“I know how to accept defeat,” Pacquiao said in a video statement, translated by philstar.com.
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The 43-year-old fighter turned politician stepped away from boxing to launch a bid for the Philippine presidency, a bid which ultimately failed. He also served as a senator between 2016 and May this year.
Pacquiao, 42, has already retired from professional boxing following his unanimous decision loss to Yordenis Ugas in August 2021.
That’s according to Manny Pacquiao Promotions boss Sean Gibbons.
The brother of mayor of Kyiv, leader of the UDAR party, Vitali Klitschko, earned GBP 58 million during his career, which allowed him to take 10th place in the ranking, the ezine reports.
Pacquiao is the first to file his candidacy to be the next president of the Philippines at the start of registration for thousands of political posts in what is expected to be a hotly contested election in May next year.
“As I hang up my boxing gloves, I would like to thank the whole world, especially the Filipino people, for supporting Manny Pacquiao. Goodbye boxing,” the 42-year old said in a 14-minute video posted on his Facebook page.
Pacquiao accepted the nomination of his political allies during the national assembly of the faction he leads in the ruling PDP-Laban Party, days after a rival faction nominated Duterte’s long-time aide, Senator Christopher ‘Bong’ Go, as its presidential candidate.
Despite entering the bout as a fairly heavy favourite, Pacquiao was defeated via unanimous decision by short-notice replacement Ugas, who had stepped in after Errol Spence Jr suffered a retinal tear in his left eye.
Pacquiao looked every bit of his 42 years up against WBA Super welterweight champion Ugas, 35, in Las Vegas on Saturday night.
Pacquiao, 42, returns to action after a two-year absence to face Ugas at the T-Mobile Arena in Las Vegas on Saturday.
Eight-division world champion Pacquiao and American Spence Jr were due to fight in Las Vegas on August 21.
Pacquiao will fight for the first time in two years when he tangles with reigning International Boxing Federation and World Boxing Council welterweight champion Spence in August.
De La Hoya is nearly 12 years removed from his last fight against Manny Pacquiao, one in which he quit on his stool after the eighth round in December 2008.
The former pound for pound king was due to face a YouTuber opponent on February 20 but had to postpone.
Pacquiao won the super champion belt in July 2019 when he defeated Keith Thurman, however, he has not defended the belt since then.
Pacquiao, who is a senator in the Philippines, was sworn in as the national president of the political party of President Rodrigo Duterte on Wednesday night, said Ron Munsayac, Executive Director of the PDP-Laban party.
Trainer Freddie Roach revealed Pacquiao used to regularly knock out the Brit in sparring at his Wild Card gym in Los Angeles back in 2014.
Arum said: “We called up with Manny Pacquiao. He’s going to be the first boxing president in history. He told me: ‘Bob, I’m going to participate in the presidential campaign 2022. When I win, I want to see you at my inauguration.’”
Amir Khan wants to fight Manny Pacquiao in Qatar when boxing resumes following the coronavirus crisis.
The former world champion has not fought since his facile win over Billy Dib in Saudi Arabia last summer.