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Well boxing fans across the nation, seems like everyone is in store for an upset, more like a knockout before the bell could ring for the first round.

The heavily anticipated bout between Manny Pacquiao and Floyd Mayweather has been cancelled, according to Top Rank promoter Bob Arum, responsible for promotion for Pacquiao, who stated Wednesday night that the fight was off.

Scheduled to take place on March 13 at the MGM Grand in Las Vegas, the tension that continued to bubble between Top Rank and Golden Boy, which represents Mayweather, over protocol for a drug test was never mediated and resulted in the showdown being called off.

Although Pacquiao had come to terms with blood testing 30 days before the fight, Mayweather wouldn’t budge from wanting random drug tests being administered until the match.  Mayweather also made statements about his opponent with accusations of him using performance-enhancing drugs which he was unwilling to retract or apologize for, according to Arum.

“I am very disappointed that we could not make this fight for the fans and I am angered because of the false accusations from Golden Boy and the Mayweather camp that I used some type of drugs, and that is why I have instructed our American lawyers to proceed with the lawsuit to clear my name,” said Pacquiao.

As the bout was set to be broadcaster on HBO PPV, Arum informed HBO PPV boss Mark Taffet that the fight was now off.  Had the fight gone without a hitch, it had the potential to break the PPV record of 2.44 million buys which was set by Mayweather in his fight with Oscar De La Hoya back in 2007.

Financially, the showdown was expected to generate around $200 million with each fighter raking in around $40 million each.

Preparations have already been made for the next move as Pacquiao will most likely fight junior middleweight titlist Yuri Foreman on March 13 or March 20.

“Manny accepted what was on the table and Mayweather rejected it,” said Arum. “Haymon and Schaefer tried to convince Floyd all [Tuesday night] and [Wednesday] and he wouldn’t agree to it.  He didn’t want the fight.  He never wanted the fight.  I always knew the fight wouldn’t happen.”

For further details on what transpired, check http://sports.espn.go.com/sports/boxing/news/story?id=4803490

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