Golden Boy backs out; Pacquiao-Marquez III to push through this year

In the end, it was an offer too stiff for Golden Boy Promotions to match. Refusing to make a similar qualified offer, boxing great Oscar De La Hoya's promotional outfit finally bowed out of the Juan Manuel Marquez sweepstakes, paving the way for the Mexican warrior's third meeting with long-time nemesis Manny Pacquiao on November 12 in Las Vegas. Top Rank chief Bob Arum said Golden Boy didn't match the lucrative deal he made to the 37-year-old Marquez following a meeting with Golden Boy's Chief Executive Officer (CEO) Richard Schaefer in Los Angeles on Monday in the presence of Top Rank president Todd duBoef. Shortly after, Arum made a deal with Marquez, who has long been waiting for another chance meeting with Pacquiao inside the ring after their past two fights ended up clouded in controversy. Pacquiao has yet to see the details of the fight contract, but Arum doesn't see any problem about the world’s top pound-for-pound champion not signing the papers. Michael Koncz, Pacquiao's adviser, will sit down with Arum before flying to Manila over the weekend to discuss the contract. "Marquez is definitely the frontrunner we're looking at, but I have not yet sat down with Bob to discuss our financial deal," Koncz told ESPN. "Bob and I will do that this week before I leave to go see Manny in the Philippines on Sunday." "I'll talk with Bob and see what his offer for Manny's purse is and all the other things involved, and then I will take that to Manny. I have the parameters from Manny, but Bob and I have not yet had a meeting of the minds," Koncz added. "Bob has one component for the fight, but he needs two. We have not agreed to the fight or the terms, but we are certainly discussing it. We've always been able to come to an agreement." As per Top Rank's offer made to Marquez, the Mexican City native is guaranteed to receive a $5 million prize purse and a share in the pay-per-view buys for the 12-round bout six months from now. The 37-year-old Mexican is also going to get $10 million and an upside in the pay-per-view in case a rematch is held should the Mexican wins. Golden Boy has offered Marquez a new deal when his old contract with the company expired last February. But the soft-spoken Mexican refused to sign with the De La Hoya-owned boxing promotion as he pursues a third encounter with the Filipino eight-time world champion. "He (Schaefer) told us we could go ahead with Marquez," said Arum as reported by ESPN boxing columnist Dan Rafael. "They said they would cooperate and not try to interfere. They waived any connection with Marquez and said they would not interfere with us contracting the fight. They let us know that we were free to go ahead." This time, Pacquiao and Marquez will fight at a catch-weight of 144 pounds. Marquez is moving up again from 135 pounds after doing so in his bout with Floyd Mayweather Jr. two years ago, while Pacquiao is going down from 147 pounds where he is currently the welterweight champion of the World Boxing Organization (WBO). Marquez has not fought since stopping Australian Michael Katsidis in the ninth round of their World Boxing Association (WBA)/WBO lightweight title bout, and in anticipation for a tough battle with the Pacman, he is set to take on American David Diaz in a tune-up fight set July 2 in his native Mexico City. Pacquiao beat Diaz black and blue in nine dominant rounds to capture the World Boxing Council (WBC) lightweight crown in 2008. Marquez needs to win against Diaz to avoid any hitches with his third showdown with the reigning pound-for-pound king. "He's (Marquez) going to do that fight, and if he loses, he's out," said Arum of the Marquez-Diaz showdown. Pacquiao’s first fight with Marquez in 2004 was declared draw even after the Filipino dropped the Mexican three times in the opening round. Then in their rematch four years later, Pacquiao knocked down Marquez in the third round in hacking out a split decision win. – JVP, GMA News