On Wednesday, veteran fight scribe Kevin Iole reported that a "significant dispute" emerged between the promoters of the fight pitting Floyd Mayweather Jr. and Manny Pacquiao.

Top Rank CEO Bob Arum contended that no contract exists between MGM Resorts and the promoters, while Mayweather Promotions CEO Leonard Ellerbe, who has been handling negotiations with MGM, said that Arum's suggestion that the fight could be in jeopardy is ridiculous, according to Iole's Yahoo Sports report.

"The reason this fight is in Las Vegas is because Floyd Mayweather insisted it be in Las Vegas. It's no secret that Bob is the one who wanted to shop the fight around. You have to remember, he went on a profanity-laced tirade ridiculing MGM and its management. We're not falling for those tactics. Every time he doesn't get his way, he goes running to the press misrepresenting the facts," Ellerbe said.

Ellerbe's pointed words were an indirect response to Arum saying, "Fight? We've got nothing. They're [MGM] going around saying, "The fight, the blah,, blah,' but they got nothing. They have no contract. Nothing. We haven't even seen a draft. What is happening now is absolutely intolerable. For the MGM to think that everything is resolved and so forth, when nobody has even discussed terms, is the most insane thing ever.

Shortly after the article came out, Arum phoned Yahoo Sports to say that he received a draft of the contract.

The draft contains the terms that cover items like how many tickets and rooms would go to MGM, and how many would go to the promoters, reports Iole.

"The bottom line is this: Bob cannot stomach the fact that he is not the lead promoter. Reality has set in, and this is typical Bob. My responsibility is to ensure every deal is done properly, to benefit the fighters and the event," said Ellerbe.

Adding, "I think he's a terrific promoter, and I want you to write that, if you will. He is without a doubt, a great promoter. But he's also known for erupting when he doesn't get his way and the reality is setting in that he's not the lead promoter."