Friday, April 23, 2010
Mayweather vs Mosley
Anaheim Boxing Examiner | Brent Alderson
There is an old saying, "It's cheaper to keep her," and that particular expression definitely applies to Sugar Shane Mosley. The Pomona raised boxer has always been a classy guy and an excellent fighter, winning legitimate world titles in three different weight classes while defeating such stars as Fernando Vargas and Oscar De La Hoya, but his marriage to Jin Mosley ended in divorce last year after seven years and the financial repercussions of their break-up have negatively impacted Mosley's net worth as well as his prospects of retiring financially secure.
And boxers' careers end while they are still young so they need to invest and save their money so they can live comfortable lives long after they hang up the gloves. Everybody wondered how and why Mosley looked so sharp against Margarito, maybe it was because he was in a financial bind and had to resurrect his career.
Shane married Jin, a Korean American from New York in 2002 and the couple had three children together and lived a lavish lifestyle with a minnie mansion, RV's, and nice cars. In all likelihood Mosley will be required to provide monetary support for Jin so that she can maintain that standard of living for herself as well as their three children. And child support isn't cheap, especially if you are an athlete making millions of dollars. Evander Holyfield was ordered to pay 250 thousand dollars a year in the nineties for one of the children that he fathered out of wedlock. It may not sound like a lot of money for someone like Holyfield who made a number of ten million dollar plus paydays, but it adds up. 250 thousand dollars a years times twenty years comes out to five million dollars. That's five million dollars cash. You know after a fighter pays the IRS, their trainers, their expenses, and their managers, they usually only receive between 28% to 42% of their actual purse. So if a fighter has to pay five million in child support, that would be the equivalent of a 15 million dollar purse.
Also Jin acted as Shane's manager during that period which further solidifies her claim to Mosley's estate. Now the details surrounding the divorce settlement have not been made public and Shane may have had a prenuptial agreement. Still, most of those agreements only protect assets which were attained prior to the marriage. Its very difficult to protect someone's earnings after the date of the union. And from 2002 through 2009, Mosley earned some of his biggest purses. In 2003 he fought De La Hoya the second time and in 2006 he had two pay per view fight with Fernando Vargas, and in 2004 he had two high profile fights with Winky Wright.
You really want to know why Shane Mosley looked so sharp against Antonio Margarito, it was because he needed a victory to prolong his career in order to set himself up financially after going through a costly divorce. Shane knew what he had to do. He ran that extra-mile, drank that extra-shake, and did that extra-hour of jumping roping and put forth what may have been the finest performance of his career.
Financial planners say that the financial impact of a divorce usually lasts a lifetime, but with a string of victories Shane Mosley is in a position where he can completely erradicate the financial hardships of his divorce. All he he has to do is beat Floyd Mayweather and then he will be in line for another big pay day against Manny Pacquiao. Even Bob Arum has stated that if Mosley beats Mayweather that Sugar Shane will be the Filipino legend's next opponent.
I know boxers are very competitive individuals and that Mosley wants to win every fight every time out, but with Arum dangling a fight with Manny Pacquiao along with a retirement package in the form of an eight figure pay day, Shane Mosley is more motivated than he has ever been to win a fight. So Floyd better be ready next Saturday because a desperate fighter is a dangerous one.