Mexican superstar Saul ‘Canelo’ Alvarez is officially a free agent after reaching an agreement with promoter Golden Boy Promotions and broadcaster DAZN to release him from his contract.
Just two years ago Alvarez signed a $365 million deal with Golden Boy and DAZN for his next 11 fights that was hailed as the most lucrative contract ever signed in professional sports.
In September, Alvarez took Golden Boy and DAZN to court, alleging breach of contract. The lawsuit has now been resolved with the parties agreeing to go their own ways.
The 30-year-old Alvarez, who has won versions of the world title in four separate weight classes and has a record of 53-1-2 (36), still had eight fights remaining on his contract.
In a statement released on social media manager and trainer Eddy Reynoso said: “In my role as a manager and coach of Saul ‘Canelo’ Alvarez, I allow myself to communicate to the boxing community and to all our fans, that starting today, November 6th, ‘Canelo’ becomes a free agent, so we are ready to continue with his boxing career.
“All this time we have been working very hard in the gym with a lot of responsibility and discipline, to be in great physical shape and ready to fight this year and it will be!
“We will announce date, rival and place very soon, and we will return stronger than ever to keep growing and showing that Mexican boxing is the best.”
Alvarez was expected to announce a fight against WBO super middleweight champion Billy Joe Saunders when the global coronavirus pandemic hit early this year and forced all boxing events to be cancelled or postponed.
With no prospect of a live gate, Alvarez was unhappy with the prospect of fighting for a reduced purse. He has not fought since knocking out Sergey Kovalev in the 11th round for the WBO light heavyweight title one year ago.
Golden Boy Promotions CEO Oscar De La Hoya insisted the split was amicable.
“The lawsuit was resolved to everyone’s satisfaction, and we wish Canelo the best going forward,” De La Hoya said in a statement.
“In strong partnership with DAZN, we will continue showcasing our wide array of talent, including rising superstars like Ryan Garcia, Jaime Munguia and Vergil Ortiz Jr, all of whom have the talent and potential to become the next biggest star in our sport.”
Speaking to The Ring, a DAZN official said that the settlement was “a clean break, hands up and walk away.”
The official added: “The matter has been resolved to the satisfaction of all parties.”
Alvarez has been linked to a December 19 pay-per-view fight against undefeated IBF super middleweight champion Caleb Plant, who fights for Premier Boxing Champions.