Early on Friday, Eddy Reynoso, the manager and coach of Canelo Alvarez, released a statement on social media declaring that the Mexican superstar is now a free agent.
Later that day, long-time promoter Oscar De La Hoya confirmed the split after Canelo launched legal proceedings two months ago. “The lawsuit was resolved to everyone’s satisfaction and we wish Canelo the best going forward,” said De La Hoya in a statement.
“In strong partnership with DAZN, we will continue showcasing our wide array of talent including rising superstars like Ryan Garcia, Jaime Munguia and Vergil Ortiz Jr., all of whom have the talent and potential to become the next biggest star in our sport.”
In September, Canelo initiated a lawsuit against De La Hoya’s Golden Boy Promotions and streaming network DAZN after feeling frustration at a lack of opportunity in a Covid-19 disrupted year.
With no lucrative live gate possible, Canelo sought a clean break and financial compensation of at least $280 million from his promoter and broadcaster, stating that he had been denied contractually agreed purses.
The statement from Reynoso hinted that a compromise had been met to allow Canelo to continue his high profile career, with the news later confirmed by De La Hoya.
“In my role as a manager and coach of Saul ‘Canelo’ Alvarez, I allow myself to communicate to the boxing community and to all our fans, that starting today, November 6, Canelo becomes a free agent, so we are ready to continue his boxing career,” said Reynoso, early on Friday.
“All this time we have been working hard in the gym with a lot of responsibility and discipline, to be in great physical shape and ready to fight this year and it will be!
“We will announce a date, rival and place very soon, and we will return stronger than ever to keep growing and showing that Mexican boxing is the best.”