Finance:Purse bid
A purse bid is an initial step in arranging a professional boxing match, involving the fight's/card's promoter(s). All interested registered promoters may bid on the amount of the purse (the total money that the fighters will be paid for the match), if the sides representing each fighter fail to agree on it before the deadline. The highest offer wins; however, the winning entity must produce a small percentage of the total amount up-front by a certain date. The purse in a purse bid is split between the fighters according to the preset formulas of the sanctioning commissions.[1][2] Purse bids are often won by one of the two fighters' promoters.
For championship belt fights under a given sanctioning body (WBC, WBA, WBO, IBF, etc.), the two fighters' (champion and challenger) promoters/managers usually get together to establish an agreement for how much each side will receive. In situations where the two sides can't agree, it will sometimes go to a "purse bid" where the process is opened up to any promoter that would like to put on the fight. They submit bids for how much they're willing to pay in purses and the highest bidder wins the right to put on the fight. In such cases, the champion usually gets a higher percentage and the challenger a lower percentage and the total purse is simply split between the two by formula.
For example, in the summer of 2015 the WBA heavyweight champion was Wladimir Klitschko and the WBA wanted him to fight his mandatory challenger, Tyson Fury. The two sides (K2 Promotions for Klitschko and Mick Hennessey for Fury) were initially unable to come to an agreement on terms for a fight. The WBA then ordered a purse bid, which would have allowed any promoter to submit bids to put the fight on themselves. Just before the purse bid was going to open up, the two sides announced they had come to an agreement and so the purse bid was canceled.
List of recorded purse bids
| Date of the fight | Fight | Winning Bid | Winning Promoter | Losing Bid | Losing Promoter | Sources and notes |
|---|---|---|---|---|---|---|
| 22. April 2022 | Tyson Fury vs Dillian Whyte | $41,025,000 | Queensbery | $32,222,222 | Matchroom Boxing | [3] |
| 5 October 2013 | Wladimir Klitschko vs Alexander Povetkin | $23,333,330 | Vladimir Hryunov | $7,130,000 | K2 Promotions | [4] |
| 15 November 2014 | Wladimir Klitschko vs Kubrat Pulev | $7,250,000 | K2 Promotions | $5,290,000 | Sauerland Event | [5] |
| 16 January 2016 | Charles Martin vs Yacheslav Glazkov | $1,240,000 | Warriors Boxing | $888,000 | Main Event | [6] |
| 20 August 2021 | Artur Beterbiev vs Marcus Browne | $1,000,005 | TopRank | $1,000,0001 | TGB Promotions | [7] |
| To be determined | Esquiva Falcao vs Vincenzo Gualtieri | $410,000 | AGON Sports | $375,000 | TopRank | [8][9] first source is in German |
| Did not materialize | Teofimo Lopez vs George Kambosos Jr. | $6,150,000 | Triller Fight Club | $3,506,000 | Matchroom Boxing | [10] Thriller found in break of contract, Matchroom awarded rights |
| Did not materialize | Alexander Povetkin vs Bermane Stiverne | $3,165,000 | Andrey Ryabinsky | $2,100,000 | Don King | [11] |
| Did not materialize | Demetrius Andrade vs Zach Parker | $350,000 | Queensberry Promotions | $0 | no other promoter bid | [12] |
| Did not materialize | Lamont Peterson vs Zab Judah | $50,000 | Headbangers Boxing | $0 | no other promoter bid | [13] |
References
- ↑ "Regulations - WBO". World Boxing Organization. http://www.wboboxing.com/regulations/.
- ↑ WBC Rules & Regulations wbcboxing.com 3 December 2011
- ↑ "Warren wins Fury v Whyte purse bids". https://www.bbc.com/sport/boxing/60162281. Retrieved 22 May 2023.
- ↑ "Klitschko camp 'surprised' by $23m purse bid". http://www.espn.co.uk/boxing/sport/story/204099.html. Retrieved 22 May 2023.
- ↑ Donovan, Jake (17 June 2014). "Klitschko-Pulev: K2 Outbids Sauerland, Wins Purse Bid". https://www.boxingscene.com/klitschko-pulev-k2-outbids-sauerland-wins-purse-bid--79005. Retrieved 22 May 2023.
- ↑ "Glazkov, Martin to fight for vacant heavyweight title". 18 December 2015. https://www.espn.co.uk/boxing/story/_/id/14395958/vyacheslav-glazkov-charles-martin-fight-vacant-heavyweight-world-title-jan-16. Retrieved 22 May 2023.
- ↑ "Povetkin-Stiverne draws $3.16M winning purse bid". 7 October 2016. https://www.espn.com.sg/boxing/story/_/id/17741087/andrey-ryabinsky-wins-purse-bid-alexander-povetkin-bermane-stiverne-interim-heavyweight-title-bout. Retrieved 22 May 2023.
- ↑ Orban, Jonny (3 May 2023). "AGON gewinnt Purse Bid: IBF-WM mit Gualtieri kommt nach DE!". https://www.boxen1.com/agon-gewinnt-purse-bid-ibf-wm-mit-gualtieri-kommt-nach-deutschland-70406/. Retrieved 22 May 2023.
- ↑ Donovan, Jake (2 May 2023). "Esquiva Falcao-Vincenzo Gualtieri: AGON Sports Outbids Top Rank, Claims Rights To IBF Title Fight". https://www.boxingscene.com/esquiva-falcao-vincenzo-gualtieri-agon-sports-outbids-top-rank-claims-rights-ibf-title-fight--174302. Retrieved 22 May 2023.
- ↑ "Triller Fight Club wins rights to promote Teofimo Lopez’s next fight with $6 million purse bid". 25 February 2021. https://bloodyelbow.com/2021/02/25/triller-fight-club-wins-rights-promote-teofimo-lopez-next-fight-6-million-purse-bid-boxing-news/. Retrieved 22 May 2023.
- ↑ Henschel, Jonathon (28 September 2021). "Top Rank wins purse bid for Beterbiev-Browne". https://www.badlefthook.com/2021/9/28/22698882/top-rank-wins-artur-beterbiev-vs-marcus-browne-purse-bid-boxing-news-2021. Retrieved 22 May 2023.
- ↑ Walker, Bradley (24 March 2023). "Queensberry win Andrade-Parker purse bid for second time". https://www.britishboxers.co.uk/2022/09/queensberry-win-andrade-parker-purse-bid-for-second-time/. Retrieved 22 May 2023.
- ↑ "Peterson-Judah set for less cash than expected". 3 October 2012. https://www.espn.in/boxing/story/_/id/8455820/fight-lamont-peterson-zab-judah-set-much-smaller-purse. Retrieved 22 May 2023.
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