Report: Eddie Alvarez granted unconditional release from Bellator, clear to explore free agent market

Scott Coker said that the new regime down at Bellator "doesn't waste time," and he wasn't kidding.

Just one day after he revealed that a decision could be made by Friday on the contract status of former Bellator Lightweight champion Eddie Alvarez, the new head honcho decided to break some new early.

Earlier today, (Aug. 19, 2014) Coker revealed that Alvarez has been released from his contract unconditionally.

His official statement via Bellator.com:

"We've granted Eddie his unconditional release. Eddie is free to explore the free agent market, we hold no matching rights, and we wish him the best in the future. We sat down with Eddie and his team a few times, and it became pretty clear early on that he just wasn't interested in fighting for Bellator in the future. We want guys in this organization that want to be here, and after the history Eddie and the former regime had here at Bellator, we decided to move on. We wish Eddie the absolute best of luck with whatever is next for him. It's a new chapter for everyone involved."

Eddie Alvarez has also released a statement on the release:

"This was a long process but it's a decision that everyone seems happy with. I think it's important to say that I am genuinely thankful for my time at Bellator. I know that sounds a little crazy given everything I went through, but I've fought there since 2009, and have been involved in some really amazing fights. The staff there always treated me great, and I'm going to miss seeing a lot of those familiar faces around for sure. Myself and my team had some really good discussions with Scott, but in my heart I knew I was ready to move on and start the next chapter in my career."

The move signifies that Eddie can now pursue offers from Ultimate Fighting Championship (UFC) without the fear of  Bellator matching. This, after the Las Vegas, Nevada-based promotion unsuccessfully tried to land the services of the scrappy 155-pounder on numerous occasions in the past.

A few weeks back, reports surfaced that Alvarez would be taking on Donald Cerrone at UFC 178 on Sept. 27, 2014, so it's obvious the wheels to let Eddie free of his contract were already in motion. According to Coker, lawyers from each side first had to see eye-to-eye in order to wrap the deal.

Thankfully, this time around the meetings went a lot smoother.

Though it's a bit too late to book Alvarez against "Cowboy," the good news is that Eddie will have plenty of time to take on the best UFC has to offer inside the Octagon.

That is, of course, if either ONE FC or World Series of Fighting (WSOF) doesn't swoop in and make Alvarez an offer he can't refuse.