Chris Algieri's ship has come in. The WBO junior welterweight champion from Huntington Tuesday night agreed to terms for a pay-per-view fight against Manny Pacquiao for his WBO welterweight title on Nov. 22 in Macau, China.
Algieri's purse "exceeds $1.5 million" and includes an upside of PPV sales, according to Joe DeGuardia, who promoted Algieri locally at the Paramount Theatre in Huntington. Algieri also retains his 140-pound title no matter the outcome.
"The deal is done," DeGuardia said Tuesday night. "We spent the day together and hammered it out. Chris is extremely happy with the overall package and pleased with the total compensation and the way the deal is structured.
"It's a great situation. I feel like my friend and 'family member' has gotten his just reward. It's the fruits of all his work at the Paramount and on Long Island."
Algieri's split-decision upset of Ruslan Provodnikov on June 14 at Barclays Center thrust him into position to meet Pacquiao, one of the two best-known boxers in the world along with Floyd Mayweather Jr. After taking a short-money $100,000 purse for the shot at Provodnikov, Algieri was offered something in the vicinity of $1.5 million, according to boxing industry sources but held out for more.
"I'm pleased I was able to generate this fight with him and get the kind of money he's getting," DeGuardia said.
The deal is subject to Pacquiao's approval, but DeGuardia spoke Tuesday night to Bob Arum of Top Rank, Pacquiao's promoter, and "reached agreement on all terms with him." The paperwork should be signed sometime Wednesday.
The 35-year-old Pacquiao (56-5-2, 38 KOs) undoubtedly will be a heavy favorite over Algieri (20-0, 8 KOs) because of the vast difference in experience. Algieri, 30, got a late start in boxing after winning the ISKA world welterweight title in kickboxing in 2007 before switching sports the following year, but he has no qualms about facing Pacquiao.
"He's definitely a very unique style and a very experienced guy and has been in with the best in the world," Algieri said of Pacquiao in a recent Newsday interview. "But I'm not concerned about what he's done with other guys. I don't think he's ever fought someone like me.
"I'm sure Freddie [Pacquiao trainer Roach, who also trains Provodnikov] is going to be working on a game plan. He's not too happy about that last fight."
Although Algieri is not regarded as a knockout puncher, he showed against Provodnikov that he's an athletic boxer in excellent condition and has both ring smarts and determination.
"Also, I'm relatively young in my boxing career," Algieri said. "I'm getting better every fight, learning on the job. This last fight makes me a better fighter. That belt makes me a better fighter. I'm not going to be the same guy in the next fight as I was on June 14. If anything, I think Freddie learned I'm tough."
DeGuardia agrees his man has a chance to pull another major upset. "Nobody gave him a shot against Provodnikov," DeGuardia said. "Now, he has another hurdle to climb. Chris thrives on that."