By Cassandra Cousineau from LVSportsBiz.com
A massive crowd swarmed the MGM Grand Garden Arena on Saturday to see elite boxer Canelo Alvarez, who was part of three of Las Vegas’ most profitable boxing gates.
Participation was announced at 16,586, which saw Canelo defeat Caleb Plant via TKO in the 11th round thanks to a powA violent barrage of left blows and body blows brought Plant to the ground halfway through. Canelo is now the undisputed first boxer at 168 pounds with all four belts who will return to Mexico with him. It’s good to be king.
With fights against Floyd Mayweather and two with Gennady Golovkin in Las Vegas, the Mexican superstar has become number one on the pound for pound list.
But even more important for the boxer, he cashes like no one else in the sport.
Canelo is expected to earn $ 40 million guaranteed, while also claiming 60% of pay-per-view revenue, according to multiple reports. The plant is expected to earn $ 10 million guaranteed plus 40% of the proceeds from the PPV.
âFor my heritage, this fight is huge,â Canelo, 31, said at his last press conference this week.
At (56-1-2, 38 KOs), Alvarez clinched the WBO belt when he beat Billy Joe Saunders in a knockout earlier this year. He now holds the WBA, WBC, WBO and The Ring belts in the super middleweight category.
With his victory over previously undefeated Plant, Canelo won the IBF belt.
Canelo made around $ 35 million for beating Billy Joe Saunders in his last fight. He has quickly risen through the financial ranks in recent years. Ten years ago, he grossed $ 1 million for his fight with Kermit Citron. His first fight with eight-figure wins came in 2018 when he won around $ 15 million for his first super middleweight fight, against Rocky Fielding.
Canelo’s opponents have done well even though they may lose. Plant is by far his biggest handbag. In his last fight, against Caleb Truax, he won $ 750,000 in guaranteed money. It’s a far cry from the life-changing purse he’s pocketing for tonight’s fight.
Alvarez signed a colossal $ 365 million contract with streaming service DAZN in 2018 under its former promoter Golden Boy Promotion. The 11-fight deal was worth around $ 33 million per event. At the time, it was the most lucrative contract in boxing history. As these things sometimes happen in boxing, Canelo quickly fell out with Oscar De La Hoya, after eight fights and $ 280 million on the table. He bet on himself as an independent.
Saul, nicknamed “Canelo”, cinnamon in Spanish for his reddish brown hair has gradually become the most bankable name in boxing. Whenever he shows up in Vegas, swarms of international visitors follow him, meaning heaps of money are spent in the city.
Of course, his big Vegas introductory night was against Las Vegan Floyd Mayweather in 2013. Alvarez was one of boxing’s rising stars. Mayweather was the veteran. It could have been a passing of the torch. Instead, it was classic Mayweather, inflicting another excellent opponent a 12-round decision loss. This fight resulted in a loss for Alvarez in the ring, but grossed 16,146 and made $ 20,003,150 at the gate. It also landed in fifth place for the most profitable pay-per-view purchases at 2.2 million.
Historically, Showtime has been cautious about announcing PPV numbers. The network will offer live gate estimates. As for the estimated numbers for the Canelo vs Plant fight, âThe gate is very healthy, we’re on track for somewhere between $ 15 million and $ 20 million,â according to Showtime Boxing president Stephen Espinoza.
Paying a superstar like Canelo his asking price is an attractive part of the cost of doing business for the network. âThere are always risks in this current market. Especially in an event like this, when Canelo took a free agent approach and sort of shopped and looked at different fights. So there was a pretty aggressive process to get the fight financially. ”
âThere are risks, but a reasonable amount of risk,â he added while speaking with longtime boxing writer Lance Pugmire.
âThere are also non-financial benefits. So even though we do break even on this event, having the sport’s number one fighter on your network and partnered with your boxing platform, we saw it with Floyd. It brings more attention, credibility and marketing value. We will be marketing many more fights during this fight and that adds value to the network. “