Manny Pacquiao lines up $50m feast of a fight with Floyd Mayweather

Manny Pacquiao and Floyd Mayweather Jr, acclaimed as the two best pound-for-pound fighters in the world, have agreed in principle to split $50m (£30.3m) up front in a fight scheduled for 13 March at an American venue yet to be decided.

No contracts have been signed, according to Pacquiao's financial adviser Michael Koncz, who says that there is "fine-tuning" to be done in negotiations yet. But such is the hunger for what is potentially the biggest money-spinner in boxing history, that the pressure to reach an agreement will be intense. Total revenue, including pay-per-view, could hit $150m.

Possible venues are the Superdome in New Orleans, the new Dallas Cowboys' stadium, the MGM Grand in Las Vegas and a yet-to-be-built 30,000-seat stadium near the Wynn casino down the Strip from the MGM.

Bob Arum, the veteran promoter who has put on some of the biggest fights of the last quarter of a century, is the man conducting talks with Mayweather's people on behalf of Pacquiao. He presented the details of his discussions so far to Pacquaio over breakfast in Manila today .

"Manny has some additional requirements, requests, which [Bob] Arum didn't think was a problem," Koncz said. "The requests of Manny were so realistic that Arum doesn't feel it's a problem and it's pretty much a done deal. We all believe that it will be done."

Pacquiao told the local GMA TV, "13 March is OK. The difference between Floyd and others I have fought is that Floyd makes a lot of trash talk that should not be imitated by young people."

There are, as ever, obstacles. Not the least of these is the stubbornness of the principles. They are both notoriously difficult to deal with. Mayweather has not adopted the nickname "Money" for show. The timing is also problematical. Such an early date leaves only the bare minimum time for the promoters to sell the fight.

HBO, which will carry it, will want to promote the bout with its trademark 24/7 reality series, backgrounders on the lives and preparations of each fighter and their families. It is compelling – and time-consuming. Pacquiao and Mayweather will have to fit their training schedules around filming and a welter of press conferences as HBO seeks to maximise pay-per-view hits. It could turn into a logistical nightmare.

It seems that Pacquiao has set the date – as he is running for a congressional seat in May, and will launch his campaign in April.