De La Hoya: Cotto advisor is holding up Canelo fight

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Oscar De La HoyaOscar De La Hoya is trying to make an announcement for the much-anticipated fight between Miguel Cotto and Canelo Alvarez. Now the Mayweather-Berto fight has been announced, Golovkin-Lemieux has been announced, and the biggest of them all in Cotto-Canelo is on the wings of being announced. But there is a holdup and De La Hoya says it’s falling on Cotto’s advisor Gaby Peñagarícano.

“I wanted to announce the fight yesterday,” De La Hoya told El Nuevo Dia. “It’s not Cotto because I know Cotto wants the fight. I don’t think Cotto knows what’s going on. It’s his advisor that’s holding up the fight, Gaby Peñagarícano.”

The issue at hand according to De La Hoya is the rematch clause even though Peñagarícano told Boxing Scene that there are more underlying issues than just a rematch clause.

“We haven’t announced the fight because we haven’t agreed on the terms of a rematch clause with Peñagarícano,” explained De La Hoya. “We all want the fight, Golden Boy, Roc Nation, Cotto Promotions but we haven’t come to an agreement on the percentages. If that’s the problem, we’ll take out the clause.”

De La Hoya expects the fight with Cotto and Canelo to be so good that the fans will want a rematch, so the clause has a lot to do with the negotiations.

“If the first fight is good, we’ll negotiate on good faith. Whoever wins, Cotto or Canelo it doesn’t matter, we’ll renegotiate the rematch in good faith within 30 days.”

Though Gennady Golovkin, the mandatory to Cotto’s WBC title might have a say in an immediate rematch between Cotto and Canelo. Either way Oscar will wait to the last second at hammering out a deal.

“I have a lot of patience; I can wait until the last second if I have to. But the time is running out to negotiate especially because we want to break records.”