Boxing fans have not seen the sport's biggest star in the ring in over one year, but that might change before the end of 2020. Canelo Alvarez is now a promotional free agent after reaching an agreement to sever ties with Golden Boy Promotions and DAZN on Friday. The super middleweight champion ended his lengthy legal battle with his promoter and U.S. TV provider.
"In my role as a manager and coach of Saul 'Canelo' Alvarez, I allow myself to communicate to the boxing community and to all our fans, that starting today, November 6th, Canelo becomes a free agent, so we are ready to continue with his boxing career," manager Eddy Reynoso stated in a press release.
"All this time we have been working very hard in the gym with a lot of responsibility and discipline, to be in great physical shape and ready to fight this year and it will be!
"We will announce date, rival and place very soon, and we will return stronger than ever to keep growing and showing that Mexican boxing is the best."
Alvarez has seen his career drag to a standstill as the issues with Golden Boy and DAZN have intensified.
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DAZN signed Alvarez to a massive deal for $365 million over five years in 2018. Earlier this year, DAZN began looking for a reduction in the amount they were going to pay for Canelo to step back in the ring. That was driven seemingly by a combination of financial concerns from the COVID-19 pandemic, DAZN's standard financial issues and the streaming service claiming Alvarez had violated his contract by not fighting one "premier opponent" every year.
In September, Alvarez and his team filed a lawsuit against DAZN and Golden Boy over the situation, seeking at least $280 million in damages based on what is still owed to him (plus lost sponsorship and gate revenue). They have since been attempting to establish Canelo as a free agent, where he'd be able to land big money for seemingly any fight.
Golden Boy Promotions president Oscar De La Hoya confirmed the news with his own statement on Friday.
"The lawsuit was resolved to everyone's satisfaction, and we wish Canelo the best going forward. In strong partnership with DAZN, we will continue showcasing our wide array of talent, including rising superstars like Ryan Garcia, Jaime Munguia and Vergil Ortiz Jr., all of whom have the talent and potential to become the next biggest star in our sport."