Bob Arum and Team Cotto discuss Pacquiao rematch negotiations

Promoter Bob Arum of Top Rank says that despite reports, Miguel Cotto was open to a catchweight rematch with Manny Pacquiao at 150 pounds, for the right terms. But he says that Cotto's attorney and adviser Gaby Penagaricano didn't give the fighter all the information.

From ESPN.com:

"I never once talked to Cotto about the fight with Pacquiao. I talked to Gaby and he was supposed to relay everything to Miguel. So now the first thing I establish was is Miguel amenable to 150 pounds? And the word came back that if we could agree on the [financial] numbers, he would agree to 150."

Arum says that the deal he proposed could have brought Cotto up to a $15 million payday if the fight had sold about 1.3 million or so on pay-per-view, which isn't crazy, probably, but expectations likely wouldn't have been that high. He then said that he trusts Cotto, the fighter he promoted for years, but doesn't trust Penagaricano:

"I think Gaby wanted to do the Garden thing because it would be his entree into what he considered big-time promotion. I think that's what happened. I don't trust Penagaricano. I think he has another agenda. I trust Miguel."

"The Garden thing," of course, is Miguel's December 1 fight against Austin Trout at Madison Square Garden, which is a promotion led by Golden Boy, really, along with Cotto's own promotional company, plus Trout's promoter Greg Cohen.

Penagaricano says that he gave Cotto all the information, and Miguel simply chose to turn the fight down, adding this:

"I think what Bob doesn't understand is the position Miguel is in. Normally any fighter would jump at the possibility of fighting Mayweather or Pacquiao. It's a lot of money. But Miguel is in a different position. He can make a lot of money fighting other people as well. He can constantly say no to a Pacquiao or Mayweather if the deal is not structured how he wants it."

And that's a real statement. I've got no idea if there was poor communication at any point, but Cotto can flat-out turn down these "mega-fights" if they don't appeal to him. It's the second time he's turned down Pacquiao in 2012, so it wasn't even a big surprise. Cotto's name being attached to Pacquiao's next fight always seemed more like a way to keep the press talk more interesting -- Cotto's a big star, and the idea was one that got folks talking. And I'm sure there were offers made, and negotiations that really happened, but Miguel never seemed likely for that fight.

Anyway, they both move on. Cotto faces Trout on December 1 on Showtime, and Manny Pacquiao takes on Juan Manuel Marquez for a fourth time on December 8 on HBO pay-per-view.