Mayweather-Pacquiao bout set for May 2, will be boxing's richest fight ever

LAS VEGAS (AP) — It took five years of negotiations, but a Floyd Mayweather-Manny Pacquiao bout is finally on.

The May 2 welterweight showdown at the MGM Grand in Las Vegas will be boxing's richest fight ever. Mayweather announced the bout Friday after months of negotiations, posting a picture of the signed contract online.

The long anticipated bout will almost surely break every financial record ever. Mayweather could earn $120 million or more. Pacquiao's split of the purse will likely be around $80 million.