Purse Bid Shakedown wrote:ReggieDiggs wrote:Purse Bid Shakedown wrote: Chavez just ran to SHO, he was still on HBO when he refused to sign a contract to fight GGG.
I think there is enough details out that Bob was trying to low ball Julio thus Julio made a business move & walked. Thats probably why he's with Haymon now. I can't diss a guy for refusing to get screwed over by his promoter in the getting hit in the head business just to placate fans wishes who don't gotta live with the financial decisions the fighters make. Only got so many fights, so many years in the game. No need to get paid peanuts when you got caviar value.
The no extension offer was a low ball, but per Chavez' manager,
he was also offered GGG for 7m with a single fight extension worth 5m if he lost , 10m if won. That's not peanuts. What Chavez makes next Fonfara isn't peanuts either, only compared to that deal. What is peanuts is the zero he made for sitting out when he could a a already been done with the 2 fights and 12m richer. Its only a bad business deal if GGG ends Chavez career last summer at 7m, he can probably milk his name for more long term
It's peanuts if A) you think your original contract is expiring before Arum does and B) some other guy is offering you 40 million over roughly the same period.
And there's more. Here's an excerpt from Satterfield's piece:
"There is no update but the point is that I thought that we made a crazy, unbelievable offer to Chavez for the Golovkin fight. It called for the Golovkin fight to pay him a minimum $7 million, and if he lost that fight, we guaranteed him another fight for $5 million. Now if he beat Golovkin, then we would pay him a minimum for his next fight of $10 million," said Arum, whose Top Rank contract runs through October 2015 with Chavez.
"So we would…do these two fights, and the minimum he would make is $12 million, and if he was successful, $17 million plus. He turned that offer down. So we offered him a one-fight offer at considerably less money but still better than what Golovkin accepted for the fight and he turned that down. So obviously, he doesn't want the fight and we go on with our business."
Chavez's manager, Billy Keane could not be reached for an immediate comment. But Keane told Yahoo!Sports that Top Rank's contract for the pay-per-view bout against Golovkin (29-0, 26 KOs) is for
70 percent less money than Chavez would have been offered if he signed the two-fight extension.
Keane also said that under terms of the new deal,
Chavez would not get a share of pay-per-view revenues until after Top Rank had made "millions upon millions of dollars."
"The so-called upside on the pay-per-view did not even kick in until Top Rank made multiple millions of dollars," said Keane, according to ESPN.com. "More than Chavez and likely more than both fighters combined. This is why the fight is no longer happening. It's completely disturbing and completely unfair how these negotiations were."
http://ringtv.craveonline.com/news/3377 ... in-fallout
What is it with Arum and some of his top fighters? And it only make you wonder how bad the ones that stay with him are getting robbed.