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Talks between middleweight champion Miguel Cotto and former junior middleweight titlist Canelo Alvarez have ended for the time being.

The fight, which would have taken place on May 2, had been in works for the past few months, but Alvarez grew tired of waiting for Cotto to finalize the deal and decided to move on and face a yet-to-be-determined opponent on May 2, Alvarez's promoter Oscar De La Hoya said.

"The deal is off the table with Cotto," De La Hoya said Saturday. "They did not accept. So Canelo decided to move on. We had a deadline. We had our fifth deadline [Friday night], and Canelo has decided, because Cotto and [attorney] Gaby [Penagaricano] turned down the deal, he is obviously not going to be waiting for nobody. He has to move on and resume his career and we have to lock down an opponent. He's still fighting May 2."

Penagaricano isn't happy that Canelo has removed himself from the negotiation table.

"This is not about deadlines. This is about trying to making a deal. You either make it or you don't," Penagaricano said. "I did speak to Oscar late [Friday night]. He said, 'We have to make a deal.' I said, 'We're not there yet. If you have to move on, I respect that. If you have to move, you have to move.'"

"It's always the financial side. There was no agreement on that," he said. "I don't know what would have happened if we had more time. If Oscar doesn't have more time, he doesn't have more time. It's a great fight, but Miguel doesn't need it for his career. So if it doesn't happen, so be it. He's OK. No problem. If Oscar needs to move he needs to move. We're not going to go back to them. We'll huddle and meet Miguel on Tuesday, and we will start planning."

MIGUEL COTTO BOXING DVD CAREER SET

 

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