Roy Jones Jr. Now Battered By The IRS, Owes $3.5 Million - Boxing News
SMH.
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Maybe we should have a thread - 'Who's the worst with their money? RJJ, PBF or Pac?'
Bet he's seriously hoping for that Government shutdown on Sat!
If he's going to fight I'd almost rather see him do a "Toronto five" like Foreman and avoid any serious threats. This guy is going to get damaged badly.
Maybe you could put the "Hitman" in with the first two, but there's never been anything about Pac having 'debt' or 'IRS' collection problems. Actually there has been articles where he been the Philippines top tax payer.Quote:
Originally Posted by JazMerkin
I kinda like a "Where are they now?" thread.
I recently read how "Boob Boob" and how he's remain financially stable.
Yeah, I was just riffing on the legacy thread. Although with that entourage, his generosity & his wife's spending habits (those Filipino nurses again), I can imagine he'll run into problems once his career is done.Quote:
Originally Posted by fan johnnyMaybe you could put the "Hitman" in with the first two, but there's never been anything about Pac having 'debt' or 'IRS' collection problems. Actually there has been articles where he been the Philippines top tax payer.Quote:
Originally Posted by JazMerkin
I kinda like a "Where are they now?" thread.
I recently read how "Boob Boob" and how he's remain financially stable.
For some reason I really don't think FLoyd and Manny will have problems with money in life, or at least I'm hoping it won't be. Floyd had tax problems in the past, I don't think he's dumb enough to repeat them or let's hope so. Manny lives in the Phillipines where the cost of living is considerably lower than 1st world developed nations, not to mention he's got endorsements there (San Miguel beer, Nike) and is a congressman.
I might be wrong, but I hope all goes well for both since they have entertained millions of people through their ring exploits.
I hope so too, but I suspect Floyd will run himself into serious difficulties because he seems to just forget to pay his taxes every year. He does seem to have toned down his lifestyle a bit, selling a lot of his cars etc, but like Manny, I see that entourage coming back to haunt him. I really hope they can both be alright, they've made so much money that it shouldn't be an issue, but sadly it still could be.Quote:
Originally Posted by generalbulldog
I just saw this photo for his upcoming fight with Lebedev
http://www.boxingscene.com/uploads/37866/IMG_6608.jpg
I doubt Roy is scared, but in that photo he doesn't half look like someone thinking 'I can't believe I'm fuckin doing this'.
Not to mention that Lebedev (a frightening looking fucker as it is) appears to be shadowed by Vigo the Carpathian from Ghostbusters II :-\
Looking at that pic is like watching the familiar old neighorhood dog run across a busy highway ?!
I dont know, just came and went ;D
dont wanna mention jack johnson, joe louis, or floyd mayweather, but WTF???? now its RJJ???
Don't forget the others in that list!!!
Mike tyson and evander Holyfield
I read some time ago that Ali's Name (Rights) was generating ~$40 million a year and he sold it for $80 Million. I think it's owned by Sony now. Roy & Floyd's names will probably be worth something in the future but certainly no where near what Ali's name is worth. Floyd's book deal, "The Real Floyd Mayweather" or "The Floyd behind the persona" will generate a tremendous amount of intrigue. So even if Floyd blows everything, he still has some future earnings from rights to bail him out. Pacquiao's name is already worth millions and he has dozens of enforcements. He can probably maintain being generous to a fault and not have to ever worry about money. If he gets to be like Michael Jackson, then he'll have some problems. I have no clue about Roy.Quote:
Originally Posted by JazMerkinI hope so too, but I suspect Floyd will run himself into serious difficulties because he seems to just forget to pay his taxes every year. He does seem to have toned down his lifestyle a bit, selling a lot of his cars etc, but like Manny, I see that entourage coming back to haunt him. I really hope they can both be alright, they've made so much money that it shouldn't be an issue, but sadly it still could be.Quote:
Originally Posted by generalbulldog
Why don't these fighters manage to have the slightest bit of sense when it comes to their earnings? It's a shame because Jones Jr seems like a nice bloke and pretty smart with it.
Another tragedy really. I hate it when this happens to formerly high profile boxers. Where does the money go?
It makes sense why he is still fighting like Holyfield it is the only way to pay the big bills at the expense to their great legacy. Pride does not pay the bills.
But these guys have earned pay checks that most of us can never dream of, why are they so prone to throwing it all away? It's not as though they are the only ones to have ever grown up in a working class household.Quote:
Originally Posted by Master
There is no excuse for it really. It's a real shame.
