By Rick Reeno
Sources with knowledge of the details have advised BoxingScene.com that a buyout deal, between heavyweight Luis Ortiz and Golden Boy Promotions, is very close to being complete.
The two sides have reached an agreement on the buyout terms and the deal is now in the process of being finalized.
BoxingScene reported on Sunday, that Ortiz's co-promoters - Golden Boy Promotions and Dade Promotions - were involved in a business dispute. Dade was negotiating with Golden Boy to purchase the full promotional rights to Ortiz.
Based on the current situation, there was no surprise for the parties involved when both Golden Boy and Dade skipped out on 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) could easily land in Russia. The fight was previously targeted for September 17th, as part of the Canelo Alvarez-Liam Smith undercard. The fight fell through when the internal dispute broke out between Golden Boy and Dade.
Jay Jiminez, manager of Ortiz, told BoxingScene last night that they were prepared for the possibility of Ustinov's handlers winning the purse bid.
"We're hoping it takes place in the United States so we can showcase Ortiz. We'll fight anywhere, but we would rather stay at home. If the money is right and [Ustinov's team] win the purse bid, we'll fight wherever we've got to fight. We're not going to walk away," Jiminez said to BoxingScene.com.
Ortiz has been out of the ring since his HBO televised knockout of Tony Thompson back in March.