Just 10 days remain before the welterweight unification championship fight between American Floyd Mayweather Jr. and Filipino Manny Pacquiao. However, the contract for the fight to take place in Las Vegas at the MGM Grand has not been signed.
Bob Arum the Top Rank promoter said on Tuesday that he would not sign the contract he received a draft of April 15 due to it not being what he agreed to when he, Mayweather Promotions and MGM signed a term sheet a few months ago.
Arum said the contract excludes them as signatories and not being one means Top Rank would not have control on decisions when the fight was taking place, including video content, music and in-arena production.
Later Tuesday Arum said after asking for more than three weeks, he finally had the manifest that showed how the seats in the Arena were divided up.
Arum added that he believes the contract will be signed by Wednesday.
Leonard Ellerbe the Mayweather Promotions CEO disagreed with the characterization by Arum of the original deal.
He says Arum cannot live with the original agreement that was signed a few months ago that does not give him control. The only conspiracy in Ellerbe’s opinion is Arum trying to conspire to change an agreement that is already signed.
Without the agreement signed, not a single ticket has been printed and the tickets for close circuit viewing at MGM Hotels have not even gone on sale yet. One source said that on Tuesday MGM proposed to be allowed to begin selling tickets for close circuit and tickets for the public immediately with everything else stopped while talks continue.
Tickets for fights of this caliber are often times available for months prior to the bout, said on executive in the ticketing business.
Distributing this amount of tickets in such a short time frame will be a huge nightmare. With the physical tickets, there will be people worth millions of dollars waiting on line just to receive what they have for two months been promised.
The fight has been predicted to set records for gate receipts, pay-per-view buys and closed circuit rights. The gate receipts for the fight are predicted to surpass $72 million while the pay-per-view sales are expected to surpass $300 million.
Both Ellerbe and Arum feel the fight will be held without any delay. The two have been known to grandstand in the past, especially Arum who used to be the promoter for Mayweather until Mayweather decided to open his own promotions company.
Fans certainly hope the fight goes as planned as some have paid more than $1,000 per night for hotel rooms and others have paid the $99.95 for pay-per-view.