Miguel Cotto Turns Down Offer Of More Than $10M To Fight Canelo Alvarez In June 2014, Cotto Prefers To Face Sergio Martinez For A Lesser Prize Money

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By Rachelle Corpuz | January 3, 2014 5:20 PM EST

Miguel Cotto is reportedly offered a prize money of over $10 million to fight Saul 'Canelo' Alvarez. But the 33-year-old Puerto Rican boxer opted to pursue discussing a bout with Sergio Martinez instead on his June 7 fight at the Madison Square Garden in New York City.

Cotto's Counsel Gaby Penagaricano has spoken with the concerned party, including Chief Executive Richard Schaefer of Golden Boy Promotions and Alvarez's camp, telling them that the former three-division world champion is declining the offer to fight the Mexican boxer, as reported by ESPN.

  WBA world welterweight champion Miguel Cotto during a news conference in New York November 7, 2007. Cotto retained his WBA welterweight championship with a fifth-round technical knockout against Alfonso Gomez in Atlantic City on Saturday. Credit: Reuters/Shannon Stapleton
WBA world welterweight champion Miguel Cotto during a news conference in New York November 7, 2007. Cotto retained his WBA welterweight championship with a fifth-round technical knockout against Alfonso Gomez in Atlantic City on Saturday. Credit: Reuters/Shannon Stapleton

Reason Cotto Doesn't Want To Fight Canelo

Penagaricano revealed the reason Cotto is not interested to fight Alvarez. "Essentially, Miguel wants to fight in New York City on June 7," Penagaricano said. "Canelo wants to fight in March," he added. The date of their next fight is one factor it is not likely that the two will face each other. Both fighters have already set the date that they want for their next fight. However, Penagaricano said a bout between the two is still possible in the near future. "Cotto said Canelo is young," Penagaricano said. "And that it is a good fight to make later in 2014 or 2015," he added.

Cotto On Sergio Martinez

After turning down the lucrative offer to face Alvarez, Cotto is pursuing to wrap up the deal with Martinez. It has been reported that Cotto will take a smaller amount of prize money for the fight but he doesn't really seem to be concerned about it.

"I want to go with Martinez," Cotto said during a press conference in Puerto Rico. He said the prize money is not as important as the title at stake. "We are only waiting on confirmation from his team, and if all goes well, the fight will happen," Cotto said. The Argentinian fighter, Martinez, currently holds the middleweight belt.

Martinez has also expressed his interest to fight Cotto. "I will fight him, with no problem, on June 7," Martinez said. "I'm waiting for the negotiations to finalize," he added.

Cotto wants the fight. Martinez wants the fight. It looks like the bout between the two is already a done deal.

MORE BOXING NEWS:

Amir Khan Inks Contract To Fight Floyd Mayweather Jr. In 2014

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(Photo: Reuters / Danny Moloshok)
Will Miguel Cotto, right, prove to be more than just another subplot on the way to a dream Floyd Mayweather Jr.-Manny Pacquiao matchup?
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