After several years of keeping the fans waiting with talks of an actual boxing match, we will officially get to see Floyd Mayweather Jr. take on Manny Pacquiao in the ring on May 2nd. Who will win? Only time will tell.

In an announcement made by TMT head honcho Floyd Mayweather on Friday (Feb. 20), the long lived debate of who the greatest boxer pound for pound is, will finally be settled.

According to ESPN,

The contract Mayweather signed for the fight gave him the right to be the one to announce the fight, even though he was obligated to notify Top Rank of when he would do it. On Friday afternoon, Top Rank was notified, and Mayweather made the announcement about an hour later.

Although he announced it Friday, the deal had been done for a couple of days with both sides having signed the paperwork. Contracts were also signed by broadcasters HBO and Showtime, who will team for a historic joint pay-per-view.

The upcoming bout is reportedly expected to gross in the ball park of $400 million. The contract is a 60/40 split, with Mayweather receiving the larger portion of the profits.

[Read More: ESPN]

More From 107 JAMZ