Re: Anybody remember Leon Spinks?
- From: Jason B <jbarnett4@xxxxxxxxxxxxxxx>
- Date: Sun, 01 Jan 2006 16:20:18 GMT
Melanie Ley wrote:
On 31 Dec 2005 02:47:52 -0800, "Sam the Bam" <samthebam1@xxxxxxxxx> wrote:
Is there anyone here who has ever seen one of these contracts,
Yeah - enough to give anyone a headache.
or negotiated one?
Jason???
Mel
Amateur Boxing News at www.amateurboxing.com
My contract is pretty simple and straight-forward. I give x% of my earnings from boxing to my manager/trainer. I think I have a favorable contract because most fighters in those big contracts are giving up 33% to a manager, 10% to a trainer, and my percentage that I give up is considerably less.
When these bigger contracts are negotiated, it usually ends up being more favorable to the manager in the long run. Someone who signs a fighter to a big $$$ contract usually gives a signing bonus, pays for living expenses, buys them transportation, etc. Then, when the fighter makes money, the manager gets a bigger cut of the earnings to make up for all of the money he put out in the beginning. It really is just getting a return on investment.
I don't know any specific details of Jeff Lacy's contract, but Jeff's manager is a prominent Tampa attorney named Jim Wilkes. His firm is huge, and he made tens-of-millions of dollars suing nursing homes for neglect. You usually see his name when they talk about Jeff or Winky flying somewhere in his personal jet. Anyway, this guy has bought 2 houses for Jeff, a few cars, paid for all of his expenses, etc., leadding up to Jeff winning the title. I don't know what percentage he is getting from Jeff now, but he has probably invested $400K in Jeff. If Jeff gets a $1 million dollar fight, and he gets 50%, he just made a 20% return on his investment.
Like I said, I don't know any specific details, but that is how I would see it working so that the investor would get a good return on his money. It is a crap shoot though. For every fighter that makes a good return on investment, there are that many more that do not. I remember Rydell Booker talking about how all of his living expenses were covered. For the amount of time that he was fighting, I don't think his management's cut of the Toney fight made up for what they paid out. That was his only big fight, and now it looks like he will have all of his living expenses paid for again(by the government.)
.
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