, Alliance Sports and Entertainment, is prepared to offer over $100 million USD for Mayweather vs Pacquiao to be held no later than November.
"I spoke with Floyd Jr. about three weeks ago and asked him what his number (purse request) was," said Eddie Mustafa. "He told me what it was and I told him that that number would be no problem. I told him I needed a little time to get the funds liquid."
Mustafa said by no later than Wednesday he'd have a letter of credit guaranteeing both fighters the money they want from a major U.S. bank.
Currently a top trainer, Eddie Mustafa Muhammad recommended that Mayweather and Pacquiao have tune-up fights in May to better prepare themselves for a possible November showdown. Mustafa suggested Mayweather fight southpaw Robert Guerrero and that Pacquiao fight anyone but Marquez. A loss by either fighter would nullify the deal.
Bob Arum can guarantee Pacquiao the money the Filipino star desires while Golden Boy Promotions cannot do the same for Floyd. This is done by originating a letter of credit from a bank that, when issued, obligates that institution to distribute the funds upon completion of the arrangement, typically after the first round is over.
The deal, according to Mustafa Muhammad, guarantees high earnings for both fighters without Bob Arum's involvement as Pacquiao's contract with Top Rank (according to Mustafa) only states that Arum must get paid (He doesn't necessarily have to oversee details such as the event's site and venue selection or financial backing).
There is a temporary facility being built in Las Vegas that Eddie Mustafa says will bring in an additional $60 Million USD in revenue.
More particulars are forthcoming.
The details expressed herein are strictly those of Eddie Mustafa Muhammad. FightSaga can neither confirm nor deny the accuracy of his statements but trust Mr. Muhammad as a legitimate source.
Richard Powell is an investments professional and respected Las Vegas boxing insider with strong connections on the west coast. Known for his positive approach and friendly demeanor, he gives fighters advice and added exposure and is a frequent guest on boxing radio shows.
Contact Richard at email@example.com