Munguia Or Bust: PBC Unwilling To Match Canelo’s Contractual Guarantee For Charlo

In what already feels like a drawn-out process, Canelo Alvarez’s efforts to secure an opponent for a May 4th fight on Cinco de Mayo weekend appears to have taken another twist today.

ESPN Mexico’s Salvador Rodríguez reports that Premier Boxing Champions (PBC), who Canelo has fought only one of his three contracted fights with the promotional entity, is unwilling to match a reported $35 million contractual guarantee for a Jermall Charlo fight. 

PBC are, however, willing to match it for a clash against fellow Mexican Jaime Munguia. Believing the fight is much more financially viable, negotiations for the fight with Munguia are reported to be underway.

According to Rodriguez, this has left Canelo with three options:

1# If it can be negotiated, fight with Munguia with a guarantee.

2# Fight Jermall Charlo without one.

3# Look for options outside of the PBC.

Was Charlo Ever Viable? 

Back in September, Canelo made light work of Jermall Charlo’s twin Jermell, who had stepped up two weight divisions to face him. Jermall would also be coming up in weight to face the undisputed 168 lb champion. Issues outside the ring and inactivity have also infamously plagued him in recent years.

Charlo returned to action last November after nearly a 2-and-a-half-year layoff. He cruised to a decision victory against an undersized Jose Benavidez Jr in a catchweight bout.

The WBC has inexplicably maintained his status as WBC Middleweight champion, despite not having defended that title, in what would be nearly three years by the time May 4th comes around.

Given his brother’s tame showing and his inactivity, many were surprised when Charlo’s name was still appearing in reports about a potential May 4th match-up with Canelo last week.

Not at least Charlo himself, who broke off from a family vacation to respond on social media.

“I haven’t even talked to Al Haymon since I last fought,” Charlo insisted in a Reel post on his verified Instagram feed on Wednesday, 14 May. “Everyone is like ‘You about to fight Canelo’… ain’t no confirmation. I’m in the islands somewhere.”

ESPN’s Rodríguez states that PBC has no issue with using Charlo for the May match-up, but they won’t be able to provide Canelo with a guaranteed purse. So, if he gambled on this option, Alvarez would have to rely on solid PPV and box office showing to make a suitable return.

Canelo Would Have To Backtrack

Canelo appeared to rule out a Mexican foe for May 4th in an interview with TV Azteca in Mexico on Feb 13th. This seemed to have put paid to fan-friendly fights against Jaime Munguia and David Benavidez.

Self-imposed obstacles aside, the emergence of Munguia as a potential opponent isn’t without its own cross-promotional issues. Munguia is co-promoted by both Oscar de la Hoya’s Golden Boy and Zanfer Promotions. He is also seen as one of DAZN’s biggest draws, who have an exclusive rights deal with Golden Boy.

Rodríguez reports that PBC has opened negotiations exclusively with Zanfer Promotions for the bout. Details of why this is possible are thin in the ESPN report.

PBC and Golden Boy worked together with great success on the April 2023 PPV blockbuster between Gervonta ‘Tank’ Davis and Ryan Garcia. The PPV was simultaneously broadcast on both Showtime, PBC rights holder, and DAZN, Golden Boy’s.

However, after Showtime exited the sport last year, PBC signed a rights deal with Amazon Prime Video in December. Even if PBC were open to a similar arrangement for a Canelo Munguia event, it feels unlikely Amazon would be willing to share a potential  PPV broadcast with a rival so early into a new rights deal. 

Time Is Ticking 

With May 4th being ten weeks away this Saturday, no event has been scheduled for May 4 in Las Vegas, according to the Nevada Athletic Commission calendar. However, a session on February 27 may provide an update on a proposed venue for a Canelo outing in the city.

Rodgridges points out that Canelo looking for options outside of PBC isn’t exactly viable either. He notes that few promoters would be willing to match PBC’s financial guarantee for a fight below the level of a potential Munguia clash.

With Charlo yet to open talks, Munguia’s situation looking complicated, and no clear pathway away from PBC, it could be some time before Canelo, and the rest of us, have any clarity on May 4th.