Margarito unhappy with $2M offer, passes on Mosley fight

Welterweight titleholder Antonio Margarito has passed on a proposed Jan. 24 HBO fight against former champ Shane Mosley, Top Rank's Todd duBoef told ESPN.com Wednesday.

"We're not doing the Mosley fight," said DuBoef, whose company promotes Margarito. "I got an email from the managers [Sergio Diaz and Francisco Espinoza] saying that they are passing on the fight. They want to evaluate other situations that may be more lucrative."

Top Rank and Mosley promoter Golden Boy had agreed to a 50-50 deal, Mosley had made his deal with his promoter and HBO had agreed on the deal points with the promoters. However, Margarito was unhappy with the $2 million offer Top Rank made him and declined the fight as he faced Tuesday's deadline for a decision.

Margarito stopped Miguel Cotto on July 26 in a tremendous action battle that generated 450,000 pay-per-view buys. Top Rank is planning a summer rematch and duBoef said that while he hadn't spoken in detail with Margarito's managers about the decision yet to pass on Mosley as an interim fight, he thought Margarito was more interested in the rematch with Cotto "rather than fighting a guy Cotto already beat. I think their feeling is that Mosley was a big name several years and isn't a big draw and why should I have to split things with him 50-50?"

DuBoef said Margarito's decision means he may be idle until the proposed summer rematch with Cotto.

Golden Boy Promotions CEO Richard Schaefer was not happy about the decision.

"Margarito talked and talked and talked and as soon as Shane accepted, he was all of a sudden very quiet, and now he doesn't want the fight," he said. "Margarito always says he's the most feared fighter in the world. He should shut up about that now."

Schaefer said he'll focus on making a match for Mosley with titleholder Andre Berto instead.

The Mosleys weren't happy about Margarito's decision either. Jin Mosley, Shane's wife, sent a text message to ESPN.com mocking Margarito: "Reward for missing Margarito. Anybody with information leading to the whereabouts of Antonio Margarito will be awarded two tickets and a free hotel room" to Mosley's next fight.

Dan Rafael is the boxing writer for ESPN.com.