De La Hoya, Arum Close In on a Deal

World Boxing Council 154-pound champion Oscar De La Hoya has entered into serious negotiations with promoter Bob Arum, which could result in the pair being reunited in the next few days, said sources close to the talks.

Gary Shaw, promoter for World Boxing Assn. 154-pound champion Fernando Vargas, says that, with word of Arum’s possible involvement, he has gone from “complete optimism to pessimism” that a De La Hoya-Vargas fight can be put together.

A key point in the De La Hoya-Arum negotiations is the contract that formerly bound the two. After a judge ruled that contract void, enabling De La Hoya to sign with promoter Jerry Perenchio, Arum appealed. Having terminated his relationship with Perenchio, De La Hoya wants the appeal dropped as a condition of signing a new deal with Arum, who made De La Hoya the richest non-heavyweight in history.

A third party to that contract, the HBO cable network, is also involved in the negotiations.

Shaw has already rejected a De La Hoya offer to Vargas to fight May 4for $5 million with an additional $1 million to the winner.

If Arum becomes De La Hoya’s promoter, it would mean even less money for Vargas, according to Shaw.

“I would never sell my client down the river,” said Shaw. “Never.”