UFC President Dana White announced the news during an impassioned speech at a pre-event press conference for UFC 157, which takes place Saturday at Honda Center in Anaheim, Calif.
"He deserved it," White told reporters while defending a recent spate of roster cuts that trimmed the UFC's ranks.
"We always try to do the right thing," White said. "I have three fights left with Cain Velasquez. We just signed a new eight-fight deal with Cain. I didn't have to do that.
"So the thing that drives me the craziest is when people try to say, 'Oh, these guys are just money-hungry.' Money-hungry guys wouldn't have bought this company in a million years."
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