WBO/IBF heavyweight titlist Wladimir Klitschko will defend his titles against IBF mandatory challenger Alexander Povetkin on December 13 in Germany, televised in the United States by HBO.

Dan Rafael reports that Klitschko's promotional company, K2 Promotions, heavily outbid Povetkin's people at Sauerland Event to win the rights to the fight, ending a lengthy negotiation process that went nowhere, owing to reported bad feelings between Sauerland and Klitschko.

K2 bid a massive $13,130,130, easily topping Sauerland's bid of $8,114,140. To say that Sauerland probably didn't expect K2 to go so high is likely an understatement.

Povetkin (16-0, 12 KO) earned the fight by beating both former titlist Chris Byrd and then-unbeaten American Eddie Chambers in a three-match eliminator series that also included Calvin Brock. Both Brock and Byrd are former Klitschko victims. He also won a stay-busy fight against can Taurus Sykes in July.

Klitschko (51-3, 45 KO) is on a nine-fight winning streak (six KO in that span) since losing to Lamon Brewster in 2004. He will likely be a heavy betting favorite against the 29-year old Povetkin.