He agreed on Wednesday to a five-year, 11-fight deal worth a minimum of $365 million. This is the richest athlete contract in sports history, surpassing New York Yankees Giancarlo Stanton's $325 million agreement.
"Canelo is the highest-paid athlete in the world. He's extremely happy," De La Hoya told ESPN after Alvarez signed.
"This is only from my hard work," Alvarez told ESPN after the deal was completed. "The most important thing to me was being able to give the fans the opportunity to see me fight without having to pay the $70 or $80 for my fights on pay-per-view. That was the most important thing, more important than what I am making.
"It's very important for me to give the fans the biggest fights and the most important fights, and I promise you I will always do that. The December fight with Fielding is a dangerous fight. I am moving up in weight, and I don't know how my body will feel. But I always want to take on challenges, and I am very happy my fans will be able to see me fight for a small cost."
The middleweight world champion needed to find a new home after HBO decided to drop the sport at the end of the year. Instead of doing HBO PPV fights for $80 a piece, viewers can watch his two fights per year on the all-sports streaming service for $9.99 a month.
"Being part of this historic deal will require me to prepare myself even more and offer fans even better performances. At the same time, I am humbled to be selected to lead this new vision for the sport of boxing, which will without a doubt be for the benefit of the fans.," Alvarez said.
"This is huge for boxing, huge for Canelo and huge for Golden Boy," said De La Hoya. "Golden Boy is at the forefront of something very monumental for the sport of boxing."
And huge for boxing fans, especially those on Team Canelo.