ATLANTA (SI) -- Ricky Hatton, the former junior welterweight world champion and British boxing folk hero, formally announced his retirement from the sport Thursday.

Hatton, 32, hadn't fought in the ring since being knocked out by Manny Pacquiao in the second round in May 2009, handing the Englishman one of two career losses. Nicknamed "The Hitman," Hatton once held the welterweight title and finished his career with a 45-2 record and 32 KOs.

After losing to Pacquiao, Hatton battled addictions to alcohol and cocaine, but since put his life back together and focused on his family and professional ventures.

In retirement, Hatton says he plans to put his efforts behind his promotional company, Hatton Promotions, which he founded two years ago. Hatton also has a son, Campbell, and is expecting another child later this year.

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.