Michael Marley of the Examiner has some interesting tidbits that qualify more as rumor than true news at this point, but they're worth noting for sure.
The contracts are unsigned although there is verbal agreement on a majority of the vital issues.
...
Cotto’s lawyer, Gabriel Penagaricano Jr., has informed both Arum and WBO bossman Paco Valcarcel that Cotto has no desire to risk his belt against Pacman.
The WBO wants the title fight. Arum wants it, in large part because one of the major storylines for this fight is Pacquiao going for a title in an historic seventh weight class. And Pacquiao wants it, obviously.
Pacquiao is currently ranked as the No. 1 contender at welterweight by the WBO, which is shadier than all get-out considering he's fought once with a 147-pound limit in his entire career and it came against a guy who hadn't fought at 147 for the better part of a decade, plus Pacquiao's last fight was at 140, where he's the world champion now. The ranking isn't excusable and there's no logic behind it. It's typical sanctioning body B.S.
Joshua Clottey is the WBO's No. 2-ranked contender, and then you get into the usual mess where sanctioning bodies try to rank people and they'd never be able to reasonably defend 90% of the list. Kell Brook at No. 7?
Marley supposes Cotto is really looking for more money, which if the reports are true seems to be the most likely scenario. Pacquiao was talked into the 145-pound limit. Cotto wants to be talked into putting his belt on the line. Talk is green. Don't forget that Cotto also conveniently signed a new, two-year deal with Top Rank just after the fight was announced.
If this story picks up some traction, expect to hear Shane Mosley come out with a press release about how they'd be more than happy to defend a welterweight title against Pacquiao.
Source: http://www.badlefthook.com/2009/7/23/959938/rumor-cotto-doesnt-want-to-defend
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