It’s now official. Boxing’s best pound-for-pound boxer of the world Manny Pacquiao will face WBO welterweight champion Miguel Cotto on November 14 at the MGM Grand Garden. The fight is scheduled for 12 rounds.

Top Rank chariman Bob Arum announced Monday night that everything is now set. “I went directly to Manny this time,” Arum said. “I was able to take my time and not rush anything, and when I made the offer to Manny, he said it was a fair offer and he accepted it.”

Manny Pacquiao is reported to receive the larger purse against Miguel Cotto and a larger percentage from the pay-per-view sales. Tickets will go on sale starting mid-August.

Bob Arum manages both fighter so he didn’t experience much hassles negotiating in both parties. “It was easy because both fighters fight for me,” he said. “The last couple of fights for Manny, I was dealing with another promoter (Golden Boy), and there are a lot of points to negotiate. But for this fight, I knew there was not going to be any of that. The only thing that was an issue was the size of the guarantee. But I was patient because I knew we would eventually have a deal.”

Manny Pacquiao will come in the ring with a fight record of 49-3-2, 37 knockouts against Miguel Cotto’s 34-1, 27 KOs.