Monday 17 September 2012

THE MONEY TEAM NOW APPEARS TO BE WORTH NOT A CENT


THE CENTSLESS TMT BOXING PROMOTIONS COMPANY

THE UNPREDICTABLE MINDSETS OF THE TWO PARTNER OF TMT (THE MONEY TEAM) 50 CENTS AND FLOYD MAYWEATHER JR. HAS NOW TAKEN A SERIOUS TURN AND THIS HIGHLY VAUNTED BOXING PROMOTION COMPANY HAS GONE FROM HIGH EXPECTATIONS TO TURMOIL - TO TMT CLOSURE WITHOUT PROMOTING ONE SHOW. IF THERE WAS A SERIOUS TMT COMPANY EVER AT ANY TIME FORMED, IT HAS NOW COLLAPSED BEFORE IT STARTED. PERHAPS, 50 CENTS SHOULD WRITE  A RAP SONG WITH THE NURSERY RHYME THEME, ‘BOYS AND GIRLS COME OUT  TO PLAY.”
In normal circumstances if two partner in a commercial venture have a parting of the ways then that is their problem to resolve. In the case of TMT the matter is far more serious for boxing.
TMT has signed several boxers on contract and these boxers are now legally committed to TMT. The big question is what will now happen to these boxers?
With contracts in place they will have to wait until non performance is proven. How long this will take depends on the skill of lawyers.
However boxing commissions could act in a much shorter period of time .
Boxing Action has been critical of the lack of action by boxing commissions on matters that affect boxers and boxing that are not fully detailed in their rules books but come under the category of conduct prejudicial to the good name of boxing.
Presumably, a boxing commission has licensed TMT as promoters. Therefore, this commission, or commissions, is/are duty bound to hold a full inquiry and to take all necessary action to safeguard the boxing career interests of the boxers that have committed themselves by a legal deed to TMT, and where necessary to ensure suitable compensation is paid to any boxer suffering career harm due to the demise of TMT.
Boxing commissions set themselves up as guardians of boxing. Boxing Action is keen to know what benefit comes from these commissions other than enforcing the rules contained in their rule books and collecting registrations fees and fines from their members who break their rules, and/or are banned from boxing.
Is there any ONE boxing commission that has a facility to help retired boxer, especially those needing financial assistance and after care advice on employment or what ever?
The decision by 50 Cents and Floyd Mayweather to split under a hazy cloud their partnership breaK-up has come with a variety of reasons ranging from 50 Cents supposedly becoming too friendly with a girlfriend of Floyd, Shantel Jackson, when the WBC champion was incarcerated for assaulting the Mother of his children; to the statement made by 50 Cents on the Ricky Smiley Morning Show in the USA, “Me and Floyd is always gonna be cool. He is different. [There is now] a different side of Floyd coming out of the pen [penitentiary] . That’s all.
They both have more dough than Mr. Pillsbury and more liquid cash than some African countries.
However, outside of Boxing Action, and the WBC website, where do you read in the press or on TV, the excellent charitable work WBCCares does for young children in hospitals, the WBC charity the assistance given to boxers that have fallen on hard times; the gaining of a trust fund for needy boxers financed by the richest man in the World, Sr. Carlos Slim; the WBC financing a US$1,000,000 programme for a  leading USA University to make boxing safer - and there is more.


There is none of which we are aware.
The high profile Nevada State Athletic Commission that is responsible for boxing in the fertile financial city of Las Vegas, fined Mike Tyson on one occasion US$3 million dollars. This great deal of money was paid into the NSAC General Fund but there was no allocation of part of this money to any boxer or boxing charity.
If there was we will gladly publish the details.
The rapper and would-be boxing promoter continued, “ [The issues between us] really [come] from…everybody around [Mayweather Jr,] is waiting on the next time he feels generous and I have a lot [of money], so I don’t wait for nobody.
If a boxer spoke like that boxing would be blamed
However, if the disjointed English grammar was put to music it might make a rap hit.
Boxing Action could add to the melting pot of speculation by referring to our earlier reported concern that the real purpose of TMT could be 50 Cents was solely interesting in making the Floyd Mayweather Jr. – Manny Pacquiao bonanza fight.
Credence for this beliefnow comes from a the most recent statement that 50 cents is reported to have become ‘cosy’ with Manny Pacquiao and has offered a 50-50 deal to Manny to become a partner in another boxing promotion Company.
So far there has not been a statement of which we are aware, from Floyd Jr. nor Manny Pacquiao.
For 50 Cents to want to have a boxing promotions business with Manny P. is about as far sighted as the range of Mr. Magoo.
Manny is committed to a political career, so how he is going to give time to a 24 hour on call as a boxing promoter? Is he likely to leave a major Parliamentary debate to take an urgent call to find a replacement needed for 'tomorrows's' main event?
There isalso the formidable prsence of Bob Arum to overcome.
Both 50 Cents and Floyd Jr. enjoy spending money. Therefore, if they have respect for boxers and boxing then they should brief a respected lawyer and through legal Council  issue an adult worded statement setting out the exact position of TMT and future for the boxers under contract to them as individuals or to TMT.
The correct business procedure for the TMT Company to take may be beyond 50 Cents and Floyd Jr. therefore for them to seek the advice of an experienced lawyer in boxing and general commerce matters would remove the speculation.
While this is taking place the boxing commission, or commissions, involved in licensing TMT, that is if they are licensed, need to take action to avoid further disreputable publicity gaining further distribution worldwide.
In the meantime the boxers would be well advised to also seek legal advice. The way the situation is being reported could mean a claim for damages could be open to any boxers that may have been misled by the former two partners of  TMT.
Should it transpire TMT was not licensed then the boxing commissions with whom the boxers under contract to TMT are licensed, are obliged to take immediate steps protect the interest of these boxers. Will they take this appropriate action. Is the tortoise a good trade mark for Usain Bolt?
The media whipping boys of boxing, the sanctioning bodies, WBC, WBA, WBO and IBF are on a regular basis taken to task for decisions they make. 
None of the WBC money for charitable projects goes into a ‘General Fund’ but they are all separately administrated and no WBC Executive receives payment for his work,
It now appears that regular TV and Pay Per View TV have learnt their lesson and have realised that World title contests have to bear the authentic sanction of an established body to satisfy the public. The foolish idea that only the appeal of matches would satisfy the public has been exposed as being nonsense.
However, the four sanctioning bodies have a duty to rid boxing of the ludicrous fact there are 68 ‘World’ champions. There is but one World and the definition of ‘Champion’ means only one. Therefore there has to be only one true World champion for every weight. The rest are titleholders.
Sanctioning bodies have rid boxing of the increasing crippling anomaly of 68 ‘World champions’ without further delay. It is doing great harm boxing and, in turn, the credibility of the sanctioning bodies. ~

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