Canelo Álvarez sues De La Hoya and DAZN
Canelo Álvarez filed a lawsuit in federal court, alleging breach of contract by the streaming service DAZN, the promoter Golden Boy and its executive director Óscar De La Hoya. The Mexican boxing star claims 280 million dollars for alleged losses.
The complaint, filed before the Federal Court in Los Angeles, argues that De la Hoya and DAZN have not complied with the terms of the $365 million contract for 11 fights that Álvarez signed two years ago.
Álvarez, one of the most popular boxers and 'king' of the medium and light heavy divisions, has not been able to fight this year due to the coronavirus pandemic. His last victory came in November, when he knocked out Sergey Kovalev in 11 rounds to become the new light heavyweight world champion.
The 30-year-old Mexican has been dissatisfied with the course of negotiations to get new rivals and bags. His representatives maintain that he wants to fight this year, but that Golden Boy has not been able to finalize a fight that ensures a pay of 30 million dollars per commitment, which is what is agreed in his contract.
This lawsuit is due to the breach of the most lucrative contract in the history of boxing and one of the most lucrative in the entire sport.
After extensive discussions between the parties, DAZN offered to pay Álvarez and Golden Boy Promotions a fraction of the 40 million license in cash and a portion of DAZN's shares as advancement to a potential debut on the stock market (with a initial public offering (IPO).
However, the full value of the offer - for a fight with another world champion - was substantially less than Alvarez's contractual guarantee.
Alvarez (53-1-2) has made three of the 11 fights under his contract.
"I am the world's number one pound for pound," Alvarez said in a statement released Tuesday night. "I am not afraid of any opponents in the ring, and I will not let the failures of my distribution platform or promoters keep me out of the ring."
"I sued, so I can now go back to boxing and give my fans the fights they deserve," he added.
DAZN released a statement that the company does not discuss legal matters, but is aware of the lawsuit.
Golden Boy said in another statement that the promoter company "does everything possible to make the fights come true", even though the contract gives it the power to wait until the pandemic ends.
"We remain ready, willing and able to make a fight for Canelo as soon as possible," he added.
Álvarez, one of the most popular boxers and 'king' of the medium and light heavy divisions, has not been able to fight this year due to the coronavirus pandemic. His last victory came in November, when he knocked out Sergey Kovalev in 11 rounds to become the new light heavyweight world champion.
The 30-year-old Mexican has been dissatisfied with the course of negotiations to get new rivals and bags. His representatives maintain that he wants to fight this year, but that Golden Boy has not been able to finalize a fight that ensures a pay of 30 million dollars per commitment, which is what is agreed in his contract.
This lawsuit is due to the breach of the most lucrative contract in the history of boxing and one of the most lucrative in the entire sport.
After extensive discussions between the parties, DAZN offered to pay Álvarez and Golden Boy Promotions a fraction of the 40 million license in cash and a portion of DAZN's shares as advancement to a potential debut on the stock market (with a initial public offering (IPO).
However, the full value of the offer - for a fight with another world champion - was substantially less than Alvarez's contractual guarantee.
Alvarez (53-1-2) has made three of the 11 fights under his contract.
"I am the world's number one pound for pound," Alvarez said in a statement released Tuesday night. "I am not afraid of any opponents in the ring, and I will not let the failures of my distribution platform or promoters keep me out of the ring."
"I sued, so I can now go back to boxing and give my fans the fights they deserve," he added.
DAZN released a statement that the company does not discuss legal matters, but is aware of the lawsuit.
Golden Boy said in another statement that the promoter company "does everything possible to make the fights come true", even though the contract gives it the power to wait until the pandemic ends.
"We remain ready, willing and able to make a fight for Canelo as soon as possible," he added.