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10/08/2008 Archived Entry: "WBA backs Ruiz in taxing situation"
WBA backs Ruiz in taxing situation
Press Release
LAS VEGAS (October 7, 2008) – Last week at the World Boxing Association (WBA) Convention in the Dominican Republic, two-time WBA heavyweight champion John “The Quietman” Ruiz (43-8-1, 29 KOs) petitioned the organization to enforce its regulations regarding foreign tax deductions in his fight August 30 against Nikolay Valuev in Berlin.
Because Valuev-Ruiz went to purse bid, Ruiz argued that according to the WBA’s Championship regulations there was a “net” purse rule in effect requiring any German taxes to be paid by the promoter, Sauerland Event, and could not be deducted from his purse. Last Friday, Team Ruiz was notified that the WBA had ruled in Ruiz’ favor, declaring that at the time of the Ruiz/Valuev bout its purse bid regulations intended and required that there could be no deductions from a foreign boxer’s purse by the winner of the purse bid. The WBA also announced that in the future, its purse bid regulations would operate on a “gross” basis, where the German tax on foreign boxers could be appropriately deducted by the winning promoter.
Nearly $250,000 was improperly withheld from Ruiz’ check for taxes and must be now be reimbursed to Ruiz by Sauerland.
“I’m happy because I haven’t won too many German decisions lately,” Ruiz said. “The WBA abided by its rules and stood up for fighters. If we hadn’t fought this Sauerland would have kept my money and now they have to return what they improperly withheld. I want to thank my advisor, Attorney Tony Cardinale, and Attorney Judd Burstein for fighting this cause and bringing home a victory.”
