Canelo Alvarez. GGG. Miguel Cotto. Friendship over Business?
Just when you think Golden Boy Promotions is on the serious decline, Canelo Alvarez puts pen to paper and signs a contract extension. The contract extension was made public this week, without specifics of the deal being known. But the extension is expected to cover the next 5 Alvarez bouts after his showdown with Cotto in November. Alvarez is a throwback fighter, humble, loyal and his friendship with De La Hoya is one that will ensure he finishes his career with GBP.
It’s refreshing to see such a respectful young fighter. A fighter who can keep his morals and ethics in place and still make millions per fight. Regardless of what Haymon or other major promoters can offer Alvarez, he’s staying put, with De La Hoya and Golden Boy. It’s also worth noting that GBP is well known for developing prospects into champions. Top Rank have another fantastic reputation in this aspect, however other promotional companies such as Mayweather promotions have struggled to achieve this. Nurturing prospects into world champions is an essential business plan for promotional companies and it ensures that long term plans produce fantastic results.
Now let's focus on GGG & Cotto and how they will help avoid a total Haymon monopoly over the sport. GGG has similar traits of loyalty to Canelo and he’s signed to K2 Promotions long term, he also has a very close friendship with Tom Loeffler. GGG is 33 and his close friendship with Tom who is the Director of K2 ensures he's going no where fast.
So then we are left with Cotto. Cotto is a little less loyal from all reports & he’s not in the same mould as Canelo or GGG when it comes to this. But Cotto is an astute businessman, he knows how to get every single $ out of a fight. Just ask his long list of trainers and promotional companies which he's done business with. Cotto’s deal with Roc Nations is expected to last another 2 bouts after the Canelo fight in November and Cotto doesn’t fight to often. So Cotto won't be making the move to Haymon for another 2 years at least and it's very unlikely he will be fighting still in 2018.
So despite the enormous wealth Haymon & his backers have at the moment, he won't be achieving a monopoly over the sport anytime soon.