The richest fight in history is officially on after Floyd Mayweather posted a signed copy of his contract with Manny Pacquiao on social media on Friday night, setting in motion the formal countdown to a $250 million (£160m) blockbuster on May 2.

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A fight that has been five years in the making will be staged at the MGM Grand in Las Vegas, pitting Mayweather’s hyped unbeaten record against one of the most effective, exciting punchers of their generation.

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Feuds have dominated every stage of the stuttering discussions over the past years, with arguments over drug testing and financial splits.

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Set to be the richest fight in boxing history, the purse is expected to start at $250m (£160m) – with Mayweather guaranteed a minimum $150m (£96m) and Pacquiao’s share at least $100m (£64m).

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With Mayweather understood to have commanded the 60-40 split of the purse, the fight will occur — with an autumn rematch clause believed to have been written into the deal by Mayweather.

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The 37-year-old is understood to have been the dominant figure throughout negotiations — right up to getting his wish to announce the fight, which he did via Shots.com — a social media site in which he has a stake.

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Mayweather’s name will be first for the billing of the fight (‘Mayweather-Pacquiao’), according to SI, while he will be introduced and walk to the ring second.

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He posted the contract along with the comment: ‘‘What the world has been waiting for has arrived. Mayweather vs Pacquiao on May 2, 2015, is a done deal. I promised the fans we would get this done, and we did. We will make history on May 2nd. Don’t miss it! This is the signed contract from both fighters.’ — Daily Mail.