Donaire with Top Rank until 2012: Arum
MANILA, Philippines – Top Rank boss Bob Arum has confirmed that boxing star Nonito Donaire is still under contract with his company.
Arum made the statement over reports that Donaire's contract with Top Rank has already expired.
"This is absurd, really. The manager knows (Cameron Dunkin) what the story is," he said in Examiner.com.
The "Filipino Flash," fresh from his 2nd round knockout over Mexican Fernando Montiel, has reportedly declared himself as a free agent.
According to Arum, Donaire has indeed sought the legal services of Vegas lawyer John Bailey for him to leave Top Rank.
Arum explained that the contract, signed June 26, 2008 will expire this year on June 28.
He stressed that there is a clause in the contract mentioning the "promoter's sole discretion 12 month extension."
The Top Rank boss said the company decided to keep its grip on Donaire for another year.
He said the exercise of the 12-month extension took place on February 21, or 2 days after Donaire seized the World Boxing Organization and World Boxing Council bantamweight crowns from Montiel in Las Vegas, Nevada.
"We sent out our letter exercising the one year extension, exercising our option... We had anytime before the expiration to exercise this and exercise it we did," he said.
Arum warned Donaire that not heeding an agreement could lead to his downfall.
"What the kid is doing, well he might screw himself up with this," he said.
'Stay, don't go'
Donaire reportedly bagged a US $325,000 purse after toppling Montiel last month.
He is reportedly welcoming high bidders such as Golden Boy.
For Arum, however, Donaire has nothing more to ask, as Top Rank has lined him up for good fights this 2011.
"We're putting him into a May 28 title fight and Nonito will get a purse which is a helluva lot more than he's ever made before," he said.
Donaire is coming off from a more personal feud with his father, Nonito Sr., which was reportedly about money.