Floyd Mayweather announces May 2 fight against Manny Pacquiao

After months of contract negotiations, Floyd Mayweather, Jr. himself announced on Friday that he and Manny Pacquiao will meet in a much-anticipated welterweight fight on May 2, The Associated Press reports.

"I promised the fans we would get this done, and we did," Mayweather said. "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."

The fight will take place at the MGM Grand in Las Vegas and be jointly aired on competing networks Showtime and HBO. Mayweather reportedly won several concessions from the Pacquiao camp, including announcing the bout, entering the ring first, and a 60-40 purse split.

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And that purse is expected to be the largest in boxing history — Mayweather could reportedly earn $120 million or more, and Pacquiao could expect a windfall of more than $80 million.