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It’s On: Mayweather-Pacquiao Set For May 2

After years of on and off negotiations, Floyd Mayeather will finally meet Manny Pacquiao on May 2 in what is expected to be the biggest pay-per-view fight of all time.

The megafight was announced Friday afternoon by representatives from both Showtime and HBO. The two fighters have been talking about fighting each other since 2009, but over the last few months both sides have pushed to make the event happen.

HBO and Showtime will co-distribute the event, although details were not disclosed. HBO televises Pacquiao's fights while Showtime has two bouts left on a six-fight deal with Mayweather.

Also the suggested retail price for the PPV has yet to be set.

 The fight is expected to exceed the $150 million in PPV revenue set by the Mayweather-Canelo Alvarez PPV fight in 2013.

Showtime Sports president and general manager Stephen Espinoza said in a press conference that the network is “thrilled to be part of what is expected to be a record breaking event.”

HBO Sports president Ken Hershman added that the fight will be “the biggest boxing event of all time … it will be a spectacular night for the sport.”