LAS VEGAS --
The decision for Pacquiao to face Margarito ends any possibility of a Pacquiao-
Yahoo Sports first reported the Pacquiao-Margarito agreement.
Pacquiao last fought in March when he won a lopsided decision over Miguel Cotto. Margarito, who was suspended for one year after officials found a plaster-like substance in his hand wraps before his January 2009 loss to
By fighting at 154-pounds, Pacquiao has the opportunity to win a world title in his seventh weight class.
Expectations were high for a Mayweather-Pacquiao showdown after Mayweather won a decisive victory over Mosley last May. However, negotiations took a bizarre twist last week. During a conference call with reporters last Friday, Arum detailed the negotiations that he claimed were conducted between Top Rank and Mayweather's advisor,
Three days later, another Mayweather advisor,
Multiple sources confirmed to SI.com that some form of negotiations did take place, all of which were facilitated by Greenburg. Last month,
"Them saying there were no negotiations is absolutely preposterous," Arum told SI.com. "All I can say is seven weeks ago Ross came to me, (and) said let's do it this way, this way the fight has a chance to be made. We spent the whole day going over details. He reported to me on meetings that he had and what Haymon was saying. Again. I have never said I talked to Haymon. Ross felt that we could get the deal done in that way. He was very optimistic. Two nights before (the)
Arum said that while he does not have any documentation detailing an agreement, he told SI.com that Greenburg said he had "pages of memos" in a briefcase detailing the conversations with both sides.
"This kid [Mayweather] is so nuts," said Arum. "His idea of being part of his team is having guys who when he says 'jump,' they say 'how high?' Why didn't they just say we decided not to fight until next year?"
Arum says he plans on finalizing the deal with Pacquiao, who is in the Philippines, sometime next week. Pacquiao's financial advisor,
"Making a deal won't be a problem," said Arum, who promotes both Pacquiao and Margarito. "We'll get it done."