By Steve Kim

Back in July, eight division champion Manny Pacquiao suffered an upset decision loss to Jeff Horn before a crowd of over 50,000 at the Suncorp Stadium in Brisbane, Australia. There is a rematch clause, which Pacquiao is willing to exercise.

So what is the status of the rematch between Manny Pacquiao and the man that upset him on July 1st in Brisbane, Australia, Jeff Horn?

Well, for the time being it's gone dormant, according to promoter Bob Arum of Top Rank.

The veteran promoter told BoxingScene.com on Wednesday afternoon - "Pacquiao up to this point made it plain he's not coming over to fight in Australia."

When asked if Pacquiao-Horn 2 would be a possibility for say, Las Vegas, Arum explained - "No, he doesn't want to fight in Vegas, either. He wants to fight in the Philippines and with the peso being 52 peso's to the dollar - how the hell is everybody going to get paid, let alone him?"

Pacquiao lost his WBO welterweight title to Horn in a very controversial. Arum had cleared off November 11th as a date for the rematch.

"I'm not at a standstill (with Pacquiao) but he's made his position clear, the world goes on," said the veteran promoter, who says the finances just don't work for a big homecoming event for 'the Pac Man'.

"I would love to do a big fight for him in Manila or some place else in the Philippines but the problem is don't expect me to pay for it."

According to Arum the government has made it clear that they have other priorities besides hosting a major fight on their agenda.

"The tourism board in the Philippines has told us they'll do everything to help promote the fight except put up money. You've got to respect that," said Arum.

So what now for Horn? Well, he could be lined up with another well-known Top Rank client, Terrence Crawford.

"We're going to meet with Terrence and we're going to lay out a plan starting early next year leading towards a welterweight championship match, probably with Jeff Horn," stated Arum.

Steve Kim is the news editor for BoxingScene.com.