By Rick Reeno

BoxingScene.com was advised that HBO has given Sergio Martinez (46-2, 25KOs) no alternatives for his televised return on March 12. The network has advised Martinez to fight unbeaten WBO 154-pound champion Sergei Dzinziruk (37-0, 23KOs). If Martinez is unable to finalize an agreement with Dzinziruk, the WBC middleweight champion will lose his reserved date on the network.

Negotiations have been difficult because Dzinziruk has a contracted minimum with his promoters, Artie Pellulo and Gary Shaw, to get paid at least $750,000. The network, while pushing Martinez to face Dzinziruk, has not kicked in extra money to accelerate the negotiations. Souces with knowledge of the situation advised BoxingScene that HBO laid down at least $2.4 million dollars. Although not confirmed, Dzinziruk's side was requesting at least a package of $1 million dollars. I've heard the two sides, for the most part, have been able to work out most of the issues related to money.

HBO believes Martinez-Dzinziruk is the perfect fight to go head to head with Top Rank's pay-per-view, which takes place on March 12 in Las Vegas, and features Miguel Cotto defending his WBA 154-pound title against Ricardo Mayorga. While Dzinziruk is talented, and a fight with Martinez is intriguing, he is unknown to most American boxing fans. Mayorga, even at this late stage, is still a marketable name and his mouth sells fights.

It's alarming that HBO would take this kind of position with one of their biggest stars. There is already some bad blood between HBO and Top Rank over the network's refusal to pick up a proposed fight between Cotto and undefeated Vanes Martirosyan. Now the tension is building between HBO and Martinez.

Martinez's promoter Lou DiBella refused to break down the situation with HBO but said the negotiations with Dzinziruk's promoters are ongoing.

"I'm pursuing the fight that HBO has insisted I pursue," DiBella told BoxingScene.com.