A CLOUD of doubt hovered around the Manny Pacquiao-Floyd Mayweather bout after Top Rank chief Bob Arum revealed there is still no contract between the MGM Grand Garden and the promoters for the May 2 (May 3, Manila time) megafight.
Speaking to Yahoo! Sports’ Kevin Iole, Arum said in all his years in the boxing business this is the first time he has come across a situation where a contract between the promoters and the venues is still non-existent just three weeks before the bout.
“I don't know anymore. I've never been in this area before,” Arum told Iole when asked if the fight is in jeopardy.
“Fight? We've got nothing. They're (the MGM) going around saying, 'The fight, the fight, blah, blah, blah,' but they got nothing. They have no contract. Nothing. We haven’t even seen a draft.”
“What is happening now is absolutely intolerable. For the MGM to think that everything is resolved and so forth, when nobody has even discussed terms, is the most insane thing ever,” Arum added.
Minutes after Yahoo! Sports posted the story, however, Arum finally received a draft of the contract.
“I finally got it and I have sent it to our lawyers to make sure that everything is in order the way the (deal terms) say. So we'll see what the lawyers say,” Arum said.
According to Iole’s report, the camps of Pacquiao and Mayweather signed a memo last February stating items such as how many tickets and rooms will go to MGM and to the promoters. The terms in the memo is usually put in a contract, added the report, but at this point, no formal agreement is in place.
Mayweather Promotions CEO Leonard Ellerbe denied that the fight was at a risk of not happening at all, explaining that they are doing everything to make the fight a success.
Ellerbe also said Arum is informed about all the goings on related to the preparations for the fight.
“He has in his possession a draft term sheet with all the deal points. I have been in communication with him and have updated him every step along the way on what is going on and getting his feedback, etc,” said Ellerbe.
The Mayweather Promotions CEO added Arum’s rant came because he can’t stand the fact that he is not the lead promoter.
“I think he's a terrific promoter, and I want you to write that, if you will. He is without a doubt, a great promoter. But he's also known for erupting when he doesn't get his way and the reality is setting in that he's not the lead promoter,” Ellerbe said.