Schaeffer Resigns From GBP
Ending months of speculation, Richard Schaeffer resigned as CEO of Golden Boy Promotions, the Los Angeles based boxing promotional firm which he helped establish 10 years ago.
Time to Move On
In a press release sent out on June 2, Schaeffer stated that after more than 10 years with Golden Boy, it is “time to move on to the next chapter” of his career. The statement added that while it took Schaeffer “a great deal of personal reflection”, he concluded that he “had no choice but to leave.”
His resignation culminated the months of turmoil at the top level of Golden Boy when Oscar De La Hoya, the founder and the man whom Schaeffer started the business with, wanted to be more active with running the company. Although Golden Boy is attributed to De La Hoya because it is his boxing monicker, he was just a little more than the logo of the company.
It was Schaeffer’s business skills that grew Golden boy into the largest boxing promotional company in the USA. And with the power struggle resulting into tension, Schaeffer turned away instead of fighting back which could have led to lawsuits and court cases.
However Schaeffer remains a “proud” shareholder in Golden Boy and has strong interest in its success. He added that he is proud of what he’s accomplished at GBP, and he’s looking forward to the next opportunity.
Although there are many speculations as to what the former banker and promoter will do, most experts believe that Schaeffer will be creating a new boxing promotional firm together with Al Haymon, the confidant and godfather of many famous boxers. Sources say that Schaeffer and Haymon will pull out from GBP all fighters associated with Haymon and those that they can convince and house them in the new stable. With Schaeffer’s business skills and connections, the fighters are expected to follow.
Another rumor is that Schaeffer will be joining Mayweather Promotions. During the early days of the squabble at GBP, Floyd Mayweather Jr. publicly stated that “there is always a home for Richard Schaeffer at Mayweather Promotions.” Mayweather praised Schaeffer for being a great promoter and good businessman and that Mayweather Promotions will always do business with Schaeffer, not necessarily Golden boy.
Whatever Schaeffer does, his next move will create a seismic change in the sport of boxing.
Money Team Done With GBP
Shortly after Schaeffers press release, Mayweather Promotions CEO Leonard Ellerbe told ESPN on Monday that Floyd Mayweather Jr. will no longer do business with Golden Boy as a result of Richard Schaeffer’s resignation earlier in the day. Team Mayweather has always praised Schaeffer’s abilities as a critical reason for their mutual success in the sport.
Mayweather’s current six fight contract with Showtime is worth over $200M. His first two fights in 2013 netted him a base salary of $73.5M, making him the highest paid athlete in 2013. His most recent fight against Argentine Marcos Maidana earned him a guaranteed $32M s. purse. The Mayweather vs Canelo bout pocketed an all-time best gross earnings of $150M.
Ending the Cold War
On the other side of the fence, Golden Boy Promotions President Oscar de La Hoya vowed to end the Cold War in boxing. In an interview with Ring TV.com before Schaeffer’s resignation, De La Hoya vowed to do “whatever it takes to end it.”
And while such a statement is very bold of the former boxer, it is the right step for boxing. De La Hoya had already said that he had met with rival promoter Bob Arum to make peace. He added that there will be a second meeting to start the talks.
De La Hoya said that with the cooperation between GBP and Top Rank, fights between Maidana and Pacquiao could happen. De La Hoya also mentioned Mathysse vs Rios and “a lot of other possibilities.”
It’s this activity by De La Hoya that has severed his ties with Schaeffer and led to the latter’s resignation. De La Hoya wants to be active in business again after cleaning himself and his image from alcohol and drug addiction. It could be recalled that Oscar took a hiatus from running GBP due to his personal troubles. But a clean De La Hoya is rejuvenated and wants to accomplish something everyone thought was impossible.
If De La Hoya is successful or is able to at least bridge the gap in boxing, it will perhaps be the greatest achievement of his legendary boxing career.
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