What will settlement with Richard Schaefer mean for Golden Boy Promotions?

Oscar De La Hoya/Photo by Associated Press

 

Now that Golden Boy Promotions and former CEO Richard Schaefer have reached a settlement, it will be interesting to see how Golden Boy and president Oscar De La Hoya react.

We say that because as part of the settlement, De La Hoya agreed to sever ties with several Al Haymon fighters who were being promoted by Golden Boy, but were not under promotional contract to De La Hoya’s company. Among them – according to several publications – reportedly are Danny Garcia, Keith Thurman, Marcos Maidana and heavyweight contender Deontay Wilder. According to ESPN.com, Wilder’s challenge to heavyweight champion Bermane Stiverne on Saturday figures to be Wilder’s last under the Golden Boy banner.

According to reports, Schaefer will still have to sit out an unspecified amount of time before he can promote again because he was under contract to Golden Boy through 2018. A source told ESPN.com it could be one to two years.

Schaefer had resigned in June after a long run as the company CEO. He was eventually taken to arbitration by De La Hoya for $50 million. There was no exact word on the monetary part of the settlement, but ESPN.com reported that Schaefer may have to give up his roughly eight percent stock in Golden Boy, which apparently also will receive millions of dollars.

Indeed, how Golden Boy marches on from here will be interesting to see. De La Hoya is supposedly cool with the settlement, so that’s good. But several of the solid fighters he’s been using to add punch to his cards, are gone.

Time will tell.

 

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