Manny Pacquiao agrees to terms for May bout, 60/40 split for Floyd Mayweather

The long overdue mega fight between Floyd Mayweather and Manny Pacquiao have taken a step closer to reality, with the Filipino reportedly agreeing to all the terms both parties have set. Bob Arum tells Yahoo! Sports that all that is needed now is a final sign off from Floyd himself:

Bob Arum told Yahoo Sports on Tuesday that Manny Pacquiao has agreed to terms for a May 2 bout with Floyd Mayweather, and that the only thing in the way of the long-awaited fight occurring is Mayweather's approval. Arum said Mayweather's representatives have also agreed to the deal but have not been able to get Mayweather's agreement.

Also included in the report is that Pacquiao has agreed to take a 60/40 split in favor of Mayweather, which will make the American earn somewhere around $120 million. To help pay those massive purse figures, they will be configuring the MGM Grand Garden Arena in Las Vegas to have a record holding live gate of $40 million.

Related: Pac to Floyd: 'It's time to step up and say yes' | Pacquiao vs Mayweather might actually happen

According to Arum, all the hurdles and caveats have been met and dealt with. When asked why he's going public with these statements, he says it's not a power play within negotiations.

"I'm not trying to force anybody's hand, I'm just saying, 'Hey, we've agreed to everything, period'. The people we have talked to on Mayweather's side have agreed to everything. Now we need Mayweather to step up and say, 'Yeah, I'm on board. I agree.'

"I think Manny has been very reasonable and demonstrated that he wants the fight to happen. Now, we're waiting on Floyd. That's not to say that Floyd has been obstinate, that Floyd won't do it, but we're waiting on him."

If Arum is to be believed, this the closest they've ever been to making the bout finally push through. Hopefully there aren't any more road blocks to making it happen.