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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Richard Schaefer resigns as CEO of Oscar De La Hoya’s Golden Boy Promotions

To the surprise of probably no one, Richard Schaefer – CEO of Oscar De La Hoya’s Golden Boy Promotions – on Monday afternoon handed in his resignation after some 12
years with the company that was founded in 2002.

“After more than 10 years with Golden Boy, it is time to move on to the next chapter of my career,” Schaefer said in a statement. “This decision has required a great
deal of personal reflection, but ultimately I concluded that I have no choice but to leave. I have succeeded in banking and I have succeeded in boxing, and I look forward to the next opportunity. I am proud to remain a shareholder (in Golden Boy), so I have a strong interest in the continued success of the company. I am proud of what we have accomplished at Golden Boy, but I now look forward to new challenges.”
Schaefer has been De La Hoya’s right-hand man, and then some. The financial brains of the outfit, the former Swiss banker helped build De La Hoya’s company into a monster in the industry, taking a back seat to virtually no one.

Along the way quite a bit of animosity materialized between De La Hoya’s former promoter – Bob Arum of Top Rank Inc. – and De La Hoya and Schaefer. The ongoing beef resulted in what boxing insiders referred to as “The Cold War” as the companies refused to do business with each other.

When De La Hoya recently got out of a drug and alcohol rehabilitation center for the second time, he went on record as saying he wanted to patch things up with Arum
and again begin doing fights with Arum’s high-powered company.

By this time Schaefer had gone on record as saying he would never do business with Arum ever again. Schaefer would not say much on top of the statement during a telephone interview with this newspaper shortly after he resigned. He did provide some hints.

“I can’t really say anything on the advice of my attorneys,” he said, when asked about his main reason for leaving. “I’m just going to leave it at this; the statement pretty much says all it needs to say.”

Schaefer was asked if, because his attorneys advised him not to talk, that means there is impending litigation.

“No, not necessarily,” he said. “I just gave my resignation today; I don’t have all the answers.”

Schaefer, however, did say something that intimated De La Hoya’s change of heart toward Arum was part of why he left.

“I’m sure guys involved in boxing saw what was going on and probably figured out that sooner or later something like that was going to happen,” Schaefer said.

De La Hoya, as of late Monday afternoon, had yet to issue a response to Schaefer’s departure. De La Hoya, of East Los Angeles, will be inducted into the International
Boxing Hall of Fame on Sunday in Canastota, N.Y.

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Richard Schaefer won’t comment on rumors of discord with Oscar De La Hoya

Richard Schaefer, CEO of Golden Boy Promotions, on Friday morning said he would not address in any way, shape or form the rumors that he and his boss, Oscar De La Hoya, are on the outs.

Some of the gossip has gone so far as to suggest that Schaefer was about to either resign or be pushed out of the company he has helped grow into a monster.
“I’m actually trying to get to the bottom of those rumors as well, and the sources,” Schaefer said via telephone. “I am not going to comment on it. I’ve never really been one to comment on rumors, and I’m not going to start now.”

 

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A lot goes into selecting Floyd Mayweather Jr.’s next opponent

We should find out soon who Floyd Mayweather Jr.’s next opponent will be, but it was interesting to find out this week about the way he thinks as he is going through the process of making that choice.

According to Richard Schaefer, a lot more goes into it than just selecting the fighter.

“Floyd is the kind of fighter who fights anyone,” said Schaefer, CEO of Golden Boy Promotions, which helps Mayweather promote his fights. “He is obviously ultimately deciding who he’s going to fight. But at the same time, he is frankly more interested in the marketing and creating the entire atmosphere and positioning of his fight week and fight night to basically make this, as it has been the past few years, without any question the event to be at. Like the Super Bowl of boxing.
“He just likes to create these big nights where you have cards which are top-to-bottom loaded, and he gets very much invovled in that.”

Mayweather, 36, is 45-0 with 26 knockouts. In his most recent bout, he won a majority decision over Saul “Canelo” Alvarez on Sept. 14 at MGM Grand in Las Vegas. That was the fight where judge C.J. Ross scored the fight even, making hers one of the worst scorecards of the past 50 years, or since yours truly began watching boxing as a kid.

 

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