Barry McGuigan’s son denies that expenses from Carl Frampton fight were ‘inflated’ to reduce profit

Blain McGuigan also rejected High Court allegations that high-value complimentary tickets for the fighter’s world title showdown with rival Scott Quigg were being sold on the side.

He insisted all financial figures for the event at Manchester Arena in February 2016 were completely legitimate.

“They have not been fabricated or anything like that for the purpose of reducing profit,” Mr McGuigan said.

His father and Mr Frampton are locked in a multi-million pound legal battle over their acrimonious split in 2017.

The 33-year-old former two-weight world champion is suing ex-manager Barry McGuigan and the family’s Cyclone Promotions for alleged withheld earnings. In a counter-suit the company claims the boxer is in breach of contract.

As Blain McGuigan’s cross-examination continued the focus shifted to the Quigg fight which Mr Frampton won to unify the super bantamweight belts.

Under a joint venture with co-promoter Eddie Hearn’s Matchroom organisation, Cyclone received just over £1.5m in July that year.

A further £580,000 came through ticket sales and overseas television deals, the court heard.

Gavin Millar QC, for Mr Frampton, questioned why his client then had to wait until December 2016 before he was paid just over £1m.

He was told arrangements with Matchroom had to be sorted out first, a situation the boxer was “completely relaxed about”.

But according to counsel a disagreement had been developing throughout the year, with Mr Frampton switching to a Belfast-based accountant to look after his financial interests.

“This is all a complete cover for the fact that you wanted to hold on to that money for as long as you could to have the benefit of that money,” he contended.

Mr McGuigan insisted the company had no need to withhold any earnings when it had other successful shows and TV deals at the time.

During the hearing it emerged that £75,000 has been allocated as expenses for the Quigg fight. Mr Millar contended this was part of an attempt to reduce the level of profits, without supporting invoices.

“You have inflated the expenses beyond what can be justified,” counsel alleged.

The promoter said: “I completely disagree with you.”