Lem Satterfield of RingTV.com reports that Manny Pacquiao and his team, spearheaded by Michael Koncz, have hired Los Angeles accounting firm Tanner, Mainstain, Blatt and Glynn to go over his tax records and to audit the records that Top Rank has.
"This a large firm, I've verified that they're all certified public accountants, and I've prioritized what they've been hired to do. The first priority is to contact the IRS, to inform the IRS that they've taken over Manny's representation, and to facilitate whatever information they're entitled to and that they need to continue the audit that's been ongoing," said Koncz.
"The second priority is to review prior tax returns and to inquire of the IRS what the delay is in the refunds that are due to Manny. The third priority is to exercise our rights pursuant to our co-promotion contract with Top Rank and to review all financial records relating to Manny's bouts."
There has been growing concern about Pacquiao's finances in recent months, as VisionQwest, who were in this position before, were fired not long ago, and Freddie Roach was quoted as saying that Pacquiao is "broke" and that the fighter "goes through money like you wouldn't believe."
Pacquiao made a $20 million guarantee for his May 7 fight with Shane Mosley, and will make the same for his November 12 trilogy bout against Juan Manuel Marquez.