Alvarez - the sport's best-paid fighter - won the title from Daniel Jacobs in May to hold the IBF, WBA and WBC belts.
With Thursday's deadline for @canelo-Derevyanchenko deal missed, & @GoldenBoyBoxing failing in attempt to do an end run around the fight, the IBF stripped Canelo of its 160 belt, paving way for D'chenko to face @GGGBoxing for it.
The IBF already had allowed for multiple postponements of a purse bid for the bout, and the Derevyanchenko camp even told the IBF it was OK with Alvarez not being stripped at Monday's deadline to allow them more time to work out a deal.
Golden Boy and DiBella had been far apart on money.
ESPN's Dan Rafel reported that the sticking point between both sides was money as according to his sources to ESPN. IBF rules (section 5B) also state that a unification fight can take precedence over a champion's need to make an immediate mandatory defence but only if the request is made within a specific time frame. "In this case the notice was sent out and the purse bid has been postponed".
"But when you look now at the options, you have to think Demetrius is probably biggest fight out there, in terms of the fights that are available, or the fights that have been passed up on, so again, in that situation it's really down to Oscar De La Hoya and Golden Boy to decide who they want to fight".
In a statement to ESPN, De la Hoya said the decision "validates already existing concerns about the credibility of the IBF championship". However, a Golden Boy spokesman provided ESPN with a statement from the company, although it did not address Alvarez's comments.
The Mexican superstar's promoter Oscar De La Hoya said in a statement to United States media: "We are extremely disappointed at the IBF for forcing the world's best fighter to relinquish his world title".
Eric Gomez, the president of Golden Boy, however, backed up Diaz with a post on social media Friday night.
Former boxer Oscar De La Hoya during undercard press conference at the KA Theater at MGM Grand Hotel & Casino on September 14, 2018 in Las Vegas. He now has no fight booked as of this writing. Canelo Alvarez is an incredible 52-1-2 meaning he possesses more wins than Floyd Mayweather Jr and he's only 29 years old. Alvarez, of course, then the WBC's mandatory opponent for GGG, was forced to pull out of his scheduled rematch with Golovkin due to failed drug tests.