By Rick Reeno
Gaby Penagaricano, the legal adviser to WBC middleweight champion Miguel Cotto, is still very confident about reaching a finalized agreement with Golden Boy Promotions for a fall showdown with Saul "Canelo" Alvarez. The fight is being planned for November 21 at the Mandalay Bay in Las Vegas. HBO Pay-Per-View will carry the fight.
Last week, Golden Boy President Oscar De La Hoya informed BoxingScene.com that a finalized deal was being held up because the two parties are unable to reach an understanding on the terms of the rematch clause.
Penagaricano indicates that there are several factors that are being worked out and denies that a rematch clause is the reason why the two parties have been unable announce the fight.
The two sides had tried to reach a deal earlier this year, but their negotiations fell apart after weeks of being unable to reach an agreement on the financial terms.
This time around the negotiations have been a lot more positive, with both promoters working hard to get the fight done.
"Obviously we're not done. There are still things to discuss or else Miguel would have announced it already. We're trying to finalize it as soon as possible. It's not done. That reference [De La Hoya made] about the rematch is not really what's holding up this fight from being announced. There are other stuff and we're working on them," Penagaricano told BoxingScene.com.
Some of the terms being worked on, says Penagaricano, are not necessarily related to the fighters themselves. There are items that have to be agreed upon between the promoters.
According to several of Cotto's recent interviews in Puerto Rico, the two sides are at odds over the color of the ring mat [among other items]. Cotto's promoter, Roc Nation Sports, wants a black ring mat - which Golden Boy disagrees with.
Ring mats and other terms aside, Penagaricano sees nothing serious in the path of a finalized deal.
"Not only the terms between the fighters and promoters [are being worked out], there are other stuff having to do with the venue, having to do with several things. I continue working to see everything being concluded very soon, but [there is no deal] yet."
"Most of the important terms have already been agreed upon by the parties. I think there is no real problem or impediment in finalizing this fight."