It was a panic-button announcement, but don't press it just yet.
"We had a deadline -- a fifth deadline last night -- and Cotto and [his manager Gaby Penagaricano] turned down the deal," De La Hoya said in a conversation at MGM Grand recorded by video reporter Elie Seckbach. "Canelo has to move on."
The domino effect of that could influence ongoing talks to arrange a
Cotto (39-4, 32 knockouts), the reigning middleweight champion, and Mayweather (47-0), the reigning welterweight titleist, fought in 2012, with Mayweather winning a unanimous decision while taking more punishment than usual.
A rematch that would give Mayweather a title in a sixth division would be option No. 2, and those who believe Mayweather has never wanted a Pacquiao fight are embracing that boxing's top pound-for-pound fighter will leap at this chance.
Yet, there are obstacles to such a deal, starting with the fact that there'd likely be less of an appetite for Mayweather-Cotto II after it generated in excess of $40 million in pay-per-view profits last time.
Mayweather has earned more than $30 million in each of his two 2014 fights against Marcos Maidana and would probably want more for the stiffer challenge of Cotto, who figures to be deserving of more than $10 million.
Where is that money coming from?
One high-ranking boxing official close to the Mayweather-Pacquiao talks said Penagaricano isn’t angling for Mayweather and might pursue a meeting at 154 pounds against former welterweight champion
The boxing official is not authorized to speak publicly because of the sensitivity of the talks.
That same official -- despite De La Hoya's statement -- said there's a possibility Alvarez-Cotto discussions could be revived this coming week.