Boxing promoters Oscar De La Hoya and Jay Z are doing more than just pitting their respective boxers against each other – they both decided to take on a friendly wager.
De La Hoya, CEO of Golden Boy Promotions, and Jay Z, Roc Nation big boss, made a $100,000 wager ahead of the fight between Canelo Alvarez and Miguel Cotto on November 21, according to Yahoo Sports’ Kevin Iole.
The money won’t go their own pockets, though. Both have decided to give the winnings to charity.
If Alvarez, under De La Hoya, wins, Jay Z will donate $100,000 to the White Memorial Medical Center’s cancer unit. Should Cotto nail the victory, however, the former world champion will have to shell out the same amount to Jay Z’s Shawn Carter Foundation.
Canelo totes a 45-1-1, win-loss-draw, record and have been on the upswing since bowing to Floyd Mayweather. He is favored to win over the 35-year-old Cotto.
Most sports bookies have taken Alvarez between a 2-1 and 3-1 favorite to defeat Cotto.
Jay-Z’s company, Roc Nation Sports, inked Miguel Cotto to a lucrative contract and will promote his middleweight title defense on November 21 at the Mandalay Bay Events Center in Las Vegas against Alvarez.