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Cotto vs. Canelo: Miguel Cotto reportedly will make up to $30 million for mega-fight

The reported paydays for Miguel Cotto and Canelo Alvarez set both men up to be paid considerable amounts of money for their November showdown.

Noah K. Murray-USA TODAY Sports

The big news in boxing today was the formal announcement of Miguel Cotto vs. Canelo Alvarez for November 21st at the Mandalay Bay Events Center in Las Vegas, Nevada. Cotto's WBC middleweight belt will be on the line, although the fight will take place at a 155 lbs catchweight. It's a big HBO PPV event expected to be priced at $64.95, although that's not official. Details on tickets and other things will be ironed out later on this week and into next week.

I've held the opinion that Cotto vs. Canelo is the biggest and most lucrative fight to be made in boxing that doesn't involve either Mayweather or Pacquiao, and if ESPN Deportes' report (Spanish-language only) is anything to go by, Miguel Cotto is looking at a career payday. Bloody Elbow's John Nash tweeted out the details:

Of course, the $30 million target will change depending on how strong PPV sales are for this fight. Here are some past pay-per-view payouts for Cotto:

vs. Manny Pacquiao (2009) - Estimated $12 million after receiving 35% of the PPV share (1.25 million buys)

Rematch vs. Antonio Margarito (2011) - $5 million guaranteed + PPV percentage (fight drew 600,000 buys)

vs. Floyd Mayweather (2012) - $8 million guaranteed purse, which is the highest salary he's ever recorded.

vs. Sergio Martinez (2014) - $7 million guaranteed (with a $3 million purse)

So while Mexican superstar Canelo (45-1-1, 32 KOs) is assuredly the favorite to beat the Puerto Rican legend, Cotto (40-4, 33 KOs) is getting the A-side money here. However, once this fight is done and if Canelo wins, expect Alvarez's paydays to increase considerably. His last fight vs. James Kirkland netted him somewhere in the $3.5 million range and it was televised on HBO proper. Alvarez's highest guaranteed purse was $5 million in his loss to Floyd Mayweather Jr.

Fore more boxing coverage, head on over to Bad Left Hook.

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