“Hey guys, don’t pay attention to anything [from] this fu–ing YouTuber. I just fight real fighters… no fu–ing around with Canelo! Come on – Let’s go!” Canelo Alvarez made headlines with a fiery self-recorded video posted by The Ring on February 8th. But despite repeatedly dismissing the idea, early February saw Canelo Alvarez nearly finalize a fight with Jake Paul—at least according to Paul himself. “Here you can see Canelo’s signature and my signature to the right,” the 11-1, 7 KO boxer stated. Since then, The Problem Child has repeatedly accused Canelo of ducking him. And with no other marquee opponent available, Paul has now pivoted to face Julio Cesar Chavez Jr. on June 28th at the Honda Center in Anaheim.

Meanwhile, Canelo Alvarez has taken a different path, having signed a four-fight deal with Turki Alalshikh. The first of those bouts sees him squaring off against William Scull in just a few hours, headlining a massive card that includes seven undercard fights. The match carries significant weight, as Canelo will be defending his undisputed super middleweight title. A victory is expected to set up a high-profile showdown with Terence Crawford in September, with the final two fights under his new contract projected for 2026. Things seem well on track for the Mexican champion. But it raises the question: if a contract was truly signed (as Jake Paul claims) why did the fight never materialize? Let’s take a closer look.

What really happened with the Canelo Alvarez vs. Jake Paul fight?

In a surprising twist, the much-talked-about $150m boxing match between Canelo Alvarez and Jake Paul was called off just a day after it was announced. The fight, originally set for May 3 in Las Vegas, could have been a huge moment in Jake Paul’s boxing journey, possibly giving him the legitimacy he’s been chasing in the sport.

But the bout was derailed after Canelo Alvarez signed a massive four-fight deal with Riyadh Season instead. And now, with a massive four-fight deal on the table, Canelo made the call to walk away from the Paul matchup. According to reports, the 34-year-old Mexican star is set to earn a jaw-dropping $400 million for four fights spread across 2025 and 2026. That deal kicks off tonight with Canelo Alvarez expected to earn $80 million and Scull reportedly taking home only $3 million, per TSM Sports.

That kind of money just isn’t something Jake Paul can realistically match. Sure, his last fight with Mike Tyson earned him around $40 million plus some PPV revenue. But even if a Canelo Alvarez fight ended up on Netflix too, safe to say, the total revenue might still fall short of the $100 million mark. And, Canelo Alvarez knows exactly where the real money is—and he’s following it. So, the much-hyped Jake Paul vs. Canelo Alvarez fight didn’t happen, and at this point, it’s looking like it probably never will.

HE Turki Alalshikh offers Canelo Alvarez a monstrous deal!

A mere 24 hours after the Canelo Alvarez vs Jake Paul fight rumor leaked, the story had changed rapidly. Why? Because, HE  Alalshikh lured the Guadalajara native into the Riyadh Season engine that has been driving boxing in the Middle East. This is the same company that has made the Francis Ngannou fights in boxing, the Tyson Fury vs Oleksandr Usyk rivalry, and the Artur Beterbiev vs Dmitry Bivol saga. Now, it has Canelo Alvarez. And it was news that blindsided Paul.

Canelo Alvarez’s four-fight deal now includes a bout against William Scull on May 3, before the Crawford super-fight in September — arguably a far more important event for boxing than the Paul “contest“.

On social media, HE Alalshikh said: “Don’t mess with the lion. Four fights for Canelo with Riyadh Season. The Deal is done. A Lion doesn’t lose sleep over opinion of a sheep. Fear the lion not the jungle.” To which Canelo commented on the deal, writing, “Let’s go brother.”

And how did this all come together? According to The Sun, HE Alalshikh made a quick phone call to Canelo Alvarez. And it only took five minutes to seal the deal. No drawn-out negotiations, no drama. In the end, Canelo Alvarez saw a clear path: Riyadh over Netflix, legacy over spectacle.