(a) Like a dutch auction, where promoters are aware of each others bids over a set time period and can just bid more & more as necessary, and quite simply who ever ends up with the highest bid in at the end wins the promotion rights?
or
(b) Each promoter can only make ONE bid, and isn't aware of what other promoters bids are. A blind auction in effect. Then the highest bid is "revealed" and whoever made it wins?
or
(c) Something else entirely....
(I haven't a clue, so if someone can explain I'd appreciate it...)
As far as I am aware, they are 'sealed' bids, so nobody knows how much anyone else bids, whoever bids highest gets it, this is to prevent the promoter with the most money from always getting the fight, as they could just outbid their rivals every time.
It would be good for the boxers though if it was done by auction, although I would imagine that some extraordinary bids could be made, but would the boxers recieve the money?
It would be interest for someone to post a Break down of all the costs involved in staging a boxing promotion!
Anyone know?
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Last edited by nasty on 24 Feb 2004, 09:48, edited 1 time in total.
the best purse bid ever has to be don king's for the lewis-tucker wbc heavyweight title fight.
king put in a whopping bid of 12m and the others put in bids like 3 and 4m and lennox ended up getting 9m for the fight and lennox won it so kept his hands on the title and left king at a loss and no title.
yeah about the split though, is it always 75 (champion)-25 (challenger)% and 50-50 for a vacant title. Or does it differe from organisation to organsisation (think some may have 60-40 splits).
The Political Arena; Column by Don Majeski : Boxing Illustrated, March 1996 p28
PURSE OFFERS
The purse offer- or auction, if you will- was initiated by the British Board of Control and the European Boxing Union to ensure equitable distribution of purses in mandatory defenses and break logjams between competing managers and promoters re: Compulsory fights for national and continental titles. The procedure was later adopted by the world championship governing bodies.
The purse offer procedure works in the following manner: A champion- national, continental or world- is obliged to make a defense against a mandatory challenger at least once a year. That contender can be simply the top ranked contender, as determined by that governing body, or designated through an official elimination bout between that body's top two ranked contenders in that particular weight class.
The champion and challenger are odered to negotiate a bout within a particular time frame. In the event they do not reach an agreement- or rather, their managers or promoters do not- a purse offer is called. The boxers' representatives generally have 30 days of free negotiations to come to an accord, with another 15 days given to finalize sites and dates for the bid. A time and site are selected for the purse offer, and sealed bids are presented by any promoter licensed with the sanctioning body. The bids are then opened, and the amount is divided- 75 % for the champion, 25 % for the challenger. There are modifications, particularly if the bid involves Mike Tyson. (ed note: media superstar) In the event the challenger wins, he is, theoretically, free to take his title and box for any promoter he wishes without conceding "options"-- tantamount to indentured servitude- to the promoter who had the dethroned title holder.
Blue wrote:Hope this helps.
In the event the challenger wins, he is, theoretically, free to take his title and box for any promoter he wishes without conceding "options"-- tantamount to indentured servitude- to the promoter who had the dethroned title holder.
What if the champion makes a successful defense, but it was not his promoter who won the purse bid? (E.g. the recent Jones/Tarver II bid won by Don King.)
