Boxing superstar Saul Alvarez, along with Golden Boy promoter Oscar De La Hoya, turned the boxing world upside down back in Oct. 2018 after signing a record-breaking five-year, 11-fight contract worth $365 million with streaming network DAZN.
Seemed like a good idea at the time.
Now, nearly two years (and three fights) later Alvarez is suing Golden Boy, De La Hoya, and DAZN for breach of contract after spending all of 2020 on the sidelines. “Canelo” was in agreement to compete twice per annum, something he’s done every year since his pro debut back in late 2005.
And with a $35 million guarantee for each fight, that’s $70 million that just went up in smoke.
“I’m the pound-for-pound No. 1 in the world,” Alvarez told The Athletic. “I’m not scared of any opponent in the ring, and I’m not going to let failures of my broadcaster or promoters keep me out of the ring. I filed the lawsuit so I can get back to boxing and give my fans the show they deserve.”
Alvarez is seeking $280 million in damages along with the dissolution of his contracts with both Golden Boy and DAZN. You can blame COVID-19 for scratching his Billy Joe Saunders bout in May, but not for the Gennady Golovkin trilogy that never happened.
“Canelo” was also blindsided by IBF after unknowingly getting his title stripped when Golden Boy failed to come to terms with mandatory challenger Sergiy Derevyanchenko, one of several promotional blunders that didn’t sit well with the Mexican superstar.
“I’m very upset and ashamed with my fans, to be unfairly stripped of my belt by the IBF, but especially when I did not have the knowledge of the agreement that GBP matchmaker had signed,” Alvarez wrote on social media.
As of this writing, neither De La Hoya nor DAZN have commented on the pending lawsuit.