WBO Bantamweight Division Purse Bid Minutes – Zolani Tete vs. John Riel Casimero
PURSE BID MINUTES
WBO BANTAMWEIGHT CHAMPIONSHIP CONTEST
ZOLANI TETE VS. JOHN RIEL CASIMERO
Purse Bid was convened for Saturday, September 14th 2019, at 9:00 AM (PST) held at:
MGM Grand Hotel & Casino
3799 S Las Vegas Blvd.
Las Vegas, NV 89109
Telephone: +1 (877) 880-0880
Purse Bid Attendees:
- Francisco Valcárcel, Esq., WBO President, presiding purse bid procedures.
- George Warren and Mr. Ben Murphy representing Zolani Tete on behalf of Queensberry Promotions.
- Sean Gibbons representing John Riel Casimero from TGB Promotions.
- Brendan Gibbons representing John Riel Casimero on behalf of TGB Promotions
- Gustavo Olivieri, Esq., representing the World Boxing Organization (WBO).
The Purse Bid Notice was issued on Thursday, September 5th, 2019, for the date of Saturday, 14th 2019, to all Bona-Fide Promoters. The Purse Bid officially began at 9:00 a.m.
Mr. Valcárcel, Esq., greeted everyone present.
Mr. Sean Gibbons representing Mr. Casimero, handed Mr. Valcárcel, Esq., an official authorization letter issued by Mr. Tom Brown President of TGB Promotions authorizing Mr. Gibbons to represent the aforementioned promotional company at the scheduled Purse Bid ceremony. Mr. Valcárcel, Esq., confirmed authorization.
Then, handed his first envelope, thus initiating the Purse Bid. The envelope containing a check in the amount of $1,000.00 (One Thousand Dollars).
Mr. Ben Murphy representing Mr. Tete, handed Mr. Valcárcel, Esq., his first envelope containing cash in the amount of $1,000.00 (One Thousand Dollars) to cover the Purse Bid Service Fee plus proof that they are a bona fide licensed WBO license.
Mr. Valcárcel, Esq., stated for the record they are bona fide WBO promoters.
Mr. Valcárcel, Esq., then indicated for the record that Mr. Gibbons, representing Mr. Casimero, was to provide a second envelope with the Purse Bid offer in the amount of $25,850.00 Dollars, representing 10% of the Purse Bid Amount of $258,500.00. The proposed sites for the bout are as follows: Texas, Minnesota, New York or Texas, with the proposed date(s) of October 26th and November 2nd 2019.
Then, Mr. Murphy, on behalf of Mr. Tete, handed Mr. Valcárcel, Esq., the second envelope that contained check in the amount of $30,100.00. Dollars, representing 10% of the Purse Bid Amount of $301,00). The proposed sites for the bout are London, Birmingham, and Leeds with the proposed date(s) of November 23rd 2019. The Bid was awarded to Queensberry Promotions.
Mr. Valcárcel, Esq., then informed Queensberry Promitions, winner of the Purse Bid, regarding Section 11.2.4 of the WBO Regulations for World Championship Contests that provides, “…the date of the fight shall not be later than ninety (90) days or earlier than forty-five (45) days from the date of the Purse Bid…”
Finally, Valcárcel, Esq., stated the following conditions:
- If the Champion is injured and depending on the type of injury and the needed recovery time, or is unavailable or refuses to fight, the WBO Championship Committee in accordance with the WBO Regulations, will declare the title “Vacant” and could recommend to the WBO Ratings Criteria that the former Champion be rated at the number one (1) position in the WBO Bantamweight Division in accordance with the ABC and WBO Ratings Criteria. Consequently, the Interim WBO Champion will be elevated to WBO Bantamweight Champion status.
- If the WBO Interim Champion is injured, unavailable or refuses to fight, his title will be declared “Vacant” and the WBO Championship Committee could recommend to the WBO Ratings Committee that the former interim champion be rated at the number one (1) position in accordance with the ABC and WBO Ratings Criteria. The WBO Bantamweight Champion may be allowed a “Voluntary Fight” or the Committee may issue any other ruling pursuant with the WBO Regulations of World Championship Contests.
- Signed contracts shall be filed to the WBO Offices within five (5) days of the adjudication of the Purse Bid.
- 50% of the total proposed purse in the form of a certified check, cashier’s check, or money order payable to the WBO, or money in cash, in legal tender of the USA (dollars), shall be filed to the WBO offices within ten (10) days from the adjudication of the purse bid. The WBO offices shall allocate such funds in an escrow account accordingly.
- Bout must be held no later than 90 days from the adjudication of the Purse Bid.
- 75% of the total proposed purse shall be for WBO Bantamweight Champion Tete and the remaining 25% shall be for WBO Interim Bantamweight Champion Casimero.
Mr. Valcárcel, Esq., then congratulated the winner, Queensberry Promotions and thanked all present for their participation. The Purse Bid ended at 9:20 a.m.