Manny Pacquiao loses case against Paradigm, ordered to pay over $5 million
Boxing legend Manny Pacquiao recently suffered a significant setback in his legal battle against Paradigm Sports Management. A verdict issued by a California jury found Pacquiao guilty of violating the terms of his contract with the company, resulting in an order to pay over $5.1 million in damages.
The ruling marks a significant blow to the former eight-time champion as he faces the financial consequences of the legal dispute.
Manny Pacquiao loses breach of contract suit, ordered to pay Paradigm $5.1 million in damages
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The jury awarded a $5.1 million settlement to the management company, in addition to at least $2 million in attorney fees. Paradigm Sports can also collect a 10 percent annual interest on the verdict amount dating back three years. The judgment also required Manny Pacquiao to repay $3.3 million that Paradigm Sports had advanced to him after signing him to their management firm, as well as a further $1.8 million in damages. Overall, 'Pac Man' is set to pay over $8 million as a result of the lawsuit.
In early 2020, the possibility of a highly anticipated boxing match between Manny Pacquiao and Conor McGregor was creating a buzz in the sports world, especially after the announcement of the Filipino's signing with Paradigm. However, relations between the two parties quickly deteriorated after Paradigm accused the boxer-turned-politician of accepting a $3.3 million payment in advance only for bargaining fights on his own without their cooperation.
'The Notorious's' management company Paradigm argued that Pacquiao had failed to disclose a prior management deal when he signed an exclusive two-fight agreement with their company, leading them to seek over $20 million in damages.
Take a look at Manny Pacquiao's enormous boxing career
Manny Pacquiao began his professional career at the age of 16 in January 22, 1995. Pacquiao fought in the ring for over two decades, retiring in 2021 with a record of 62 wins, 8 losses, and 2 draws in 72 total fights.
The boxing veteran's most remarkable feat was winning twelve major world titles in eight different weight divisions. 'Pac Man' was also the first boxer to win the lineal championship in five different weight divisions, as well as the first boxer to win major world titles in four of the original eight weight divisions of boxing. These divisions include flyweight, featherweight, lightweight, and welterweight.
Manny Pacquiao's last professional fight in August 21, 2021, resulted in a loss to Yordenis Ugás, leaving his final boxing record standing at 62-8-2, with 39 knockout wins and 3 knockout losses.
Throughout his career, Pacquiao has proven to be a dynamic and versatile fighter with exceptional speed and power. The Filipino senator is also known for his aggressive style, constantly pushing forward and attacking his opponents. The 44-year-old's outstanding career has earned him recognition as one of the greatest boxers of all time, and his legacy in the sport is one that will not be forgotten.