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Bob Arum's not working on making a fight between Miguel Cotto and Sergio Martinez, but Top Rank is, with Todd duBoef handling the negotiations for the fight. A recent report at ESPN Deportes said that Cotto could potentially make a $15 million payday, which would top the reported $10 million offer Cotto has from Golden Boy to face Canelo Alvarez.
It's well-known that duBoef and Cotto (38-4, 31 KO) have been very close over Cotto's career, as duBoef was the one who signed the Puerto Rican star to Top Rank. Arum, too, is very fond of Cotto, and is determined to keep him working with Top Rank, even technically as a free agent.
There's definitely no clear direction this is going, but for now the mild edge looks to be in favor of Sergio Martinez on HBO pay-per-view next June 7, rather than Canelo Alvarez on Showtime pay-per-view in March. But there's still a ways to go, and nothing is official. Both sides want Cotto. He's in quite an enviable spot.