Just days before his super fight with Saul Canelo Alvarez this upcoming weekend the WBC has stripped Miguel Cotto of the title for failing to pay the 300K sanctioning fee. Should Canelo win the fight this weekend he will be recognized as the WBC middleweight champion but if Cotto wins he will not be. According to ESPN, Cotto's team was trying to negotiate the 300K to a lower amount because they had already paid Gennady Golovkin 800K in step aside money. Here's the statement from the WBC:
The WBC hereby announces that effective immediately has withdrawn recognition of Miguel Cotto as WBC World Middleweight Champion. If Saul “Canelo” Alvarez wins the fight against Cotto, he will be recognized as the WBC middleweight world champion.
The WBC’s decision is premised on the fact that Miguel Cotto and his camp are not willing to abide by the governing WBC Rules & Regulations, and the specific conditions the WBC established to sanction the fight. Simply put: they are not willing to respect the very same rules and conditions which applied to Cotto becoming WBC champion. The WBC wishes Miguel Cotto the best of luck as we truly regret the course of action which led to them taking such decision.