Bivol Shocks Canelo, Who Banks $40 Million in Loss
Dimitry Bovil scored a stunning upset over Canelo Alvarez Saturday night in Las Vegas to retain his light heavyweight title. Bovil was a 5-1 underdog entering the fight and won a unanimous decision over the sport’s biggest star to run his record to 20-0.
Alvarez ranks first in most pound-for-pound boxing rankings, and Saturday night was another massive payday, despite the loss. Alvarez was expected to earn $40 million from the fight, including his cut of PPV revenue, according to someone familiar with the negotiations. The person was granted anonymity because the details are private. Bivol was guaranteed $2 million and will earn millions more from his PPV cut.
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The win dropped Alvarez’s record in the ring to 57-2, with a pair of draws. His only other defeat was versus Floyd Mayweather in 2013. The upset also jeopardizes the most anticipated fight of the year, the final trilogy bout between Gennadiy Golovkin and Canelo that was already slated for September.
“Eddie Hearn, sorry I broke your plans with Gennadiy Golovkin,” Bivol said after his win. Alvarez said he plans to exercise his contractual right to a rematch.
In February, Canelo signed a multi-fight deal with Hearn’s Matchroom Boxing, which also has “GGG” under contract. The first two fights between the two champions ended in a draw in 2017, then a closely contested victory 12 months later for Canelo. Golovkin held up his end, with a defeat of Ryoto Murata last month. The trilogy bout would likely have been the biggest purse ever for both boxers but now is in flux.
For years, Alvarez was part of Oscar De La Hoya’s Golden Boy Promotions stable of fighters. He signed a blockbuster 11-fight deal worth a minimum of $365 million in 2018 to air his fights on DAZN, but the Mexican pugilist had a falling out with Golden Boy and got out of his contract in 2020.
Alvarez was No. 12 last year in Sportico’s ranking of the world’s highest-paid athletes, with $63 million from a pair of fights and his endorsement income. He was the only boxer to crack the top 100 athletes.
