The undefeated world No1 Pound for Pound boxer Floyd Mayweather formally announced on Friday that he and No2 Manny Pacquiao will meet in the biggest and richest event in the history of the sport, with fans ready to find out who is the undisputed best boxer of their era?

After years of what if’s and false alarms, boxing fans were all but sick of the hear say and the false dawns that never materialised. Over the last few month’s though, both boxers did all they could to make it happen and eventually agreed to meet in the welterweight world championship unification fight on Saturday, May 2nd 2015 at the MGM Grand in Las Vegas.

The event promises to break all viewing records in history of the game, including purse amount for both boxers, live paid gate and pay-per-view sales. The cost of the PPV is yet to be determined and won’t be until there are deals done with the distributors. There are rumours circulating that the Pay-per-view price could be as much as $100 and a ticket to attend the show a four figure sum!

Formal details on the agreement have yet to be announced, but it’s expected that Mayweather will have a 60-40 split advantage on revenues, with Mayweather making at least $120 million and Pacquiao $80 million.

It is the fight the world has has been waiting for and will simply title ‘The Event’ here is what Mayweather and Pacquiao had to say on Friday…

Floyd Mayweather Statement

“I am glad my decision to meet with Manny and discuss making this fight happen helped get the deal done,” said Mayweather. “Giving the fans what they want to see is always my main focus. This will be the biggest event in the history of the sport. Boxing fans and sports fans around the world will witness greatness on May 2. I am the best ever, TBE, and this fight will be another opportunity to showcase my skills and do what I do best, which is win. Manny is going to try to do what 47 before him failed to do, but he won’t be successful. He will be number 48.”

Manny Pacquiao Statement

“I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years,” said Pacquiao, who signed the contract for the bout Thursday. “They have waited long enough and they deserve it. It is an honor to be part of this historic event. I dedicate this fight to all the fans who willed this fight to happen and, as always, to bring glory to the Philippines and my fellow Filipinos around the world.”

Negotiations were complicated by the fact Mayweather has an exclusive contract with Showtime, while HBO has rights to Pacquiao. The networks reached a compromise to the point of holding a joint conference call late Friday.

Stephen Espinoza Showtime Statement

“Everyone involved, including Floyd Mayweather and Manny Pacquiao knows this fight simply had to happen,” Showtime general manager Stephen Espinoza said. “All of us are thrilled to be able to deliver this event to boxing fans around the world.”

Ken Hershman of HBO Statement

“Manny Pacquiao and Floyd Mayweather have been the two most prominent fighters in the sport of boxing for the past decade and fight fans around the world have been clamouring for them to face each other. Now on May 2 in what everyone believes will be the biggest boxing event of all time, fight fans have been granted their wish. May 2 will be a signature moment for the sport of boxing and HBO Sports is thrilled to be a part of this spectacular event.”