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.