By Rick Reeno

Last Monday, BoxingScene.com reported that a buyout deal, between heavyweight Luis Ortiz and Golden Boy Promotions, was very close to being completed.

The buyout has been finalized, as confirmed by both sides, and the parties are now going in separate directions.

BoxingScene reported last Sunday, that Ortiz's co-promoters - Golden Boy Promotions and Dade Promotions - were involved in a business dispute. Dade had been negotiating with Golden Boy to purchase the full promotional rights to Ortiz.

Because of the buyout negotiations, both Golden Boy and Dade skipped out on last Monday's mandatory purse bid in Panama, for Ortiz's defense of the WBA interim title against Alexander Ustinov - as ordered by the World Boxing Association.

Russian promoter Andrey Ryabinsky of World of Boxing, who was represented at the purse bid by Ustinov's manager Vlad Hryunov, secured the promotional rights with a sole bid of $600,000.

As it stands, Ortiz (25-0, 22 KOs) vs. Ustinov (33-1, 24 KOs) is being targeted for October 7th in Russia - to become part of a major event to celebrate the birthday of Russian President Vladimir Putin. Before the internal friction broke out, the fight was previously targeted for September 17th, as part of the Canelo Alvarez-Liam Smith undercard.

Golden Boy issued a statement on Tuesday to confirm their split with Ortiz.

"Today, Golden Boy Promotions and Luis Ortiz amicably parted ways," said Stefan Friedman, spokesperson for Golden Boy Promotions. "We are proud of the work that Golden Boy and Luis accomplished together culminating in his WBA Heavyweight Interim Championship victory and subsequent title defenses. We wish Luis and his team all the best in the future." 

Ortiz has been out of the ring since his HBO televised knockout of Tony Thompson back in March.