The Mexican fighter hasn't been in the ring since his December 2011 rematch loss to Miguel Cotto. He announced his retirement on June of last year. Currently, the 'Tijuana Tornado' is living in Los Angeles.
"I was surprised by several unfounded rumors regarding my current situation, including news on a return to boxing and supposedly a divorce settlement that has left me broke and with the need to return to boxing. In some cases, the information dealt with news of my return, and some unfounded news about a settlement. However, some tabloid media has gone further than that, spreading unfounded rumors that no one took the trouble to investigate fully.", said Margarito.
"I am the fist to admit that my time in the boxing stage is a thing of the past, and as a man who has his feet firmly on the ground I also know that I have to be jealous of guarding my property, as it will be difficult to find another profession that could produce a higher yield than what I earned in the ring," he added.
"However; there is some damage to my family that can be done by spreading lies and half-truths. We have been officially separated from my wife Michelle for over two years. She is now on a new relation and pregnant. Since then, I have also started a new life, and also had a baby with my girlfriend Lorena Vidales. The divorce settlement has not been finalized and as civilized people, we respect each other's life and during this time have been negotiating the settlement," said Margarito.
"With what we will share, I expect that it will help us to live, if not full of luxuries, in a comfortable lifestyle. However, when people start talking of "a millionaire settlement", it exposes Michelle and my children - who live in Tijuana, Mexico- to becoming victims of blackmail and even kidnapping. That is why I wanted to make this public statement about the situation,' Margarito added.
"I accepted and still accept any criticism about my boxing career and was always thankful that the press covered my boxing career, but this is not a case strictly related to the sport. I believe that boxing has been used by a few journalists to trample on my private life, showing no respect for other people who have nothing to do with boxing and could be seriously hurt by this erroneous information," he concluded.