‘Canelo’ Files $280m Lawsuit Against DAZN, Golden Boy & De La Hoya
The biggest star in boxing, Saul ‘Canelo’ Alvarez has filed a lawsuit against DAZN, Oscar De La Hoya, and Golden Boy Promotions. ‘Canelo’ is seeking at least $280m for, among other reasons, breach of contract, intentional interference with a contract, negligent interference with a contract, fraud, and breach of fiduciary duty relating to the five-year, 11-fight deal worth $365 million that the Mexican superstar signed in October 2018.
According to the deal ‘Canelo’ must fight twice per year in May and September, for a guaranteed purse of $35m. So far, he has fought against Rocky Fielding in December 2018 for which Alvarez received $15 million. He then returned to middleweight and unified the division in a fight against Daniel Jacobs before moving up to light-heavyweight and scoring an 11th round KO against Sergey Kovalev to claim another world title.
“Despite Alvarez’ successes, both DAZN and Golden Boy have broken the promises they made to each other, Alvarez, and boxing fans,” the lawsuit said. “In doing so Defendants have breached their respective contracts and caused Alvarez damages of — at least — $280 million.”
“After extended discussions between the parties, DAZN offered to pay Alvarez and Golden Boy Promotions a fraction of the contracted $40 million license fee in cash and some DAZN stock in advance of a potential IPO,” the suit said. “However, the entire value of the package – for a bout against another World Champion – was substantially less than Alvarez’ contractual guarantee.
“Given that DAZN had made it clear that it would not honor its contract, throughout the spring and summer of 2020, Alvarez repeatedly asked Golden Boy Promotions to explore alternative broadcast options for a fall 2020 bout. Although Golden Boy Promotions reported that it was talking to various broadcasters, it failed to put forth a single alternative plan by which it would pay Alvarez the $35 million it had promised him for each of his fights. Alvarez has fought the first three of his eleven fights under the Alvarez and DAZN Contracts. He is owed remaining guaranteed payments of $280 million.”
‘Canelo’ told Boxing Scene that he is willing to face anyone and will not allow DAZN or Golden Boy to prevent him from fighting, this is why he is suing them, he said.
“I’m the pound-for-pound No. 1 in the world. 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.”
Do you think ‘Canelo’ will fight in 2020?
