Bob Arum on Monday confirmed that a last-minute deal has been reached for a Jan. 24 fight between welterweight champion Antonio Margarito of Mexico and "Sugar" Shane Mosley of Pomona, Calif.

It will take place at Mandalay Bay in Las Vegas.

The accord came just days after the fight appeared dead in the water. Margarito was not happy with a 50-50 split of the purse and had rejected the fight.

But HBO stepped back up to the plate.

"They agreed to make an additional payment to Margarito through us on the basis that he is the champion and that solidified the deal," said Arum, who promotes Margarito under his Top Rank Inc. banner.

Arum said that Mosley and Richard Schaefer, CEO of Golden Boy Promotions, have signed off on the deal. Arum said Margarito and his management team also have given their approval. Margarito hasn't actually signed the contract, but Arum said that would come "whenever we get everything ready. But it's done."

Arum said that this is going to be a good way to start off 2009, which, until this, had little in the way of big fights scheduled for the first quarter of the new year.

"It's good, competitive fight and that always helps boxing," Arum said. "And people don't have to go to their pocketbooks because it is not a pay-per-view fight."