Lem Satterfield

Miguel Cotto offered eight-figure deal to fight Canelo Alvarez

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Golden Boy Promotions has offered Miguel Cotto a deal worth in excess of $10 million to face Canelo Alvarez, according to CEO Richard Schaefer, who outlined the deal structure during a meeting with the Puerto Rican veteran on Tuesday.

Alvarez, the former RING junior middleweight champion, is scheduled to fight on March 8, July 26 and Nov. 22 of 2014. Cotto, who looked sharp and powerful stopping Delvin Rodriguez last month, is looking for a mega-fight next year. A Puerto Rican star vs. a Mexican star could do big business, which is why Cotto met with Schaefer.

“I had a very good meeting with them,” Schaefer told RingTV.com. “I outlined to them a deal structure for a potential Canelo fight. It’s a very lucrative fight. Without any question, it’s the most lucrative fight for Miguel, and it’s a structure where he would be guaranteed an eight-figure amount as a guarantee.

“You know, well in excess of $10 million. But the fact is that if he did not want to do that, then there are many other options for him. The fact is that most of the relevant options are obviously fights which would be promoted by Golden Boy and Miguel Cotto promotions. So, we’ll see. He walked away happy and thinking about it, and he will get back to us.”

Although Cotto and Alvarez are each said to be considering bouts with RING/WBC 160-pound champ Sergio Martinez, an Alvarez-Cotto bout would be huge given that Alvarez’s majority decision loss to Floyd Mayweather Jr. in September grossed a record $150 million, and Cotto is widely considered the most lucrative pay-per-view attraction in boxing behind Mayweather and Manny Pacquiao.

Schaefer says Alvarez is on board with fighting Cotto.

“I’ve already worked out the deal structure with Canelo, so it’s just up to Miguel,” he said. “It will definitely be in the U.S. It could be in New York, or it could be in Las Vegas, whatever the situation is.”

Cotto had lost consecutive unanimous decisions to Mayweather and Austin Trout in May and December of last year in bouts promoted by Golden Boy before scoring a third-round knockout of Rodriguez.

Prior to facing Mayweather, Alvarez unanimously decisioned the previously unbeaten Trout in April, drawing nearly 40,000 to The Alamodome in San Antonio.

Cotto is “a free agent,” according to his legal advisor, Gaby Penagaricano, even as he aligned with rival Top Rank for his fight with Rodriguez.

“Well, the fact is that we have a nice relationship with Miguel, and in those couple of fights that we did, he made substantial amounts of money. But I think that given the potential fights that we outlined for him, what he could make in the next 12 months obviously pales to what he has made so far during his entire career,” said Schaefer. 

“So these are some very lucrative and big fights for him here within Golden Boy. I respect Miguel and the fact that he is a free agent, and he’s going to see what is best for him and for his family. Then he’ll make his decision. But he’s a very intelligent guy, and I know that he realizes what kinds of opportunities are ahead of him, and I think that he will realize that these are, clearly, financially, by far the most lucrative options available to him, so we’ll just have to see.”

Schaefer listed other options for Cotto, including a rematch with Mayweather, a shot at IBF 154-pound titleholder Carlos Molina or perhaps a rise into the 160-pound division for a bout against unbeaten WBO beltholder Peter Quillin. There is also the winner of a Dec. 7 bout between Trout and fellow left-hander Erislandy Lara, Schaefer said.

“There are a lot of possibilities if he would win against Canelo,” said Schaefer. “First of all, a Canelo fight would be a very big fight, and if he was to win against Canelo, then there is always the very big possibility for a potential rematch with Mayweather. The fact was that the Mayweather fight was a great and exciting fight, even though Mayweather won. I think that Miguel did very well in the fight. I think that Miguel Cotto was maybe the first fighter in, what, maybe 10 or 15 years to give Mayweather a bloody nose. So, I think that there is always that possibility as well.”

Hard-hitting Alfredo Angulo or Victor Ortiz might also be a consideration.

“There are so many options. There is the winner of Lara-Trout,” said Schaefer “There is Alfredo Angulo, there is Molina, there is Victor Ortiz, who might be interested in moving up to 154. There are a lot of possibilities out there, and it’s totally up to him.”

 


“Miguel made it clear that he intends to fight at 154, but, if he does want to fight at 160, we have, of course, attractive options there as well, such as a Peter Quillin to fight for the WBO world title. So, it’s up to him, because I think that with Sergio Martinez, while that’s an attractive fight for Miguel as well, it’s clearly not as big as a Canelo fight, and there is no dispute about that. You can’t even compare the two of them.

“And then, I think that you have the risk with Sergio, as well, as it relates to his health, that it seems that the wheels are coming off. You just don’t know if something else might happen, injury-wise, to him. There is clearly a certain element of uncertainty there. One thing Miguel realizes is that he doesn’t want to sit around and waste time. He wants to make sure that he has his fight or fights lined up. Whether Miguel wants to do one fight or two fights, whatever he wants, with Golden Boy, it’s fine with us.”

 

 

Photo by Chris Farina, Top Rank

Lem Satterfield can be reached at lemuel.satterfield@gmail.com

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