Manny Pacquiao and Floyd Mayweather May 2 Fight is a Done Deal

Two of the world's best fighters will meet each other in the ring.

Floyd Mayweather Jr. announced Friday that he will fight Manny Pacquiao on May 2. The welterweight bout, which has been years in the making, will take place at the MGM Grand Garden in Las Vegas.

"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."

Pacquiao's trainer, Freddie Roach, commented, "Floyd should enjoy being the A-side while he can. Because on May 2, Manny is going to put him on his backside."

The fight is expected to break several records, including the pay-per-view buy record, the all-time pay-per-view revenue record, and the all-time gate record. The pay-per-view sales record is currently $2.4 million, which was set in 2007 when Mayweather fought Oscar De La Hoya. The all-time pay-per-view record is $150 million and the all-time gate record is $20,003,150.

"It's hasn't been easy. But I think in some strange way the inability to get the fight done before now enhances its value and this is one event that the public all over the world has been talking about and discussing for years," Top Rank promoter Bob Arum told ESPN.com. "I've been promoting boxing for nearly 50 years and there is nothing that has come close to this because there has been nothing that has been so difficult to come to fruition. As interest is concerned, this is akin to the first (Muhammad) Ali-(Joe) Frazier fight. You have to be grateful that this is finally happening. You can't bemoan the false starts and the inability to do this before. It's here now."

The fight between Mayweather and Pacquiao has been in the making for five years. However, due to issues, such as network contracts, neither camp has agreed to a fight. This time around, however, both fighters have finally agreed to all of the terms and signed the contracts.

"I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years," Pacquiao said. "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."

Official details about the agreement have not been released. However, Mayweather is rumored to take 60 percent of the revenues, leaving Mayweather with 40 percent.