New York - K2 Promotions confirmed today that an agreement was not able to be reached between all of the parties involved in trying to secure an immediate world heavyweight championship fight between Vitali Klitschko and Oleg Maskaev.

“We exhausted every effort,” said Tom Loeffler of K2 Promotions. “Klitschko vs. Maskaev would have been a truly historic event in Moscow.  However, the deal was so complex and changed so many times and with issues still unresolved, we were not able to finalize it.  In the end we ran up against deadlines from the television networks.”

Although Klitschko generated the most revenue for the promotion, he would have been paid the least.   “Vitali was willing to accept about one third of the money that either Maskaev would have received for the fight, or Peter to step aside,” said Bernd Boente, Klitschko’s manager.  “Vitali will now focus on fighting the winner of Maskaev-Peter fight to regain his title.”

Klitschko had retired in 2005 as the WBC Heavyweight Champion due to an injury, but announced his comeback earlier this year after his previous injuries had fully healed. Maskaev is the current WBC Heavyweight Champion and Peter is the WBC no. 1 contender following back to back victories over James Toney. 

“My main objective was to regain my world title that I never lost in the ring,” said a disappointed Klitschko, “I want to thank the WBC for their support and especially Jose Sulaiman for keeping his promise that he made to me when I was given the great honor of WBC Champion Emeritus.”

Klitschko will now have the right to fight the winner of Maskaev vs no.1 ranked Samuel Peter before the year is over.