THE failure by Top Rank, a big American boxing promotional company, to comply with the terms of the IBF's championship purse bid policy has placed the upcoming fight between Steve Molitor and Takalani Ndlovu in jeopardy.
Ndlovu's promoter Branco Milenkovic, who lost the purse bid to Bob Arum on November 30, announced yesterday that the failure by Arum to comply with terms of the IBF's championship purse bid policy had forced the two promoters to go into 30-day negotiations. Top Rank represents Molitor, a Canadian, who holds the IBF junior featherweight title.
Arum won the rights to stage Molitor's rematch with Ndlovu, who he has already defeated twice, with a purse bid of $215000 (R1,45million).
The IBF terms, which call for a 75/25 split between champion and challenger, mean Molitor stood to earn $161250 and Ndlovu $53750. The terms of the purse bid called for the bout to take place in no more than 90 days, ie no later than February 28. But the fight is scheduled for March 19 in Montreal, Canada. Milenkovic says the March date misses the cutoff by nearly three weeks.
"IBF rules state that failure to comply with the bid terms will result not only in the cancellation of the bid but the rights may be given to the next highest bidder," said Milenkovic, who is the second highest bidder in this case.
"In some instances, the IBF can bar the defaulting bidder from purse bids for up to six months. No such actions were required in this instance, since Top Rank did not default on the bid, but rather scheduled the bout beyond the deadline."
The IBF has ordered a new round of negotiations. Top Rank will have 30 days to negotiate with Milenkovic. If the parties fail to agree, the IBF will call for another purse bid.
"We are not afraid to go to a purse bid with Top Rank once again," Milenkovic said.
Ndlovu-Molitor clash placed in jeopardy
THE failure by Top Rank, a big American boxing promotional company, to comply with the terms of the IBF's championship purse bid policy has placed the upcoming fight between Steve Molitor and Takalani Ndlovu in jeopardy.
Ndlovu's promoter Branco Milenkovic, who lost the purse bid to Bob Arum on November 30, announced yesterday that the failure by Arum to comply with terms of the IBF's championship purse bid policy had forced the two promoters to go into 30-day negotiations. Top Rank represents Molitor, a Canadian, who holds the IBF junior featherweight title.
Arum won the rights to stage Molitor's rematch with Ndlovu, who he has already defeated twice, with a purse bid of $215000 (R1,45million).
The IBF terms, which call for a 75/25 split between champion and challenger, mean Molitor stood to earn $161250 and Ndlovu $53750. The terms of the purse bid called for the bout to take place in no more than 90 days, ie no later than February 28. But the fight is scheduled for March 19 in Montreal, Canada. Milenkovic says the March date misses the cutoff by nearly three weeks.
"IBF rules state that failure to comply with the bid terms will result not only in the cancellation of the bid but the rights may be given to the next highest bidder," said Milenkovic, who is the second highest bidder in this case.
"In some instances, the IBF can bar the defaulting bidder from purse bids for up to six months. No such actions were required in this instance, since Top Rank did not default on the bid, but rather scheduled the bout beyond the deadline."
The IBF has ordered a new round of negotiations. Top Rank will have 30 days to negotiate with Milenkovic. If the parties fail to agree, the IBF will call for another purse bid.
"We are not afraid to go to a purse bid with Top Rank once again," Milenkovic said.