Purse Bids

[boxingbantz]

Can someone explain these to me as I am still a bit shady when it comes to reading about these.

I have just read that George Groves vs James Degale purse bid was won by Hayemaker for £400k. What does this actually mean? And how did they get to this figure? Am i right in thinking if two promotors can't agree terms, they go to a (sort of) arbitrator and people bid for the rights to host the event? Is the £400k split between the fighters?

Just need a quick explanation.

[amat]

Yeah as far as I know, 400K is the total purse and it's split between the fighters somehow. But yeaah both fighters' purse will total 400K.

[fan johnny]

Ya, that sounds about right and what I've browsed before on the sanctioning body rules is the purse split is defined in there too but with exceptions, of course.

The other part I don't get, is that the 400k is the winning bid (guaranteed amount) and that amount comes out of the winning promoters pocket. How is it that the other promoter gets his piece from his fighter without putting up the purse? I'm guessing it comes from gross sales of the venue (Ticket, PPV sales, TV rights and the like) and the promoter takes a loss when the venue flops.

Then there is the multiple sanctioning bodies which makes it very convoluted and confusing. Sorry, nothing quick in there. It hurts to even start thinking about it.

[Lance Uppercut]

Purse bids are for mandatory challenges to alphabet titles.

If the mandatory and the alphabet champion can not agree to a deal before the deadline, it goes to a purse bid.

Then every promoter registered with the alphabet gang can make a bid, the highest bidder gets to promote the fight.

The money is split by the rules of the alphabet gang. Usually 75% goes to the champion and 25% goes tot he challenger.

promotors of a fighter that does not win the purse bid, will get paid out of their fighters share, based on whatever their contract is together.

[boxingbantz]

Purse bids are for mandatory challenges to alphabet titles.

If the mandatory and the alphabet champion can not agree to a deal before the deadline, it goes to a purse bid.

Then every promoter registered with the alphabet gang can make a bid, the highest bidder gets to promote the fight.

The money is split by the rules of the alphabet gang. Usually 75% goes to the champion and 25% goes tot he challenger.

promotors of a fighter that does not win the purse bid, will get paid out of their fighters share, based on whatever their contract is together.

Now it's crystal clear. Cheers pal.