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Sources: Luis Ortiz, Golden Boy Buyout Deal Very Close

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.

luis ortiz (5)_4

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.

User Comments and Feedback
Comment by KnockoutKings on 08-23-2016

[QUOTE=larryusa;16956057]preach..the man wants to get paid[/QUOTE] paid? where is he going to get paid? old dude's next fight is in Russia and had a purse bid of 60k lol

Comment by CaneloMaidana on 08-17-2016

[QUOTE=Raonic;16955999]He's going to be fighting on the same network either way but doesn't have a big company backing him now. Of course that's relevant.[/QUOTE] I posted this before it came out he would stay on HBO, however Golden Boy still…

Comment by Larry_Rushmore on 08-17-2016

[quote=canelomaidana;16953391]for 50k, they offered miller 20k for a fight. Who cares about being on hbo when you're making less than rigo?[/quote] preach..the man wants to get paid

Comment by 285Kid on 08-17-2016

[QUOTE=paulf;16953534]Why do I get the feeling that this is a terrible move?[/QUOTE] Its a terrible move , where he going to get tv time from?? GBP got HBO, and latin stations, who do dade promotion got?

Comment by Raonic on 08-17-2016

[QUOTE=CaneloMaidana;16953406]HBO has made boxing fans really dumb.[/QUOTE] He's going to be fighting on the same network either way but doesn't have a big company backing him now. Of course that's relevant.

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