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Foreman's brother says it's canceled

The George Foreman-Larry Holmes fight, scheduled for Jan. 23, is off, Foreman's brother said.

"George says it's off," Roy Foreman said Friday.

He said the reason was promoter Roger Levitt did not meet the deadline for paying Foreman the remaining $9-million of his $10-million purse.

"They were supposed to have the money last week and they didn't have it," Roy Foreman said. "George gave them an extra week and they still didn't have it."

The fight ran into trouble a week ago when a major backer pulled out. Levitt claimed a replacement backer had come forward.

Levitt said Thursday that he was going through "financial machinations" with the fighters and the letters of credit would be deposited by Monday.

"We had an extension for the letters of credit until the close of business Los Angeles time (Thursday)," Levitt said. "We might need another extension."

George Foreman has received a $1-million down payment, which he will keep. Holmes will keep a $400,000 down payment on his $4-million purse.

The fight was scheduled for 10 days after Foreman's 50th birthday. Holmes turned 49 Nov. 3.