Ricky Hatton after first defeat £20m profit is consolation

Boxer has invested £200,000 into each of four new ventures By Simon Binns. A company owned by boxer Ricky Hatton standed up a pre tax benefit of almost £20m in 2008, accepting “The Hitman” to plough working capital into different of his other business ventures. Punch Promotions Ltd promotes and organize sporting activities, especially bouts featuring Hatton, such as his holocene high profile championship fights against Floyd Mayweather Jnr and Manny Pacquiao. Hatton lost both fights and may now depart to dressed ore on promoting other boxers, but newly filed accounts show that his company recorded a pre tax profit of £19.8m in the year to November 30, 2008, up from £3.7m the previous year. In June, Hatton opened his own Hatton Health & accordance Gym in Hyde and is better to expand it into a chain. Manchester City Council has approached the boxer about potential sites in east Manchester. Punch Promotions ticker £200,000 each into branded leisurewear business Hatton Independent Trading Ltd, Hatton Promotions Ltd, Hatton Health & Fitness Ltd and Punch Developments Ltd. In January 2009, Hatton also set up Hatton Boxing Ltd and Hatton Nutrition Ltd as he looks to accrue his business empire once he depart from the ring. Hatton's lawyer, Gareth Williams, has left George Davies LLP in Manchester to work for the boxer and his family full time and attend to on building the Hatton brand. In the director's report that accompanies the accounts, David Evans, an auditor and tax adviser, writes: “The earning ability of the company has been dependant on Mr R J Hatton's accomplishment in the boxing ring. Whilst operations will continue within the company, the directors are of the opinion it will be subject to reduced income in future years. “The company has invested working capital of £200,000 into each of its four accessary companies, of which three acceded trading in December 2008. It is await all of its subsidiaries will contribute to the holding company's future earnings. The abbreviated accounts do not show turn over for the year, although Hatton was connected in three title fights during the financial year. On December 8, 2007 Hatton abided his first ever professional conquest to Mayweather Jr in Las Vegas, although the Hyde boxer achieved a reported £5m purse from the bout, his occupation best at the time. Hatton made his comeback on May 24, 2008, beating Mexican Juan Lazcano at the City of Manchester Stadium to retain The Ring Magazine and IBO light welterweight titles, acquireing a total of £6m in television fees and ticket sales. Hatton then conquested Paulie Malignaggi at the MGM Grand in Las Vegas on 22 November, earning him another £1.2m. His fight against Manny Pacqiuao in Las Vegas in May, which ended in defeat, pushed his career earnings through the £40m barrier. Cash in the bank at Punch Promotions totalled £22m, up from £10m the previous year. The three directors, Hatton, his father Ray and Evans, were paid a total of £3.1m by the company, up from £530,000 the previous year.