Top Rank to stage Espinosa fight

Top Rank Sports clinched the right to promote the Luisito Espinosa-Guty Espadas fight for the vacant World Boxing Council (WBC) featherweight title in a purse bid in Mexico City yesterday.

San Francisco-based lawyer Sydney Hall, who's here for a visit, told The STAR the winning bid of $250,000 was confirmed by Top Rank head Bob Arum in an overseas phone call. Espinosa's purse is $137,500 or 55 percent of the bid.

Hall said America Presents, the Denver outfit whose contract to manage Espinosa expires May 12, bid $150,000.

It was rumored that America Presents would've sold out to a Mexican financier if it won the bid.

According to Hall, Arum said he will promote the fight either in Manila or San Francisco. "No way it will be held in Mexico," said Hall.

The Araneta Group initially considered submitting a bid but held back when Hall said Arum was open to staging the fight at the Big Dome in exchange for a site fee of about $150,000. Arum told Hall he met Araneta Coliseum owner Jorge (Nene) Araneta during the "Thrilla In Manila" in 1975 and would prefer the fight to be held at the Big Dome.

In the event of a Top Rank and Araneta joint undertaking, Arum will pay for fight purses, foreign travel fares, license fees, and officials' fees. Araneta will pay a site fee to Arum and take care of inland transportation and board and lodging for the visitors. Arum will assume world-wide TV rights while Araneta will earn from ticket and merchandise sales and local TV rights.

"Mr. Arum remembers Mr. Araneta fondly and has the highest respects for him," said Hall who is brokering the project. "It was a brilliant move from the Araneta Group not to pursue the purse bid as now, Mr. Arum is inclined to deliver the fight to Manila. By not making a bid, the Araneta Group didn't antagonize any bidder and opened the door for the winning bidder - regardless of whom he is - to hold the fight in Manila."

A source said the Araneta Group isn't the only Filipino party interested in the fight. Another Filipino group is reportedly studying the viability of staging the bout in an open-air, makeshift arena somewhere in Makati. - Joaquin Henson