Nike has just announced that it is terminating its relationship with boxing champ Manny Pacquiao after his derogatory statements about the LGBT community. Fans want to know one thing and one thing only: how much money Pacman would lose?
“We find Manny Pacquiao’s comments abhorrent. Nike strongly opposes discrimination of any kind and has a long history of supporting and standing up for the rights of the LGBT community. We no longer have a relationship with Manny Pacquiao,” Nike said in a statement Wednesday.
The news spread like wildfire. Everybody was curious to know if this turn of event will cost Pacquiao millions of dollars. As it turned out, it may not. Not even a dent from his earnings maybe. Apparently, the relationship he had with Nike was for clothing sponsorship only and not endorsement deal – this according to local news site GMA News. The site further reported that a new clothing sponsorship with another company is already in place.
The next big question to be answered now is this: will big corporation endorsed by Pacquiao follow Nike’s decision? Pacquiao is number 2 in Forbes’ list of World’s Highest Paid Athletes in 2015. His earnings at the time were $160 million and $12 million make up the endorsements.
Forbes also noted that this was not the first instance that Nike severed a contract with Pacquiao. The company decided not to renew its partnership with Pacman back in 2012. Pacman had also made derogatory statements about same-sex marriages at the time. According to Forbes, there was already an appeal for Nike to drop Pacquiao back then. The company decided otherwise and waited to see champ’s performance in the ring. Unfortunately, the company was unimpressed especially after his match with Juan Manuel Marquez.
As previously reported by Morning News USA, Pacquiao compared same sex couples to animals, maintaining his strong religious belief. Pacman had since apologized. “I’m sorry for hurting people by comparing homosexuals to animals. Please forgive me for those I’ve hurt. I still stand on my belief that I’m against same sex marriage because of what the Bible says, but I’m not condemning LGBT. I love you all with the love of the Lord. God Bless you all and I’m praying for you,” he posted on Facebook.