A purse bid is an initial step in arranging a professional boxing match, involving the fight's/card's promoter(s). All interested registered promoters may bid on the amount of the purse, 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. The purse in a purse bid is split between the fighters according to the preset formulas of the sanctioning commissions. Purse bids are often won by one of the two fighters' promoters.