Chagaev-Valuev rematch set

Posted: Mon Mar 17 3:11 PM

Panama City, Panama (Sports Network) - WBA heavyweight champion Ruslan Chagaev will defend his crown against former champion Nikolai Valuev.

The Universum Box-Promotion won the right to promote the much anticipated rematch at a WBA purse bid Monday. Universum's bid of $4,354,840 outdistanced Sauerland Event ($3,541,021) and Don King Promotions ($3,000,000).

The bout is scheduled for May 31 and will take place at a venue to be named in Germany.

Chagaev (24-0-1, 17 knockouts) took a split decision over the 7-foot Valuev (48-1, 34 KO) to win the title in April of 2007.