Boxer Canelo Alvarez stripped of IBF title

Former boxer Oscar De La Hoya during undercard press conference at the KA Theater at MGM Grand Hotel & Casino on Sept. 14 2018 in Las Vegas

Former boxer Oscar De La Hoya during undercard press conference at the KA Theater at MGM Grand Hotel & Casino on Sept. 14 2018 in Las Vegas

Alvarez sent a tweet in both English and Spanish in which he said he was "ashamed" with his fans to have been unfairly stripped of his belt.

Alvarez, who also holds the World Boxing Association and World Boxing Council titles, has been forced to relinquish his IBF crown after negotiations for a fight with Ukraine's Sergiy Derevyanchenko fell through.

The IBF granted the extension and Golden Boy agreed to the Monday deadline. When Golden Boy failed to get a deal done by Thursday, the IBF stripped Alvarez of his title.

But critics are pointing fingers at the indecision of Alvarez to fight mandatory challengers, which seem to have cost Alvarez the opportunity to be the undisputed middleweight champion.

Golden Boy and DiBella had been far apart on money.

According to a report from ESPN, the core of the issue comes from money. Had the fight gone to a purse bid, Derevyanchenko would have been entitled to 35% of the winning bid. Since Alvarez had not alerted the IBF ahead of time of the proceedings, their mandatory took precedent causing them to take the title away from him.

Oscar De La Hoya has launched a furious tirade against the IBF and announced he is considering legal action after the organization stripped Saul "Canelo" Alvarez of his 160-pound title.

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"This decision validates already existing concerns about the credibility of the IBF championship", De La Hoya said. However, a Golden Boy spokesman provided ESPN with a statement from the company, although it did not address Alvarez's comments.

"We are extremely disappointed at the IBF for forcing the world's best fighter to relinquish his world title", De La Hoya said in a press release.

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"(Diaz) did nothing wrong", Gomez wrote. He comes off a dominant victory over Daniel Jacobs in which he actually won the IBF title.

Former boxer Oscar De La Hoya during undercard press conference at the KA Theater at MGM Grand Hotel & Casino on September 14, 2018 in Las Vegas.

On May 4, Alvarez picked up the 52nd win of his career against a unanimous-decision victory over Daniel Jacobs.

Meanwhile, his old foe Gennady Golovkin (39-1-1, 35 KO) is reportedly in negations with Derevyanchenko to contest for a now vacant IBF belt on October 6 (AEST). Alvarez, meanwhile, continues to look for an opponent after what has become an extended soap opera due to his reported refusal to fight GGG in a trilogy bout until the Kazakh slugger regains a world title.

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