Pacquiao’s management team, composed of Michael Koncz, Rex Salud and brother Manny, announced yesterday that its promoter, Top Rank, failed to reach agreeable terms with the Peden camp, thus paving the way for a clash with Velazquez.
"Rather than going to a purse bid with the possibility of the fight taking place in Australia, the management team elected not to participate in the elimination bout," said Koncz in a report at Fightnews.com.
Koncz added that contracts were signed yesterday for Bobby to face Velazquez, a one-time opponent of his brother. The bout will be a 12-round main event non-title fight. The card will be televised nationally to millions of homes by Versus Network (formally OLN).
Bobby Pacquiao has been undergoing extensive preparation along with his more illustrious brother at the Wild Card gym since Sept. 19.
Manny, according to Koncz, said that "Velazquez is a tough opponent but Bobby is training very hard for this fight and will be ready for the challenge. I will be at ring side to give Bobby encouragement and my support."