Boxing is about to put on its richest fight ever as American Floyd Mayweather and Filipino Manny Pacquiao officially announced their much anticipated May 2 boxing match at a press conference in Los Angeles on Wednesday afternoon.

CCTV America’s May Lee filed this report from Los Angeles.

Follow May Lee on Twitter @mayleetv

Floyd Mayweather and Manny Pacquiao meet up before May 2 match

CCTV America's May Lee reported this story from Los Angeles.

The two fighters met in their only face-to-face contact before their fight. According to ESPN’s pound-for-pound rankings, Mayweather is No. 1 and Pacquiao is No. 2. The fight will take palce at the MGM Grand Garden Arena in Las Vegas and will be distributed on pay-per-view on Showtime and HBO.

Mayweather and Pacquiao can attract hundreds of millions of dollars and the combined purse for the fight in Las Vegas could reach $300 million, pending viewership numbers. It’s expected to generate the most number of viewers and revenue from pay per view.

Promoters also said that when tickets go on sale they’ll be between $1,500-$7,500, but those prices are likely to skyrocket with many predicting floor seats will start at more than $20,000, and some reports say that for ringside spots, a $250,000 line of credit at the MGM is required, and you must be willing to gamble it all that weekend.

Ticket prices for Paquiao-Mayweather fight could hit $10,000 each

CCTV's Barnaby Lo explains how high ticket prices can reach for the upcoming Paquiao-Mayweather fight.

The fight is also expected to be the biggest single-day payout for an athlete ever with $120 million estimated for Mayweather and $80 million for Pacquiao.

“I would like to thank God for providing us with a wonderful day and giving us strength… To all the boxing fans, this is what you’re for. The fight is on,” Pacquiao said.

“Both of us are going to undergo a hard training for this fight and we will do our best on May 2 to make you happy. The most important thing is that the name of the Lord will be glorified. That there is a God who can raise someone from nothing into something. And that’s me… I owe everything to God.”

Day 8 of my gym work out. To God be all the Glory. Thank you Lord.

A video posted by Manny Pacquiao (@emmanuelpacquiao) on Mar 10, 2015 at 8:37pm PDT

Mayweather thanked his father for being his trainer and support.

“It’s been a long road but we’re here now… May 2nd will be the fight of the century. It’s all about the best fight, and Pacquiao is one of the best fighters of this era. This is the fight that the world can’t miss this is an unbelievable matchup,” Mayweather said.

“I’m in the gym working right now dedicating myself to the sport pushing myself to the limit, because I never wanted to win a fight so bad in my life and I’m pretty sure he’s going to push himself to the limit because he wants to win the same way I want to win.”

www.themoneyteam.com

A video posted by Floyd Mayweather (@floydmayweather) on Mar 9, 2015 at 2:54pm PDT

Story compiled with information from CNN, ESPN, Wall Street Journal, and AP reports.