One of DAZN’s biggest US draws is walking out the door. According to Mike Coppinger of The Athletic, Canelo Alvarez has severed ties with the streaming sports service and Golden Boy Entertainment just two years into a five year deal that was supposed to net $365 million for the Mexican boxing star.
DAZN’s economic hardships tied to the COVID-19 pandemic are to blame. The company was forced to cancel a match between Alvarez and Billy Joe Saunders in May. In July, it was reported that DAZN hoped to get Alvarez back in the ring in September, but wanted him to take a pay cut. Two months later, Alvarez sued DAZN and Golden Boy, which negotiated the deal between the two sides, for breach of contract.
Coppinger reports that Alvarez is negotiating his exit from the deal. That means he is likely leaving a lot of money on the table. Whether or not he could get another $365 million deal remains to be seen, but Alvarez is still one of boxing’s biggest draws. He won’t be hurting for suitors.
For DAZN, this actually may be a good thing. The company is focused on global expansion and suddenly there is a lot more money to pour into those efforts.
