Abu Dhabi: The Abu Dhabi-based investment group that offered $120 million (Dh440 million) to stage the Floyd Mayweather-Manny Pacquiao fight in the UAE capital has withdrawn its offer.

M Akbar Mohammad had set a deadline — the first week of January — for Mayweather to accept, but he informed BoxingScene.com that the deadline had now passed.

“We want to deal with serious individuals, individuals who have the ability to make a decision. Regrettably, that is not the case with Mr. Mayweather,” said Mohammad.

“The Abu Dhabi group is serious, and I will not allow them to dangle [for] an inordinate amount of time. Now that time has come, and the offer is gone,” he added.

Akbar Productions still aims to stage a boxing event and concert in the capital this year. “We’re moving forward with absolutely no hesitation, no reservations, and no Mayweather. A world championship card, concert and tributes will take place in Abu Dhabi during the spring of 2015, and in keeping with the vision and determination of our investment group, it will be a boxing spectacle unrivalled in the history of the sport.”

Mohammad criticised Mayweather for his apparent reluctance to face Pacquiao. “The very best of all time are just that because they overcame adversity; they met and beat their nemeses. That’s [Mohammad] Ali meeting and beating [Joe] Frazier, that’s [Sugar Ray] Leonard meeting and beating [Thomas] Hearns.

“To rise to the challenge, first, you must accept the challenge, and that means fighting the very best you can when the opportunity arises,” he said.