Cotto's Adviser: Canelo Talks About "50%" Complete

By Miguel Rivera

Gaby Peñagarícano, legal adviser to WBC middleweight champion (39-4, 32KOs), has already denied that a deal is complete for a May 2nd showdown with Mexican superstar Saul "Canelo" Alvarez (44-1-1, 31KOs).

If he had to place a percentage on the progress of their negotiations, Peñagarícano says their discussions are around 50% complete. He says the financial terms have not been agreed upon and they haven't reached the point of actually drafting any preliminary agreements to review.

"Yes we are discussing things and we are working on, but under no position is there an agreement or anything signed. There is not even any drafts [of contracts]," Peñagarícano told ESPN Deportes. "I would say [the negotiations] are around 50% [complete], because obviously one of the most important aspects of any fight, and certainly at this high level of boxing - there are many components - but one of the most important is the financial and the economic, and because that is not agreed upon I can not give you more than 50 percent [in terms of how far along we are in the negotiations]."