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Floyd Mayweather and Manny Pacquiao sign contract to fight on May 2

Floyd Mayweather Jr., left, will meet Manny Pacquiao on May 2 in a welterweight showdown that will be boxing’s richest fight ever. (AP Photos/Alastair Grant and Rick Bowmer, File)
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After years of rumors and denials, the most anticipated boxing match in recent history is finally happening.

Floyd Mayweather Jr. announced Friday that he will fight Manny Pacquiao on May 2 in a welterweight showdown at the MGM Grand in Las Vegas that is likely to be the sport’s richest fight ever.

Mayweather posted a photo of the contract on social media with the caption:

What the world has been waiting for has arrived. Mayweather vs. Pacquiao on May 2, 2015, is a done deal. I promised the fans we would get this done, and we did. We will make history on May 2nd. Don’t miss it! This is the signed contract from both fighters.

According to the Associated Press, “Mayweather could earn $120 million or more, while Pacquiao’s split of the purse will likely be around $80 million.”

The fight puts the 37-year-old Mayweather’s undefeated record (47-0, 26 knockouts) on the line against the Filipino world champion Pacquiao, 36, who owns a 57-5-2 overall record with 38 wins by knockout.

[Related: Floyd Mayweather Jr. vs. Manny Pacquiao could be the highest grossing prize fight in history]

“It’s hasn’t been easy, but I think in some strange way the inability to get the fight done before now enhances its value, and this is one event that the public all over the world has been talking about and discussing for years,” Top Rank promoter Bob Arum, who works with Pacquiao, told “The interest in the fight will be absolutely red-hot. I’ve been promoting boxing for nearly 50 years, and there is nothing that has come close to this because there has been nothing that has been so difficult to come to fruition. As interest is concerned, this akin to the first [Muhammad] Ali-[Joe] Frazier fight.”