While most boxing observers believed Miguel Cotto's relationship with HBO, and his desire to make Puerto Rican boxing history put Sergio Martinez in the lead to face him next, Golden Boy CEO Richard Schaefer has swooped in with an offer Cotto may not be able to refuse.
As alluring as a title in a fourth weight class would be for Cotto, who would be the only Puerto Rican fighter to ever accomplish the feat, reports say he's been offered more than $10 million to step in the ring with Canelo Alvarez.
"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."
While Cotto has fought the vast majority of his fights on HBO, and worked with Top Rank, he is a "free agent" at the moment and can make bouts with either of the warring boxing promotions. Golden Boy seems to have gained the upper hand in attracting the wildly popular pugilist.
Schaefer wasn't specific about the offer, but seems confident it's the best Cotto will receive. "You know, well in excess of $10 million," Schaefer said. "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."
The door is even open for a Cotto vs. Alvarez clash to happen in New York, where Cotto routinely sells out Madison Square Garden. Schaefer indicated that the fight hinges on Cotto's acceptance. "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."
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