It’s a done deal.

Floyd Mayweather and Manny Pacquiao finally gave what the boxing world has been craving – the boxing match of the century!

The two pound-for-pound greats have agreed to fight on May 2 at the MGM Grand Garden Arena in Las Vegas, this has been confirmed on Friday after years of frustrations and speculations.

“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,” Mayweather said via social media site Shots.

signed contract between mayweather and Pacquiao

Pacquiao on the other hand said that his fight with Mayweather is “the right fight for boxing”.

“I am very happy that Floyd Mayweather and I can give the fans the fight they have wanted for so many years,” Pacquiao said. “They have waited long enough and they deserve it. It is an honor to be part of this historic event. I dedicate this fight to all the fans who willed this fight to happen and, as always, to bring glory to the Philippines and my fellow Filipinos around the world.”

The much-awaited fight will be broadcast as joint venture between HBO Sports, which holds Pacquiao’s rights, and Showtime Sports, which has the rights to Mayweather. It is reportedly to be distributed in pay per view.

Bosses of rival cable companies have also released their statements regarding the fight.

“Manny Pacquiao and Floyd Mayweather have been the two most prominent fighters in the sport of boxing for the past decade, and fight fans around the world have been clamoring for them to face each other. May 2nd will be a signature moment for the sport of boxing and HBO Sports is thrilled to be a part of this spectacular event,” Ken Hershman, President of HBO Sports, said.

“Everyone involved, including Floyd Mayweather and Manny Pacquiao, knows this fight simply had to happen. All of us are thrilled to be able to deliver this event to boxing fans around the world. Now, for the second time under his current deal with Showtime Networks, Floyd Mayweather has agreed to fight an opponent that many people thought he’d never face. We set an all-time pay-per-view record with the first event back in September 2013, and we look forward to another record-breaking performance on May 2,” Stephen Espinoza, the Showtime Sports boss, said.

The 60-40 agreement

While no formal details on the agreement have been announced, it is expected that Mayweather will have the lion’s share of a 60-40 money split, a probability considering Pacquiao is agreeable to the said split of revenue, in a fight that could gross around $400 million.

With HBO Sports and Showtime Sports coming together, the boxing match can potentially far exceed the current record of pay-per-view revenues which is $150 million, from Mayweather’s fight with Saul Alvarez in 2013.

MGM Grand sold out in 15 minutes

The mega-fight was indeed what fans have been wanting. This has been proven when the MGM Grand, the host to the long-overdue contest, appeared to have been sold out within 15 minutes after Mayweather announced on Friday afternoon his fight with Pacquiao.

This is despite room rates for the MGM has climbed as high as $615 per night for May 1 and 2.

The world reacts

A fight five years in the making will surely stir reactions from the public and the social media just couldn’t handle it.

For the record, Mayweather, 38, is 47-0, with 26 knockouts. Pacquiao, 36, is 57-5-2, with 38 knockouts.

Who do you think will come out on top? We’ll  figure that out on May 2!