By Mark Vester

Frustration is building over Miguel Cotto's contract to fight Antonio Margarito on July 26 in Las Vegas. A press tour is scheduled to begin next week in Mexico, but Cotto has yet to sign the contract and promoter Bob Arum and Team Margarito are frustrated with not having a fully signed agreement.

Arum told Primera Hora that it frustrates him to move forward without having the security of a fully signed agreement. According to sources familiar with the negotiations, the purse has been agreed upon, but Cotto's side wants a bigger percentage of the gate and the pay-per-view revenue. Negotiations are still ongoing.

"In moments like this, I don't know (what will happen). The US economy is in a recession. The fight has not been finalized. I don't have the security (of a signed contract) that the fight is going to happen," Arum said. 

Yesterday, the representatives of Cotto conversed with Arum to discuss the economic aspects, but such seems that the edicts are distant. 

Cotto's lawyer Gabriel Peñagarícano (used to be the lawyer for the WBC), said the fight is not in jeopardy and they are confident on reaching a deal to fight Margarito.

"The fight is not in danger. We are confident in being able to reach the necessary agreements," Peñagarícano said. 

Send News Tips and Comments To Mark Vester @ boxingscene@hotmail.com