De La Hoya is dismayed at the removal of the IBF by Canelo Alvarez

Golden Boy Promotions CEO Oscar De La Hoya is outraged following the decision of the International Boxing Federation (IBF) to remove Saul "Canelo" Alvarez from his middleweight title.

Earlier, Alvarez's camp failed to reach an agreement with Sergiy Derevyanchenko for a mandatory title defense.

According to De La Hoya, they were dismayed because they were still in the middle of negotiating a deal with the Ukrainian slugger.

According to De La Hoya, Derevyanchenko only wants to force the title, which is a huge insult to boxing. De La Hoya is convinced that Derevyanchenko's camp is not really interested in the boxing match.

The Mexican boxing icon said the IBF's decision also shows that there are doubts about the credibility of the IBF championship. Today, De La Hoya is considering filing a lawsuit against the boxing organization.

“We are extremely disappointed at the IBF for forcing the world’s best fighter to relinquish his world title,” De La Hoya said. “We have been in serious negotiations with Sergiy Derevyanchenko’s promoter. We offered his team an unprecedented amount of money for a fighter of his limited stature and limited popularity, but the truth is that I’m now certain they never had any intention of making a deal. But instead they wanted to force us to relinquish Canelo’s belt. This is an insult to boxing and more importantly an insult to the boxing fans of the world,” De La Hoya said.

“This decision validates already existing concerns about the credibility of the IBF championship. Canelo inherited a mandatory challenger by defeating Daniel Jacobs, the man who beat Derevyanchenko, so to strip him of his title without giving him enough time to make the best fight possible is truly what is wrong with boxing, and I plan to aggressively consider all legal actions possible.”