Klitschko vs Valuev Falls Through

After a lengthy negotiation process Don King(one of the promoters) has rejected the final offer from team Klitschko of $2.5 million without television money. Team Valuev accepted the $2.5 million if they got extra money from television, but Klitschko's side was unwilling compromise further(Vitali initially offered $1 million dollars and escalated from there). So, the WBC heavyweight champion Vitali Klitschko will look elsewhere for a fight in May, and Valuev will fight for next to nothing for no championship sometime later.

I have no idea why Don King did not accept this. Did he figure Vitali would back down while being champion and give even more to Valuev? Surely he doesn't think that Valuev will earn that much in his next 3 fights and Valuev is nearing the end of his career on top of that.