Monday, 27 April 2015

Why Do Boxers Get Paid So Much

This question has been sent through several times. I think it’s important to understand this isn’t necessarily true. The top fighters in the sport, with major fan bases do earn great money. Millions of dollars per fight sometimes & tens of millions per fight for the absolute superstars of the sport. Regardless of these large sums of money a majority of boxers end up in a worse financial position once they retire.

We are witnessing bad events such as:

-       - Riddick Bowe selling autographs at various sporting centers. And then selling twitter posts for $20 each.
-       - Evander Holyfield having a mortgage nearly double the size of his property. He now is struggling financially according to various reports circulating.
-       - Roy Jones Junior seems to have lost a lot of money in the rap game. He is still fighting and doing commentary.

However Bankruptcy For Fighters Isn’t The End:

-       Fighters such as Holyfield or Roy Jones, even if they go broke. They will always be able to earn great money doing public speaking or attending product launches or advertisements. The same goes for Floyd and Manny, while going broke would obviously change their lives a little. They will be able to generate substantial cash for the rest of their lives due to their name (brand), created through legendary boxing careers.

However there are also fighters who have done well:

-       - Kelly Pavlik retired early and despite several run in’s with law enforcements,       he owns a lot of property and commercial property.
-         -Lennox Lewis has consolidated his fortune.
-       - Mike Tyson is earning substantial sums of money again from his booming entertainment career.
-       - Bernard Hopkins according to reports have saved every cent he has ever earnt.

Boxers often go bankrupt due to the feeling the sport brings a champion. A feeling of invincibility is common amongst top boxers. Ego is essential to get these boxers to a position where they earn huge money in the sport. It’s also a Characteristic which leads to poor financial decision making in some circumstances.

Successful boxers are often taken advantage of by money hungry promoters and managers, who often put themselves ahead of the Fighters welfare. This seems to be happening less often in the sport lately with different models in place to ensure fighters are getting what they deserve.  Purses are now open which makes it difficult for fighters to be underpaid. Purse Bids are also public knowledge.

Hopefully this generation of boxers and the next generation of boxers continue to learn from boxers of the past who have made poor financial decisions and gone bankrupt. It shouldn’t be forgotten though regardless of financial status, these boxers did still put their lives on the line to entertain us fans. We salute you for that.

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