Talks between Miguel Cotto and Canelo Alvarez have been called off, as the sides have been unable to reach an agreement on money for the bout, meaning that one of the most highly-anticipated fights out there is now off the table, which also potentially further muddies the waters for a Floyd Mayweather vs Manny Pacquiao fight.
"It fell apart because Canelo Alvarez wanted to get a deal done. He said it was five deadlines with the Cotto side and they still hadn't reached an agreement on the finances of the fight, and therefore he told Oscar De La Hoya that it's time to move on. Oscar spoke with Miguel Cotto's representative on Friday night, and told him that, and like gentlemen they said, 'Fine, we're moving on.'"
He also mentioned that Cotto (39-4, 32 KO) may now be in the running for a rematch with Floyd Mayweather in May, which would be a big money fight, and almost certainly more money for Cotto than he would have gotten to fight Canelo. Whether or not it's as highly-anticipated by fight fans is another story -- it's not, because we've seen it once and the general feeling will be that Cotto simply can't beat Mayweather -- but it's still a big money option for Cotto, and it also gives Mayweather an actual "Plan B," and a fight that would surely be a lot easier to make than the fight with Pacquiao.
Alvarez (44-1-1, 31 KO) still intends to fight on May 2, at least for the time being. He's been out of the ring since last July, when he beat Erislandy Lara on Showtime PPV. A scheduled December bout with Joshua Clottey was canceled. Alvarez may not have the sort of backup plan that Cotto does in this situation, and he may have to take what amounts to a "stay busy" fight in the meantime. But Canelo does have one HUGE OFFER:
It's also entirely possible that Mayweather will fight someone else, Cotto will fight someone unexciting in June, and Canelo will fight someone unexciting, and boxing goes 0-for-3 with three of its biggest stars to start 2015.