To let Oscar De La Hoya tell it, Canelo has already signed off on a contract to fight Miguel Cotto, conceded all of Cotto's demands, and even moved off a 50/50 purse split to favor Miguel Cotto. And with all that having supposedly been done, Miguel has still been sitting on the contract for over 6 weeks now. Oscar took to twitter a couple days ago to express his frustrations about the hold up, citing everything I just mentioned, but has since taken down his tweet.
So it appears that Cotto's legal advisor, Gaby Penagaricano, has spoken to the media to say that all the terms of the potential fight have not yet been agreed to, that they are still weighing their other options, and comment on his previous remark that the deal was only 50% done.
"We're still talking and so there's no deal as of yet. Whether it's going to happen or not, honestly, I don't know but we're talking," said Penagaricano.
"The reference to 50 percent only means that the most important elements of the deal - the financial element - there's no agreement as to that yet. So it can not be more than 50 percent done. The most important factor of the overall equation is not agreed upon."
K2's Tom Loeffler has already indicated his position that if the Canelo-Cotto fight falls through, his fighter Gennady Golovkin would be the perfect replacement to fight either one of these guys. The problem is, rumor has it that there are other legitimate offers on the table for Cotto, including a recently reported rumor of a $40M offer from Floyd Mayweather for a second fight. Penagaricano addresses many of these issues and rumors...
Gaby Penagaricano on Cotto being the A-side and deserving the lion’s share of the purses:
"Obviously, and Canelo and Oscar’s side, they recognize that but that’s not the problem. But the question is, ‘How much of the lion’s share?’ that one guy should get and what the other should get. So that’s it."
On a potential rematch with Mayweather if Cotto-Alvarez does not happen:
"We’re interested. If we end up not fighting Canelo because we can not agree on terms, then everything is on the table – and that includes Mayweather, if we can make a deal. No opponent is off the table.
"I haven’t discussed with Miguel that if we cannot make a deal with Canelo, would Floyd be next? But obviously, I know Miguel and he’s made it very clear that he would only be interested in the biggest fights possible.
On the potential fight with Golovkin:
"My thoughts on Golovkin are that, you know Miguel; for his entire career, you don’t look at risk or anything like that. He just wants to go and to fight the best. But there are a few bigger fights than a fight with Golovkin.
"Everybody knows that and you and me know that. So Miguel will be interested in taking the biggest fights first. If not all of the big fights are there, then, he will consider Golovkin. Right now, that’s not the current scenario, so we’re not there yet."
I can't say a Tim Bradley fight would be a bigger fight than the Golovkin but I'm sure he'd be a more attractive option for Team Cotto. As far as the $40M rumor from Floyd Mayweather goes, I always thought that couldn't be exactly true. If I'm not mistaken, I believe Cotto made a guaranteed $8M for their first fight, so a gigantic leap to a $40M would be pretty unfathomable, but certainly an offer he couldn't or wouldn't refuse - nor should he. That said, I'm not really all that interested in this potential rematch anyways, but we've seen worse. I do, however, believe that there is a Mayweather offer somewhere on the table as a negotiating tactic and backup plan should things not work out the way we'd all like. Let hope they get this all together in time to make the fights we actually really want to see.