Boxing: Pacquiao ready for Mayweather

Pacquiao's advisers want the fight against Floyd Mayweather to take place in a new arena (Getty Images)

Manny Pacquiao has accepted a challenge to fight Floyd Mayweather, but the former's camp says there is no economic sense in setting up a bout with the American in Las Vegas on 5 May. The unbeaten Mayweather publicly challenged the Filipino champion to fight on that date via Twitter this week.

"This is the fight the world wants," said Pacquiao, "but Mayweather wants a guaranteed purse so he has to get a promoter who can give him that."

Pacquiao's advisers want the fight to take place in a new arena. The existing venue, the MGM Grand, seats only about 17,000, which could fetch around $20m in sales, but the larger arena could raise an additional $30m.

"Why would I throw away a percentage of $30m?" asked Pacquiao's adviser Michael Koncz.