While Miguel Cotto has reportedly turned down a Canelo Alvarez fight at this time, he is not officially slated to meet middleweight champion Sergio "Maravilla" Martinez just yet. That deal is coming soon though, according to Top Rank big wig Bob Arum.
"I think HBO, Gaby Penagaricano, Todd DuBoef and Lou DiBella are very close to a deal, and they are working out the details," Arum said. "We are optimistic we will get Miguel Cotto vs. Sergio Martinez in June. Right now we're continuing to analyze our options for the venue."
Cotto is known to have had a $10 million offer to square off with Alvarez in March, but is believed to have an even larger offer from Top Rank to take this bout. Arum said that Cotto made the correct choice financially, as Sergio offers more prestige and more money.
"Miguel and Gaby Penagaricano are business people. They know that the money from the pay-per-view, the tickets, and everything else that's involved will generate more money than anything offered by Golden Boy, or anything that might generate in a fight between Cotto and Canelo," Arum said.
That covers the money; the prestige is present in Cotto's chance to make Puerto Rican boxing history. "Remember that Miguel has an opportunity to do something no Puerto Rican has ever done, which is to win a fourth title in a fourth division," Arum said. "That means a lot to Miguel and his legacy. A fight on that date [June 7th] would be a special event for all the Puerto Ricans who also attend the Puerto Rican Day parade."
This megafight could happen at MetLife Stadium in New Jersey. "We're pricing the pros and cons of having another 10,000 to 20,000 people watching the fight outdoors against the expenses of making sure we're covered from possible rain," Arum said.
Canelo has moved on to other options, but is confident he will eventually get his shot against Cotto.
"I have not ruled [Cotto] out [for the future]. It is a fight that is going to happen, sooner or later. People want to see it, we want it because the people have been asking for it and it will be a great fight. The problem is that I will not wait until June [to fight him]. I have my plan, to fight three times in 2014," Alvarez said.
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