Chavez wants GGG, not extension

The likely demise of the Julio Cesar Chavez Jr.-Gennady Golovkin fight comes down to what Chavez manager Billy Keane said was Top Rank's "far beneath market value" offer to Chavez.

Middleweight titlist Golovkin was supposed to move up to super middleweight and face Chavez on July 19 in an HBO PPV main event at the Forum in Inglewood, California, but earlier this week Top Rank promoter Bob Arum told ESPN.com the fight was likely off because he was unable to come to terms with Chavez. Golovkin signed for the fight weeks ago.

Keane told ESPN.com Wednesday night that the reason Chavez-Golovkin "is thus far not happening is that we were offered a deal for the July fight that we felt was far beneath market value. Chavez immediately accepted the fight terms because this is the fight that he wants and this is the fight the fans want. But what Julio didn't accept was the extensions that Top Rank wanted in the contract."

At first, Top Rank offered Chavez a deal for the fight that was contingent upon an agreement to extend his promotional agreement with the company. Arum said Chavez's deal runs through October 2015. Keane would not confirm or deny the length of the agreement.

Chavez (48-1-1, 32 KOs), however, did not want to sign an extension and, eventually, Top Rank also put an offer for the Golovkin fight on the table that did not include an extension, but was for far less guaranteed money than if the company got an extension.

Keane said Top Rank was asking for a two-fight extension beyond the fight with Golovkin (29-0, 26 KOs), which Chavez did not want to sign.

"We agreed on the purse [offered in the deal with the extension], the venue, the weight, the opponent. We agreed on everything except the two-fight extension," Keane said. "Top Rank was not willing to honor that deal without the extension. Subsequently, they offered a stand-alone fight without the extension but the basic terms included a guarantee for what Julio made for [the first Bryan Vera fight], the same guarantee that Golovkin was getting and less than one-third of the original offer with the extensions, which is obviously far below what is fair for pay-per-view fights of this stature."

According to the California State Athletic Commission, Chavez's official purse for the first fight with Vera in September was $2.5 million (six figures of which was forfeited when Chavez failed to make weight).

Earlier in the week, Arum told ESPN.com of the talks with Chavez, "But what Chavez wants is the bigger purse without the futures. Why would we take a risk losing money on the fight with Golovkin and then we lose the kid as well? If we can make money and then he wants to go on his way, OK. But he can't have it both ways."

As it related to the Chavez offer for Golovkin, Keane added that "the so-called upside on the pay-per-view did not even kick in until Top Rank made multiple millions of dollars, more than Chavez and likely more than both fighters combined. This is why the fight is no longer happening. It's completely disturbing and completely unfair how these negotiations were."

Keane also said that for Chavez's recent fights, Top Rank has tried to get Chavez to sign contract extensions, but that the fighter does not want any extension to be part of a fight negotiation.