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Mayweather turns down $8 million to fight Margarito

Updated: April 25, 2006, 5:27 PM ET
By Dan Rafael | ESPN.com

Pound-for-pound king Floyd Mayweather Jr. rejected promoter Bob Arum's $8 million offer to fight welterweight titlist Antonio Margarito, and he instead exercised a provision in his contract to buy Arum out and become a promotional free agent, Arum told ESPN.com on Monday.

According to Arum, Mayweather turned down the career-best purse to meet Margarito on Aug. 12 on HBO Pay-Per-View, instead opting for free agency by buying Arum out of their deal for $750,000.

"I did hear from him," Arum ...

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