De La Hoya Makes Overture to Vargas

Although he has not decided on a new promoter, World Boxing Council 154-pound champion Oscar De La Hoya has begun serious negotiations with World Boxing Assn. 154-pound titleholder Fernando Vargas for a May 4 match.

Although the fight--matching De La Hoya of East Los Angeles against Vargas of Oxnard--would be a natural for Staples Center, a Las Vegas site bid might prove too high for the Los Angeles arena.

After backing out of a possible deal last summer that would have paid Vargas $8 million, De La Hoya has come back with a $5-million offer that includes a $1-million bonus to the winner.

Gary Shaw, Vargas’ promoter, considers that just an opening offer.

“We will explore all channels and formulas,” he said. “But what we’ve heard so far is not acceptable in and of itself.”

Richard Schaefer, De La Hoya’s business advisor, said it is not reasonable to expect purses to be at the same level they were before the Sept. 11 terrorist attacks and the subsequent economic downturn.

“Things have changed,” Schaefer said.

With De La Hoya having terminated his relationship with promoter Jerry Perenchio, he could use Shaw as the promoter for a match against Vargas.

But De La Hoya hasn’t ruled out bringing in Bob Arum or Don King as a co-promoter.