Lem Satterfield

Pacquiao retains company to audit Top Rank Inc., tax records

Eight-division titleholder Manny Pacquiauo has hired Los Angeles-based accounting firm Tanner, Mainstain, Blatt and Glynn to review his tax returns regarding refunds due and to audit the records of his promoter, Top Rank Inc., among other things, according to his adviser Michael Koncz.

“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.”

The Westwood-based firm is comprised of certified public accountants and specializes in “providing business management service to the entertainment and professional sports industries,” according to its website, and is ranked consistently among the top 50 such firms nationally and regionally by The Los Angeles Business Journal.

In addition, the group executes audits, estate planning, personal financial advisory and planning, bill-paying, tax and accounting services, litigation support and entertainment and professional sports representation, among other things, for actors, directors, studio executives professional athletes and “high net worth individuals.”

“I spent some time researching firms and looking for somebody that has expertise. We did a thorough background check on them. They have six partners — William Tanner, Peter Mainstain, Steven Blatt and Michael Glynn,” said Koncz.

“And then they have two additional accountants who are also CPA’s. Bradley Johnson and Thomas Fouladi. So today, I met with Michael Glynn, who is the managing partner of the firm, and William Tanner. We spent a couple of hours in Los Angeles discussing Manny’s tax issues. I further assured that any and all documents requested by the accounting firm will be provided forthwith.”

Top Rank Inc. CEO Bob Arum said that he is doing everything to cooperate with the firm.

“They’re a terrific firm, they were highly recommended, and we’re working with them on the IRS audits of Manny’s returns,” said Arum. “They’re very reputable, and they know what they’re doing and we’re very pleased with the selection.”

The move comes amid swirling reports of general unrest within Team Pacquiao as the boxer heads into a defense of his WBO welterweight belt against WBO and WBA lightweight titleholder Juan Manuel Marquez, slated for Nov. 12 at the MGM Grand in Las Vegas.

It also comes in the wake of last month’s firing of the previous firm, VisionQwest, a Glendale-based company which was hired two years ago.

“Approximately six months ago, at my insistence, an audit of Top Rank’s financial records pertaining to Manny’s bouts commenced. However, the group conducting the audit never provided a written report despite the fact that they spent four days in Top Rank’s offices,” said Koncz.

“Therefore, I have instructed our new accounting firm to conduct their own audit of Top Rank’s records, even though I do not think that there are any improprieties. I want to make certain that everything is transparent to Manny.”

 

Lem Satterfield can be reached at lem.satterfield@gmail.com

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