Megafight one step closer

The proposed megafight between Manny Pacquiao and Floyd Mayweather Jr. took a major step toward fruition Tuesday with Mayweather reportedly agreeing to terms on a deal, which would have the fight held in mid-March.

Top Rank chairman Bob Arum said Tuesday he was heading to the Philippines to discuss the terms of a possible deal with Pacquiao (50-3-2, 38 KOs), who has won seven world titles in seven different weight classes and is coming off a sensational 12th-round technical knockout victory over welterweight Miguel Cotto on Nov. 14 at the MGM Grand Garden.

Mayweather (40-0, 25 KOIs) made a triumphant comeback from a 21-month layoff on Sept. 19, dominating Juan Manuel Marquez at the Grand Garden.

Numerous Internet reports have the fight set for March 13. The fight reportedly would be held at the welterweight limit of 147 pounds and would be televised on HBO Pay Per View.

There has also been talk of holding the fight on May 1. However, with Pacquiao having announced Tuesday that he is officially running for a seat in Congress in the Philippines and that election scheduled for May 10, that May 1 date may not be viable for Pacquiao.

Arum has spent the last nine days negotiating with Richard Schaefer, the CEO of Golden Boy Promotions, who is representing Mayweather.

Both Arum and Schaefer have not spoken directly about the terms of the fight, citing a gag order both sides have placed over the negotiations.

Still to be determined is where the fight would be held.

Las Vegas wants the fight. But so does Jerry Jones, the owner of the Dallas Cowboys, who would put the fight in his new football stadium in Arlington, Texas.

New Orleans is also very interested in hosting the fight at the Louisiana Superdome.

Arum said last week the venue would be the last decision made for the fight and it appears that will be the case.