Canelo Alvarez, Julio Cesar Chavez Jr. bet of purse money could be all for show
Channel: sport mikel
Date: 2017-02-23

en if it was sealed by a handshake on national television in their home country, the high-stakes bet between Canelo Alvarez and Julio Cesar Chavez Jr. means nothing unless it becomes part of a revised signed contract, the head of the Nevada State Athletic Commission said Wednesday.

Alvarez, who’ll meet Chavez Jr. on May 6 at T-Mobile Arena in Las Vegas in a 164-pound catch-weight bout, got flustered Tuesday, according to people observing a segment with HBO’s Max Kellerman and offered to wager Chavez his entire purse to underline how confident he is about a victory.

One official there said Alvarez grew agitated “and said, ‘I’ll bet you my whole purse.’ … People were breathing deeply, and then they shook hands.”

The fighters repeated the scene on Univision, and Alvarez promoter Oscar De La Hoya, who was sitting next to Alvarez, tweeted, “Things just got real! @Canelo and @jchavezjr1 just bet their purse!”

While their fan bases might never forgive the losing fighter who ultimately will likely avoid following through on the deal, purse money has legal protections.

Nevada State Athletic Commission Executive Director Bob Bennett, whose office delivers guaranteed purse checks to fighters, said it’s unlikely such a deal — conveniently timed during a four-city promotional tour — ever becomes reality.

“I’m not even sure our deputy attorney general would even allow it — betting purses is a lot of money and doesn’t seem like a wise thing to do,” Bennett said.

“If they want to put that in their new contract, then I’d see, but we don’t condone our fighters betting against each other for their purses. It’s never been done in my time here.”

Boxers Saul “Canelo” Alvarez and Julio Cesar Chavez Jr have put their money where their mouths are – about $45 million of it.

The middleweights got a bit carried away on live TV. Chavez, who was in line for a guaranteed $9 million, suggested it should be a winner-takes-all bout.

Canelo, with by far the most to lose at $36 million, said sure, because he’ll “will win” anyway.

Then when Chavez looked like he was going cold on it, Canelo reminded him he stood far less to lose.

“I’m giving you an advantage on this bet, because I’m making four times as much as you anyway,” he said.

The Spanish TV show host seized the moment.

“I know both of you are gentlemen, so how about you guys agree the bet and shake on it here on the show?”

So the pair did. Here’s the handshake – there’s no going back now, boys:
And when they fight on May 6 at the T-Mobile Arena in Las Vegas, Nevada, almost $45 million will be on the line.

For the loser, nothing – apart from a entry in a record book somewhere for losing one of the biggest bets in history. And that goes for whoever loses.

Plenty of gamblers have lost hundreds of millions in bad streaks at casinos, but only Kerry Packer’s infamous “toss you for it” call to risk $100 million on a Texan oil tycoon’s business comes close to a single bet stake between two people.

The tycoon walked away from the bet.

Nevada State Athletic Commission executive director Bob Bennett said he wasn’t convinced the deal could be made legitimate unless a new contract was drawn up.

“Betting purses is a lot of money and doesn’t seem like a wise thing to do,” Bennett told the Los Angeles Times.

“It’s never been done in my time here.”

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