By Miguel Rivera, photo by Hoganphotos.

The legendary Julio Cesar Chavez Sr., father and adviser to Julio Cesar Chavez Jr. (50-2-1, 32 KOs, 1 NC), has officially called off the multi-million dollar bet between his son and upcoming opponent Saul "Canelo" Alvarez (48-1-1, 34 KOs).  

Chavez Sr., who comes from the old school of Mexican boxing, felt it was very childish for his son and Canelo to throw their weight around with money.

During their media tour which began this past Monday, Chavez Jr. and Canelo became involved in a war of words over the outcome of their pay-per-view fight - which eventually led to both of them staking their guarantees in a high stakes bet.

Canelo vs. Chavez Jr. takes place on Cinco De Mayo weekend, May 6th, at the T-Mobile Arena in Las Vegas. A catch-weight of 164.5-pounds is in place for the fight.

Chavez Sr. says the anticipated fight is about pride and victory - not fighters making bets with each other.

"The truth is, I don't want any money from Canelo. We do not care about that. We care about prestige, we care about glory, we care about pride - and that is the most important thing in this fight," said Chavez Sr. to ESPN Deportes.

During a recording of Friday's ESPN Nation, Chavez's father spoke with Canelo, who later agreed to void the bet. Canelo told Chavez Sr. "[I will do it] out of respect for you."

In a later interview, which would be broadcast on A Los Golpes on Tuesday, Chavez Sr. stood firm with his opinion on the bet.

"We accepted the fight for the dignity of my son Julio, for the pride of this fight, [we accepted the fight] for all the Mexicans," Chavez Sr. said.

"Obviously money is important in a boxer's career, that's what someone is fighting for, but there's no need to bet your wages. It is not ethical as a sportsman and people can misinterpret that, that there could be [some collusion going on between the two fighters].... In this fight, the money is secondary, what matters is the pride and dignity of the fighter."