A Very American Coup By Michael – Louis Ingram, Editor-in-Chief...
Oscar, Golden Boy moving on without Schaefer
When Oscar De La Hoya chose to rekindle his relationship with Bob Arum, it left a distasteful slap in the face of Richard Schaefer, the longtime CEO of Golden Boy Promotions. Schaefer, in disgust, left De La Hoya’s Golden Boy Promotions company. Floyd Mayweather followed suit, as he announced that he will no longer be doing business with Golden Boy, as a result of Schafer’s departure.
The divorce between De La Hoya and Schaefer will turn nasty, as Golden Boy has sued Schaefer for $50 million in damages and contends that Schaefer is still under contract to Golden Boy for another several years.
De La Hoya wishes to give the fans the fights they truly want to see, which is why he decided to end the Cold War between Golden Boy and Top Rank Boxing. The Cold War between the two has been a primary roadblock preventing a now faded Floyd Mayweather vs. Manny Pacquiao super fight. The fans have had to settle for second and third-best, other than the fight the world desperately wishes to see.
People were sold on Mayweather picking through hand-picked Golden Boy-selected opposition that included Ricky Hatton, Juan Manuel Marquez, Victor Ortiz, Shane Mosley, Robert Guerrero, Miguel Cotto, ‘Canelo’ Alvarez. Top Rank, along with HBO Sports, simultaneously force-fed us a third and fourth fight between Marquez and Manny Pacquiao and two-fights between Pacquiao and Timothy Bradley.
Now that De La Hoya is strengthening his leadership role in his company, Schaefer, who in De La Hoya’s frequent absences became the face of Golden Boy Promotions, departed recently. Schaefer has taken Mayweather’s stance on refusing to do business with Bob Arum. Schaefer, who has dealt with Arum before, wants nothing to do with him. As a result, the likelihood of a Mayweather-Pacquiao fight remains dead as were a case for at least five years.
Golden Boy Promotions was the premier boxing firm in the business. Golden Boy had their own fighters, exclusive promotional deals with the Barclays Center to stage fights, an exclusive TV deal with SHOWTIME to televise fight cards, and were the exclusive promoters of Floyd Mayweather’s fights. Schaefer’s departure from Golden Boy has literally shaken up the sport. De La Hoya will seek new relationships with other promoters, and co-promote big events. De La Hoya will be looking to make allies, not rivals. The big question is what will happen to those fighters that dealt exclusively with Golden Boy Promotions without a contract? Many of those boxers are ‘advised’ by Al Haymon. Will they follow Schaefer, who has an outstanding relationship with Haymon, to form a powerful stable underneath Schaefer, Haymon, and Mayweather Promotions, who recently applied for a promoter’s license in New York?
Can Oscar’s company survive without the dependency of a Schaefer or a Mayweather?
Once again, the business of boxing outside the ring has taken precedent over the actual fights inside the ring.