As much as I like Holyfield I think Jones is smarter and ONLY in it for the money, unlike Holyfield who seems boarderline dellusional and actually believes he's still what he was.Quote:
Originally Posted by Master
Yeah, I'd agree with that actually. I think one problem Roy has is that he never crossed over into the mainstream in the way that Manny or Floyd have. Both those guys play a role & have their own set of fans who appreciate. Roy was always overshadowed by Tyson, Chavez & then Oscar in terms of being the face of boxing. Not to mention that if PBF & Pac fight, regardless of the result it will have a beneficial effect on their future earnings. I might be the first poster ever to admit someone else has talked me round to their viewpoint.Quote:
Originally Posted by fan johnnyI read some time ago that Ali's Name (Rights) was generating ~$40 million a year and he sold it for $80 Million. I think it's owned by Sony now. Roy & Floyd's names will probably be worth something in the future but certainly no where near what Ali's name is worth. Floyd's book deal, "The Real Floyd Mayweather" or "The Floyd behind the persona" will generate a tremendous amount of intrigue. So even if Floyd blows everything, he still has some future earnings from rights to bail him out. Pacquiao's name is already worth millions and he has dozens of enforcements. He can probably maintain being generous to a fault and not have to ever worry about money. If he gets to be like Michael Jackson, then he'll have some problems. I have no clue about Roy.Quote:
Originally Posted by JazMerkinI hope so too, but I suspect Floyd will run himself into serious difficulties because he seems to just forget to pay his taxes every year. He does seem to have toned down his lifestyle a bit, selling a lot of his cars etc, but like Manny, I see that entourage coming back to haunt him. I really hope they can both be alright, they've made so much money that it shouldn't be an issue, but sadly it still could be.Quote:
Originally Posted by generalbulldog
Do these guys hire financial advisers? Does the USA have a PAYG system in place? How does Jones jr not know this? In any contract negotiation surely he would have it checked out by a financial adviser and know in advance what his take home pay will be after TAX? I can only assume they have tried to cheat the system and have been caught out doing it, i have no sympathy if that is the case. Organising finances is easy if you prepare yourself, Jones jr has either been ill advised or is just plain ignorant in these matters.Quote:
Originally Posted by generalbulldog
I seriously doubt that Floyd has one. I would venture to say the Roy Jr is of the same mind set as Floyd. On the other side of this, I read that "Boom Boom" did and when he retired from boxing at the age of 24, He had nearly all his life time purse of $12 Million in earnings. I don't think they cheat, People like that just ignore it and hope it goes away. Sounds stupid because it is, but really many people are like that.Quote:
Originally Posted by THE THIRD MANDo these guys hire financial advisers? Does the USA have a PAYG system in place? How does Jones jr not know this? In any contract negotiation surely he would have it checked out by a financial adviser and know in advance what his take home pay will be after TAX? I can only assume they have tried to cheat the system and have been caught out doing it, i have no sympathy if that is the case. Organising finances is easy if you prepare yourself, Jones jr has either been ill advised or is just plain ignorant in these matters.Quote:
Originally Posted by generalbulldog
For professional fighters like roy and floyd, starting your own record label or rapping/singing career should be like buying a gun in the U.S. there should be a damn waiting period or something during which they have to watch like videos about the dangers of mismanaging your money or something. I can see boxing promotional companies, the occasion restaurant, or local establishments that are in line with what they enthusiastic about... or even boxing equipment companies or fight academies. But looking at some of the dumb things that some of these guys wanted to do with their money.... and then "forget" to pay taxes....it makes you go what?!?!?! Stick to what you know.
Zab judah wanted to make rims... WTF?!?!?
Shit, thats alot of back taxes....he should have done like the politicians do, put all his money in swiss bank accounts or costa rica or some shit. Then just declare bankruptcy.
It don't work like that... They used to have a offshore companies that earned the money for them that way money is not declared as income for the individuals. But now a days the IRS goes after all that stuff like that. What they do now is set up a record label or other start up company and write off all the losses. But it looks like Floyd & Jones forgot to hire an accountant.Quote:
Originally Posted by No Contest
Roy Jones is turning into one of those stories like Joe Louis. Absolute great boxer who had to fight on way past his best and still ended up skint due to taxes owed. Gotta say that the American boxers do seem to get hit hard by governments!
Why does the tax man have to chase legends like Louis and Jones?
Just because you're a boxing legend doesn't mean you're exempt to pay taxes on what you earn. Everyone does in any modernized society.Quote:
Originally Posted by Master
True, but these days the rich are having a field day when it comes to how much tax they pay. It's a shame that fighters like these aren't able to capitalise on the wonderful opportunities being granted by a corrupt political system.Quote:
Originally Posted by generalbulldogJust because you're a boxing legend doesn't mean you're exempt to pay taxes on what you earn. Everyone does in any modernized society.Quote:
Originally Posted by Master
Its not fair to lump Jones in with Louis. We don't know the circumstances of Jones's IRS tax problems.Quote:
Originally Posted by generalbulldogJust because you're a boxing legend doesn't mean you're exempt to pay taxes on what you earn. Everyone does in any modernized society.Quote:
Originally Posted by Master
But we do know that Louis got SCREWED ROYALLY. Especially after he raised so much funds in boxing exhibitions for the Army. He was a great patriot and a great man.