Canelo Alvarez Exits US$365m (AUD$500m) DAZN Contract
exican Boxer, Saul ‘Canelo’ Alvarez has been released from his US$365 million (AUD$500 million) contract, after reaching an agreement with Golden Boy Promotions and DAZN.
Alvarez, filed a civil suit against his promoter and broadcast partner in September over their alleged failure to deliver on the terms of his mammoth 11-fight deal, which was signed in 2018.
At the time, ESPN reported the agreement was the richest athlete contract in sports history.
Following negotiations, representatives for Alvarez and Golden Boy have confirmed an agreement has been reached to release the Mexican from his contract, effective immediately.
Golden Boy chairman, Oscar De La Hoya, said: “The lawsuit was resolved to everyone’s satisfaction and we wish Canelo the best going forward.”
“In the 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.”
Alvarez had been seeking damages of at least US$280 million (AUD$384 million), which is what he was owed in fees for the eight remaining fights on his contract.
When Alvarez signed with DAZN, the digital sports media company was seeking to shake up the business of boxing.
All the Mexican’s fights on the streaming platform were to be made available as part of a monthly subscription, rather than the traditional pay-per-view (PPV) model reserved for the sport’s biggest names.
DAZN is also pushing ahead with its new global over-the-top (OTT) service, which will launch in 200 countries and territories on 1st December.