WBO JR. WELTERWIGHT PURSE BID MINUTES
Purse Bid Minutes
WBO JR. WELTERWIGHT PURSE BID MAURICE HOOKER vs. ALEX SAUCEDO
Purse Bid was convened for August 14th 2018 at 11:30 am EST held at:
WBO HEADQUARTERS 1056 MUÑOZ RIVERA AVENUE SUITE 711-714
SAN JUAN, PR 00927 787-765-4444
Purse Bid Attendees:
- WBO President, Francisco Valcarcel, Presiding
- Mr. Dino Duva representing Maurice Hooker & Matchroon Boxing
- Mr. Carl Moretti representing Alex Saucedo & Top Rank
- Mr. Gardy Lopez from Top Rank
- WBO Attorney – Gustavo Olivieri, Esq.
- WBO Public Relations – Jose Sanchez Fournier
The Purse Bid Notice was issued on August 6th 2018 for the date of August 14th 2018 to all Bona-Fide Promoters. The Purse Bid officially began at 11:56 am.
Mr. Valcarcel greeted everyone present.
Mr. Carl Moretti, representing Mr. Alex Saucedo from Top Rank, Inc., handed Mr. Valcarcel his first envelope, thus initiating the Purse Bid. The envelope contained a check in the amount of $1,000.00 (One Thousand) Dollars for the Purse Bid Service Fee and proof that Top Rank is a bona fide licensed WBO Promoter.
Mr. Dino Duva, representing Mr. Maurice Hooker from Matchroom Boxing, handed Mr. Valcarcel his first envelope containing a check for $1,000.00 (One Thousand) Dollars to cover the Purse Bid Service Fee and proof of current WBO license.
Mr. Valcarcel stated for the record they are bona fide promoters.
Mr. Valcarcel then indicated for the record that Mr. Moretti was to provide the second envelope that held an offer of the Purse Bid amount of $1,625,000.00 (One Million Six Hundred Twenty-Five Thousand) Dollars. The proposed site for the bout is Oklahoma City, OK with the proposed date of November 16 or 17, 2018.
Then, Mr. Valcarcel opened the second envelope belonging to the representative of Mr. Hooker that contained a check in the amount of $155,555.00 (One Hundred Fifty-Five Thousand Five Hundred Fifty-Five) Dollars, representing 10% of the Purse Bid Amount of $1,555,555.00 (One Million Five Hundred Fifty-Five Thousand Five Hundred Fifty-Five) Dollars. The proposed sites for the bout are TP Garden in Boston Massachusetts, Stub Hub Center in Los Angeles, CA and the Madison Square Garden Theater in New York City with the proposed date of October 20, 2018.
The Bid was awarded to Top Rank, Inc.
Mr. Valcarcel then informed Mr. Moretti, winner of the Purse Bid, about Section 11.2.4 of the WBO Regulations for World Championship Contests that states, “…the date of the fight shall not be later than ninety (90) days or earlier than forty-five (45) days from the date of the Purse Bid…”
Mr. Dino Duva questioned the possibility of a higher percentage for the division Champion, Maurice Hooker. However, Mr. Valcarcel stated for the record that in accordance to the WBO Regulations of World Championship Contests. The Champion shall receive 75% of the purse and the Challenger shall receive the remaining 25%.
Finally, Mr. Valcarcel stated the following conditions:
- If the Champion becomes injured prior to bout, an Interim Title will be held.
- If the Challenger becomes injured prior to the bout, the next available contenderwill be selected.
- The fight shall be held within the time frame pursuant to the WBO Regulations ofWorld Championship Contests.
- If the winning bidder does not comply with our Rules, the Bid can be awarded tothe second highest bidder.
- The winner was informed that the signed contracts must be sent to the WBO nolater than ten (10) days after the Purse Bid.
Mr. Valcarcel then congratulated the winner, Top Rank, Inc., and thanked all present for their participation. The Purse Bid ended at 12:30 pm.