Canelo Alvarez reaches deep into pockets after being sued for $8.5 million

Saul 'Canelo' Alvarez

One of boxing’s biggest stars was hit with a multi-million dollar lawsuit this week in a Florida court case.

Saul “Canelo” Alvarez was ordered to pay $8.5 million to All-Star Boxing, a former promoter of Alvarez’s after a Florida jury ruled in favor of All-Star Boxing. All-Star Boxing claimed that Alvarez signed an exclusive promotional agreement with All-Star Boxing in 2008.

All-Star Boxing also filed a lawsuit against Golden Boy Promotions but the court cleared Golden Boy Promotions of any wrongdoing and All-Star Boxing was ordered to pay for their legal fees.

Golden Boy Promotions released the following statement regarding the court case ruling:

“We are extremely pleased that not only did the jury find that no contract ever existed between Canelo and All-Star Boxing, but issued a judgment against All-Star boxing and ordered them to pay Golden Boy’s substantial legal fees.

“Over the last five-plus years, many questioned why we wouldn’t just settle the case before trial. The answer is simple: We would not be extorted. It was clear from the beginning that neither Canelo nor Golden Boy Promotions had acted inappropriately in any way. We are grateful that the jury was able to see that.

“However, it is absurd to think that All-Star Boxing provided anywhere near that amount of value that the jury awarded under a separate claim. We will appeal this part of the decision, and are confident we will win, just as we did on the contract dispute.

“Outside of appealing the financial damages, we now look forward to putting this episode behind us and working with Canelo to continue his meteoric rise though the boxing ranks.”

“Canelo” Alvarez plans to file an appeal on the court order to pay the $8.5 million to All-Star Boxing.

This article appeared first on BJPENN.COM