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During his hearing today to renew his license with the Nevada State Athletic Commission, Floyd Mayweather Jr made the official announcement: He will face Miguel Cotto on May 5 at the MGM Grand, live on HBO pay-per-view.
This has been the fight expected to be announced today, as word leaked earlier about the bout to various sources. It came up first as a rumor, and then was pretty much considered a done deal. Now, we know for sure that it's Mayweather vs Cotto on May 5.
Mayweather is still waiting for his license to be reinstated, but that's a given, really. Mayweather is not in jail right now specifically so he can fight on May 5 in Las Vegas.
The bulk of the rest of Mayweather's license hearing centered on his community service, counseling, and desire to go back in time and do things differently. He was apologetic, but also noted that despite his upbringing, he's "beaten the cycle."
Mayweather (42-0, 26 KO) and Cotto (37-2, 30 KO) are reportedly going to fight at the full 154-pound junior middleweight limit, for Cotto's WBA "super" title. Mayweather currently holds the WBC welterweight belt, but Cotto made clear in negotiations with Manny Pacquiao for a June 9 fight that he would not be returning to 147, which took him out of the running there, thanks to Mayweather being willing to fight at the higher weight. Cotto has not fought as a welterweight since November 2009, his first fight against Pacquiao.
This means that Pacquiao will almost certainly face Timothy Bradley on June 9 in Las Vegas. Cotto was Pacquiao's first choice, but the weight issues killed the fight.