Money Belt: Cotto takes the money and trashes the belt

By Norm Frauebheim

LAS VEGAS – The World Boxing Council’s middleweight title belt almost looked like an item at a garage sale Wednesday during a news conference for the Miguel Cotto-Canelo Alvarez bout Saturday night at Mandalay Bay.

It was at the end of long table next to WBC President Mauricio Sulaiman, seemingly on display, but not wanted by its former owner.

“I don’t need another belt,’’ Cotto said to a group of writers before the news conference started in a nearby theater.

His wardrobe is full of them. He has won titles in four weight classes over more than 14 years. Make no mistake, another one would be nice, but not at $1.1 million, the total he would have had to pay out of his purse for the right to defend the title against Canelo.

Thanks, but no thanks.

Negotiations with the WBC fell apart Monday night and perhaps took some buzz off of the HOB pay-per-view production. Cotto said he would have been willing to pay $125,000 to the WBC for the sanctioning fee. But Sulaiman said no, which is why the belt was parked like used car at one end of the VIP table Wednesday.

The rest, $800,000, was reported to be the amount Cotto agreed to pay Gennady Golovkin. Call it a step-aside fee. For six figures, Golovkin, the WBC’s No. 1contender, reportedly agreed to step aside for Canelo so the fight with Canelo could be made in another bout in the rich Puerto Rican-Mexican history.

But there are still questions about whether Golovkin will get that reported money.

“There are legal issues,’’Cotto attorney Gabe Penagaricano said Wednesday.
Translation: You’ll probably only see a Cotto-GGG fight in court. GGG’s best shot at unifying the 160-pound title will happen if Canelo wins the now vacant WBC version. There’s a good chance that Canelo will. The popular Mexican was about a 3-to-1 favorite Wednesday.

The always-reticent Canelo had little to say about the circumstances that transpired in the financial shuffle that that took the title out Cotto’s possession.

“It doesn’t change anything,’’ Canelo said. “I am prepared to fight the best Cotto.’’

From Cotto’s perspective, there are no regrets about his old belt. No worries, either. He shook hands with Sulaiman, who after the news conference had the belt slung over a shoulder. The flap won’t affect the fight, Coto said. that generated a few headlines. The public, Cotto said, doesn’t care about ruling bodies that charge sanctioning fees for interim belts, and silver belts in countless weight classes.

“We are bigger than the organizations,’’ said Cotto, who didn’t need to say more.