Mexican boxer Canelo Alvarez has signed the richest contract in sports history, putting pen to paper on a record-breaking five-year, 11-fight deal worth a minimum of $365 million with new sports streaming service DAZN according to ESPN.
DAZN will be filling the shoes of HBO, who announced earlier in the year they would be pulling out of the fight game after 45 years of being the main stop for premium fights.
Alvarez's deal is the richest in sports history, topping the 13-year, $325 million deal that the New York Yankees gave to slugger Giancarlo Stanton in 2014.
"Canelo is the highest-paid athlete in the world. He's extremely happy," Oscar De La Hoya, head of Golden Boy Promotions, told ESPN after Alvarez signed. Canelo is one of the many boxers under his management.
The deal is well deserved for Alvarez, who's boxing's biggest money draw of the current era in the wake of Floyd Mayweather and Manny Pacquiao's run.
Alvarez's fights have already raked in hundreds of millions of dollars for the sport of boxing via HBO and Showtime pay-per-view events costing $80 each. With DAZN winning rights to the fights, fans will have access to two fights of his per year for only $9.99 per month.
Just like with his fight's pay-per-view sales guaranteeing him a portion if they sold above a certain margin, the same goes for his fights on DAZN through subscription benchmarks in his contract.