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Usyk has become a renowned global figure, returning to his Ukrainian homeland when Russia invaded in February of last year and continuing to represent his country on a global stage when he resumed his boxing career.
After Fury beat Chisora in his last fight, he faced off with Usyk in the ring and their teams conducted intensive negotiations for a protracted period.
Publicly Fury demanded Usyk agree to a 70/30 split, which the Ukrainian did accept as long as Fury consented to make a sizeable donation to the Ukrainian relief effort.
But the two parties were unable to conclude negotiations and Usyk's promoter confirmed on Wednesday that talks had finally collapsed.