Boxing chaos after $513m deal torn up
Boxing superstar Canelo Alvarez has torn up his record $513 million deal with online streaming service DAZN in a day of chaos across the boxing world.
It was confirmed on Saturday morning (AEDT) that Alvarez has parted ways with boxing legend Oscar De La Hoya's promotion giant Golden Boy after also reaching a settlement with DAZN over the monster 11-fight contract he signed in 2018.
It leaves boxing's biggest star as a free agent on the open market in a move that leaves boxing's biggest names in limbo.
Alvarez's manager Eddy Reynoso released a statement on Saturday confirming that the move will allow Canelo to "continue with his boxing career".
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The statement read: "In my role as a manager and coach of Canelo Alvarez, I allow myself to communicate to the boxing community and all our fans, that starting today, November 6, Canelo becomes a free agent.
"So we are ready to continue with his boxing career. All this time, we have been working very hard in the gym with a lot of responsibility and discipline, to be in great physical shape and ready to fight this year.
"And it will be [this year]! We will announce date, rival and place very soon, and we will return strong than ever to keep growing and showing that Mexican boxing is the best."
The Mexican fell out with Golden Boy, founded by retired six-weight world champ Oscar De La Hoya, earlier in the year, The Sun's Marc Mayo reports.
In September, he filed a lawsuit against the company and streaming service DAZN over an alleged non-payment of fight money.
That dispute has now been settled out of court with Alvarez walking away with $US280 million ($386m) left on the table.
DAZN also released a statement to confirm the settlement had been reached amicably.
"The matter has been resolved to the satisfaction of all parties," the statement claimed.
ESPN boxing guru Dan Rafael posted on Twitter: "The break with Canelo was termed to me as "a clean break, hands up and walk away" by a DAZN official".
However, boxing journalist Mike Coppinger has reported the situation is much more spiteful in Alvarez's relationship with his former promotion company.
"Alvarez and De La Hoya haven't been on speaking terms for more than a year, and when DAZN baulked at paying Canelo his guaranteed $35 million per fight, the end of the relationship was a fait accompli," Coppinger told The Athletic.
"Alvarez sued in an attempt to free himself from Golden Boy Promotions, and through that, DAZN after just three fights on the platform. He claimed $280 million in damages. All parties avoid a protracted legal battle and Alvarez has achieved perhaps his biggest victory yet: He's finally freed himself from De La Hoya and GBP."
Coppinger reports Alvarez will now move to fight against Caleb Plant in December.
The mess is reported to have begun when DAZN couldn't find an opponent for Alvarez that would result in a return on their $513 million investment.
The inability to fight a major opponent led to the streaming service reportedly offering just half the agreed amount for a fight this year.
Alvarez hasn't fought since November, 2019.
Amid the coronavirus pandemic, the fighter had suggested he was willing to discuss a fresh offer "in good faith".
According to the lawsuit, that alternative never arrived and Alvarez's team claim to have freed themselves from that contract.
Originally published as Boxing chaos after $513m deal torn up