John Duddy has announced that he is retiring from boxing effective immediately, turning down his March 12 showdown with Irish compatriot Andy Lee on HBO. Duddy, 31, who had not yet signed a contract for the fight, would have earned a $100,000 purse plus a percentage of tickets he sold.

“After a great deal of soul-searching, I have decided to retire from boxing,” Duddy said in a statement. “In many ways, continuing to fight would be the easy course of action. I have been offered the opportunity to fight Andy Lee on HBO for a purse in excess of $100,000. A win would put me in position to fight for a world championship. This is not an opportunity that I cast aside lightly.

“It would be unfair to my fans, my trainer and manager, and everyone else involved in the promotion of my fights for me to continue boxing when I know that my heart isn’t in it,” Duddy said. “I’ve always given 100 percent in the gym and in my fights. I have too much respect for boxing and the people around me to continue fighting when I know that I can’t do that anymore.

“I’m fortunate to have had the support of many good people throughout my career. To my fans, to the people in the boxing business who have been part of my team over the years, and most of all, to my wife Grainne and the rest of my family, thank you for your love and support. I give you my word — I will not come back.”

In other boxing news

WBA super welterweight champion Miguel Cotto and two-division world champion Ricardo Mayorga pose during a video shoot in New York City Tuesday. Cotto and Mayorga are in town for a press conference Wednesday to announce their upcoming world title fight on March 12 at the MGM Grand in Las Vegas. Cotto vs. Mayorga will be televised on SHOWTIME Pay Per View.