Canelo Alvarez has been stripped of his IBF middleweight title after negotiations for one of his mandatory defenses against Sergiy Derevyanchenko ended with no-deal on Thursday afternoon.
The news now opens the door for the Mexican Champion to fight a different opponent this fall.
ESPN.com shared the following details on the failed negotiations, which resulted in Canelo Alvarez being stripped of his IBF 160-pound title.
The IBF already had allowed for multiple postponements of a purse bid for the bout, and the Derevyanchenko camp even told the IBF it was OK with Alvarez not being stripped at Monday’s deadline to allow them more time to work out a deal. But the sides were far apart on the money even though, according to sources, streaming service DAZN, which has Canelo Alvarez under exclusive broadcast contact, had approved Derevyanchenko as an opponent with the stipulation that Alvarez take as much as a $5 million reduction on his $35 million guarantee for his next bout.
Derevyanchenko promoter Lou DiBella did not want to discuss the details of what went down with Alvarez promoter Golden Boy on Thursday but did tell ESPN: “I will confirm that we did not reach a deal by the IBF deadline.”
Canelo Alvarez (52-1-2) was last seen in action this past may in Las Vegas, where he defeated Daniel Jacobs via unanimous decision thus retaining his WBA, WBC, The Ring and lineal middleweight titles while capturing the IBF title.
Since suffering the lone loss of his career to Floyd Mayweather in September of 2013, Canelo Alvarez has since gone 10-0-1.
Many fight fans are clamoring to see a trilogy fight between Alvarez and Gennady Golovkin booked next. However, despite the pair having a heated rivalry, Canelo claims he has no interest in a third fight with ‘GGG‘, at least for now.
What do you think of the IBF stripping Canelo Alvarez of his middleweight title? Who should the pride of Mexico fight next? Sound off in the comments section PENN Nation!
This article first appeared on BJPENN.com August 2, 2019