Granada Reports journalist Anna Youssef has the latest from the scene.
The 34-year-old took to Instagram and Twitter to announce the news in an emotional post.
He wrote: "This is becoming ridiculous idiots carry knives. This needs to stop ASAP.
"UK government needs to bring higher sentencing for knife crime, its a pandemic and you don't know how bad it is until it's one of your own.
"Life is very precious and it can be taken away very quick enjoy every moment.
"RIP Rico Burton. May the lord god grant you a good place in heaven. See you soon."
He ended the post with the hashtag 'only cowards carry weapons'.
Steve Egan, 60, chief coach at Jimmy Egan’s Boxing Academy where Mr Burton trained, said he was “devastated” by the news.
He told PA: “Rico was a lovely lad… (he) trained with us for five years, won two national titles, he was a fantastic boxer – a very relaxed and skilful boxer.
“He could (have) gone a long way in the professional boxing ranks – lovely lad, always smiling.
"One of the nicest lads you could meet."
Greater Manchester Police has confirmed a murder investigation is now underway after officers were called to Goose Green in Altrincham at around 3:30am on Sunday.
Officers arrived at the scene to find a 17-year-old man and a 31-year-old man with stab wounds receiving first aid from members of the public before police and paramedics took over.
The force said: "Paramedics gave CPR to the man at the scene but it is understood he sadly died after being taken to hospital.
"It is understood the victim is Tyson Fury's cousin, Rico Burton, 31."
A 17-year-old boy remains in a “serious but not life-threatening condition”.
In a press conference, Superintendent Ben Ewart said the attack was "senseless" and took place while Mr Burton was enjoying an evening out with friends.
"Both victims should have returned home this morning after enjoying a night out with friends," Mr Ewart said.
"Everything suggests at this stage that [Mr Burton] was enjoying an evening out with friends, and this has taken place spontaneously and unplanned - it’s a very tragic ending to what should have been a good night out with friends."
Two males, a 21-year-old and a 20-year-old, have been arrested in connection with the incident.
Police are appealing for anyone with information, CCTV, photos of video related to the incident to call 101 quoting incident 475 of 21/08/2022 or on 0161 856 7386, or via Major incident public portal via this link.