Canelo Alvarez’s debut with Riyadh Season may have fallen drastically short of expectation, but it looks to have brought him huge financial success.
Richard Schaefer, Alvarez’s business manager, told Ring Magazine that the two-time undisputed super-middleweight champion is set to become boxing’s first “billion dollar boxer.” The comments come after the 34-year-old kicked-off his lucrative four-fight deal with Turki Al-Sheikh’s Riyadh Season this past Saturday.
“Canelo is, without any question, the smartest businessman in boxing I have ever met.”
– Schaefer told Ring Magazine
READ: Here’s Why: Canelo vs Crawford Isn’t Happening on a Saturday
Alvarez (63-2-2, 39 KOs), just won his second undisputed title at 168 lbs, beating William Scull by unanimous decision in fight that many are calling one of the worst title fights in recent history. Scull (23-1, 9 KOs), who came in as the IBF champion, mostly ran around the ring for 12 rounds while Canelo chased him down. According to CompuBox, the two boxers combined to throw the least amount of punches in a 12-round bout in history.
Despite how lackluster the fight was, the Guadalajara native is expected to make approximately $100 million from this bout. The agreement between Canelo and Al-Sheikh is worth about $400 million and now has three fights left on the deal.
The No. 7 ranked pound-for-pound boxer recently passed Cristiano Ronaldo to become the highest paid athlete this year. Forbes estimates that he has earned just over $600 million during his near 20-year professional career.
Schaefer, a former banker, said he has known Alvarez for 17 years, adding that the champion could break that billion dollar mark by next year.
“I’m thrilled, excited to be working for him and with him, handling all different aspects; fight negotiations, all these other businesses, everything.”
– Schaefer told Ring Magazine
Canelo is set for a highly anticipated superfight against two-divison undisputed champion Terence “Bud” Crawford. The fight is now official for Sept. 12 in Las Vegas at Allegiant Stadium, home of the Las Vegas Raiders.
