Golden Boy Promotions president Oscar De La Hoya confirmed that talks for the presumed fight between Saul "Canelo" Alvarez and Miguel Cotto did not come to fruition as the two sides failed to find a common ground.

Most boxing fans and analysts are looking forward to a showdown between Cotto and Alvarez in May, but De La Hoya revealed the fight will not happen on Cinco de Mayo weekend.

De La Hoya said they did everything they can to make the fight happen and agreed to terms set by Cotto's camp, but no deal was reached before the deadline during the weekend.

"The fight he wanted is Cotto, because that's a fan friendly fight and he wants it for the fans. All of our terms are dealt with. We agreed to everything," De La Hoya told BoxingScene. "Canelo bent over backwards to try to make this fight. There is a deadline and that deadline has passed."

De La Hoya said Alvarez will still fight on May 2 against a different opponent. Sources said Canelo's camp is looking at the possibility of facing middleweight contender David Lemieux or James Kirkland.

De La Hoya did not reveal any reason on why no deal was finalized before the deadline. But according to Gaby Peñagarícano, Cotto's legal adviser, they did not agree to the proposed split on fight purse.

"It's always the financial side. There was no agreement on that," Peñagarícano told ESPN. "I don't know what would have happened if we had more time. If Oscar doesn't have more time, he doesn't have more time."

Peñagarícano admitted the Cotto-Alvarez fight would have been a great showdown, but they had to demand a bigger share of the purse instead of the alleged 50-50 split proposed by Canelo's camp. Cotto's adviser insisted Alvarez needs the fight more than Cotto needs it, which is enough for them to ask for a bigger guaranteed purse.

"It's a great fight, but Miguel doesn't need it for his career," Peñagarícano said. "So if it doesn't happen, so be it. He's OK. No problem. If Oscar needs to move he needs to move. We're not going to go back to them. We'll huddle and meet Miguel on Tuesday, and we will start planning."

Cotto, the reigning World Boxing Council middleweight champion, is being linked to a rematch with Floyd Mayweather Jr. Mayweather defeated Cotto in their welterweight title fight in May 2012.

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