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Jay Z and Oscar De La Hoya bet $100K on Cotto-Canelo

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Multimillionaire promoters Jay Z and Oscar De La Hoya are backing their respective fighters with a six-figure bet.

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I believe the saying goes "put up or shut up." Essentially that's exactly what the figurehead of Roc Nation Sports, Jay Z, and Golden Boy Promotions CEO Oscar De La Hoya are ascribing to as both men agreed to wager a $100,000 bet on their respective fighters.

Both Jay Z and De La Hoya have come to terms on the bet with the loser having to donate their $100K to the charity of the winner's choice. That pretty much makes it a win-win for everybody. If Miguel Cotto wins, De La Hoya will make his donation to the Shawn Carter Foundation (effectively a college scholarship foundation for low income youth), and if Canelo wins, Jay will make his contribution to the White Memorial Medical Center's cancer unit.

At the moment, Canelo is the odds favorite by bookmakers in Las Vegas, but Jay Z can take refuge in knowing that De La Hoya has had a terrible time picking winners in recent years -- mostly due to De La Hoya's long history of backing his Golden Boy fighters to beat Floyd Mayweather.