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Golden Boy, Schaefer settle lawsuit

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Golden Boy Promotions sued their former CEO Richard Schaefer $50 for million dollars last year after owner Oscar De La Hoya assumed more control of his company, which led to a productive 2014 campaign.

On Friday, Golden Boy Promotions and Schaefer settled their lawsuit.

However, according to Yahoo! Sports’ Kevin Iole, Golden Boy Promotions now have lost promotional rights to several star fighters including Adrien Broner and Danny Garcia, with website Fightnews reporting GBP also lost rights to fighters Deontay Wilder (who fights next Saturday for the WBC Heavyweight Championship), Marcos Maidana and Danny Jacobs, and it’s now assumed these fighters will be part of the ‘Haymon Boxing’ movement planned for 2015.

The settlement also reportedly included that Schaefer cannot promote boxing for a period of 1-2 years.

Owner De La Hoya felt harbored by Haymon advised fighters seeking permission from their advisor and sought to make a move that would make the best possible fights happen, as well as get back into business with HBO, which had dropped all Golden Boy promoted fight cards from their airwaves, and most suspect Haymon was the cause.

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The Schaefer/Haymon/Mayweather alliance was very powerful in recent years and led to many blockbuster pay per views, including the second highest pay per view ever when Mayweather faced Canelo Alvarez in September 2013.

However, the alliance led to a power struggle between Schaefer and De La Hoya, which ultimately led to Schaefer’s ousting and the above mentioned lawsuit.

Haymon now has purchased television coverage from NBC and it is suspected the network will air a fight live on primetime television.

Writer Iole cites the settlement could provide Schaefer an opportunity to once again form an alliance with Haymon and Mayweather in promoting fight cards.

Iole cited a source that spoke on condition of anonymity.

“Everyone is excited that we’ve gotten this over and that we can get back to making fights the fans want to see.”

“We have a lot of young fighters Oscar likes who he thinks can become Golden Boy’s next generation of stars,” the source said. “It was just so tough getting fights made under the system we were in. With this deal, we can now make the fights the fans want to see, and when these young fighters develop, we’ll be back where we were.”

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