UFC heavyweight champion Cain Velasquez has a new contract, UFC president Dana White announced last week.

Velasquez, who re-claimed the belt from Junior dos Santos in 2012, has signed an eight-fight deal with the promotion. He will return to action this May at UFC 160 against Antonio Silva.

“He deserved it,” White said. “We always try to do the right thing.”

White stated that Velasquez still had three fights left on his previous contract, but the promotion felt confident in resigning the two-time champion.

The decision to give Velasquez a new deal comes on the heels of a series of cuts made by the UFC, including fighters like Jon Fitch, Vladimir Matyushenko and Che Mills.

“The thing that drives me the craziest is when people try to say, ‘Oh, these guys are just money-hungry,'” White said. “Money-hungry guys wouldn’t have bought this company in a million years.”

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