Manny Pacquiao suit against Oscar De La Hoya results to settlement

Manny Pacquiao announced yesterday that his defamation lawsuit against former boxing champion and now promoter Oscar De La Hoya, and another promoter Richard Schaefer, have been settled.

That leaves Floyd Mayweather Jr. and his father as the remaining defendants of the defamation suit filed by Manny Pacquiao in December 2009 after they claimed that the Filipino boxer had used steroids and other performance-enhancing substances.

Top Rank Boxing and Golden Boy Promotions issued a joint statement about the settlement which read like an outright apology to Manny Pacquiao.

"Richard Schaefer and Oscar De La Hoya, on behalf of themselves and Golden Boy Promotions, wish to make it crystal clear that we never intended to claim that Manny Pacquiao has used or is using any performance enhancing drugs, and further state that we do not have any evidence whatsoever of such use," the statement read.

The settlement of the defamation suit filed by Manny Pacquiao can pave the way for Bob Arum's Top Rank and De La Hoya's Golden Boy Promotions to work again for the first time since May 2009.

Oscar De La Hoya had promoted Mayweather in past fights, and with the beef with Pacquiao now settled, the anticipated Manny Pacquiao vs. Floyd Mayweather megafight could push through.

But the defamation settlement is just one of many kinks to iron out before that match will be made possible. Floyd Mayweather Jr. is embroiled in other legal troubles, appears disinterested in fighting Pacquiao, and maybe headed to retirement.

Pacquiao on the other hand had said fighting Floyd Mayweather Jr. is not his priority. Manny Pacquiao's next fight is against Juan Manuel Marquez, his third against the Mexican champion.