Tomasz Adamek released a statement on Wednesday, saying he won't be fighting Kubrat Pulev in an IBF final eliminator, with the winner set to receive a shot later this year against Wladimir Klitschko.

Adamek (48-2, 29 KO) entered a four-man tournament, knowing at the time he would have to face the winner of the Kubrat Pulev-Alexander Ustinov fight. Pulev (17-0, 9 KO) was by all accounts ready to go against Adamek, but Adamek says the fight isn't financially viable:

"I have been offered an opportunity to fight in Poland for far more money than I would get for fighting Kubrat Pulev. Meaning no disrespect to Pulev, he has never held a major title and never headlined a televised card. Any money generated by the promotion would, for the most part, be generated by my popularity. I owe it to my family to engage in the most financially rewarding bouts, and engaging in a bout with Kubrat Pulev at this time simply does not make financial sense."

Adamek got to this fight by winning a very controversial decision over Steve Cunningham in December.

As for Pulev, his team says he'll stay busy in the meantime, hoping to defend the European heavyweight title while the IBF figures out what to do about an eliminator, or perhaps whether or not to just award him a mandatory title shot.