A purse bid is an initial step in arranging a professional boxing

Boxing

Boxing, also called pugilism, is a combat sport in which two people fight each other using their fists. Boxing is supervised by a referee over a series of between one to three minute intervals called rounds...

 match, involving the fight's/card's promoter

Promoter (entertainment)

An entertainment promoter i.e. music, wrestling, boxing etc is a person or company in the business of marketing and promoting live events such as concerts/gigs, boxing matches, sports entertainment , festivals, raves, and nightclubs.- Business model :Promoters are typically hired as independent...

(s). All interested registered promoters may bid

Bidding

Bidding is an offer of setting a price one is willing to pay for something. A price offer is called a bid. The term may be used in context of auctions, stock exchange, card games, or real estate transactions....

 on the amount of the purse

Prize money

Prize money has a distinct meaning in warfare, especially naval warfare, where it was a monetary reward paid out to the crew of a ship for capturing an enemy vessel...

(the total money that the fighters will be paid for the match), if the sides representing each fighter fail to agree on it before the deadline. The highest offer wins; however, the winning entity must produce a small percentage of the total amount up-front by a certain date. How the fighters will split the purse is negotiated between the fighters' respective representatives. Purse bids are often won by one of the two fighters' promoters.