The biggest contract in professional sports history has been terminated today, as Canelo Alvarez and Golden Boy Promotions decided to part ways.
What was once of the most lucrative deals for an athlete in sports, does not exist anymore. The Mexican superstar and his promotion agency ended their dispute with a breakup following a short trial.
— EDDY REYNOSO (@CANELOTEAM) November 6, 2020
Canelo filed a lawsuit against Golden Boy, and DAZN who was also involved in their deal. According to his team, the legal action was necessary because of multiple issues, among them the schedule of the fighter, several financial disputes, and some other violations of the previously signed agreement.
That contract has made Canelo the highest-paid athlete, with the fantastic boxer getting $365 million for 11 fights over the upcoming five years. At the time, this was a blockbusting arrangement, the one that broke all the limits in boxing and was on the verge of changing the entire sport. The deal was guaranteeing Canelo the money, Golden Boy would arrange and promote events, and DAZN would have the broadcasting rights.
However, COVID-19 pandemics ruined everything. Boxing events were canceled, and the majority of them who even had the resources to take place were delayed and didn’t happen at all. Canelo had some plans about 2020, along with DAZN and Golden Boy Promotions but it seems that each party had a different vision of the future. According to some sources, the pivotal disagreement was between Alvarez and DAZN stakeholders, concerning the schedule of the next fights.
Among other things, one of the problematic topics was the Mexican’s third fight with Gennady Golovkin. The Triple G lost one contest, and the second ended with a controversial draw, which many label as one of the biggest steals in the world of boxing. According to the promotion agency and DAZN, their client was obligated to meet Golovkin once more time, but the four-division world champion didn’t accept that, denying such commitments.
Anyhow, the entire situation ended with both sides parting ways, and refusing to talk about the outcome of the lawsuit. Right now, there aren’t any official confirmations regarding the court’s decision.
As for Alvarez, he and his team are planning to meet Caleb Plant in a little bit more than a month. The 28-year old American has a perfect score of 20 wins, and currently holds the IBF super-middleweight title. Many believe that he might be the one able to create troubles for the champion.