Both Saul “Canelo” Alvarez and Miguel Cotto have begun training. Mandalay Bay in Las Vegas is awaiting a Nov. 21 middleweight world championship bout between the two.

Many small details -- including the use of a black ring mat preferred by Cotto’s Roc Nation promoter, rapper Jay Z -- have been resolved.

Yet the deal is not finalized and Alvarez’s promoter, Oscar De La Hoya, is so flabbergasted by that he decided to break his silence on the matter Tuesday.

De La Hoya claims that Cotto manager Gaby Penagaricano is holding up the deal by refusing to strike an agreement on the purse-split portion of a rematch clause.


“Golden Boy is all for it, Roc Nation is all for it, Mandalay Bay is all for it, Las Vegas … everybody’s in – Cotto, ‘Canelo,’ ” De La Hoya told The Times Tuesday in a telephone conversation.

“We’re waiting for one person: Gaby Penagaricano.”

De La Hoya described the rematch clause split as “one last point we have to discuss.”

Penagaricano told The Times in a text message later Tuesday that, “There are several things that are pending to be completed that have nothing to do with the deal between the fighters for the event.


“Currently, I see no real impediment for everything to be concluded very soon. But the whole deal for event, with all of its components, will be done when it is done. As of this minute, it is not done.”

Boxing officials familiar with the negotiations but unauthorized to discuss the finer points told The Times last week that the most complicated elements of the event had to do with the transformation of Mandalay Bay from a Friday night concert by a popular Brazilian singer to an HBO pay-per-view fight broadcast.

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The parties involved verbally agreed that those details could be resolved effectively. Additionally, the promoters agreed that Roc Nation’s involvement would be recognized with the black canvas mat and a musical performance during the fight card.

But both promoters also sought to put a rematch clause in place, with De La Hoya explaining, “If the fight is a great fight, there should be no reason why we shouldn’t do it again.”

The promoter is also frustrated by the inability to strike a compromise. He declined to say what the purse splits will be, either in the Nov. 21 bout or the rematch.


“It’s close, but this fight should’ve been done two weeks ago. … If that’s what’s holding up everything, we can take it out,” De La Hoya said of the rematch clause. “It’s no big deal. We can negotiate in good faith when the time comes [for the next fight].”

Penagaricano said when asked about the rematch clause being a sticking point that, “I have never gotten into specifics as to terms of negotiation. That is not productive and not a sane practice.”

De La Hoya said Penagaricano “brought up” the rematch clause.

“Cotto probably doesn’t even know what’s going on,” De La Hoya said. “All we’re waiting for is Gaby’s answer.”


De La Hoya said that getting the rematch clause finished expeditiously is good for Roc Nation, to maximize promotion for this fight – a renewal of the legendary Mexico-Puerto Rico boxing rivalry – and to ensure another significant bout to come.

Alvarez (45-1-1, 32 knockouts) formerly held a super-welterweight world title and participated in the second-richest pay-per-view of all time, losing by majority decision to Floyd Mayweather Jr. in 2013.

Cotto (40-4, 33 KOs) is on a three-fight winning streak since aligning with famed trainer Freddie Roach.

“The devil’s in the details. We need the [purse] percentage of the winner [established],” De La Hoya said. “We have all the sponsors lined up. We’re tracking some great numbers. We want to make sure we have all the time in the world to promote this major blockbuster. Let’s get this done!”


Said Penagaricano: “When everything is really done, Miguel will let everyone know.”