Golden Boy Promotions CEO Richard Schaefer resigned on June 2, just several days before Oscar De La Hoya was to be inducted into the International Boxing Hall of Fame.
Richard Schaefer has resigned from Golden Boy Promotions.
ESPN's Dan Rafael reports on June 2 Schaefer resigned mere days before Golden Boy founder Oscar De La Hoya was to be inducted into the International Hall of Fame:
"Richard Schaefer, the former Swiss banker who co-founded Golden Boy Promotions with close friend Oscar De La Hoya in 2002 and has served as its only chief executive officer, resigned on Monday, effective immediately, in a move that figures to dramatically alter the landscape of the boxing business.
"Schaefer's exit from the company was not unexpected, given the public issues between Schaefer and De La Hoya over the past few months, but the timing was a bit surprising -- a few days before De La Hoya's induction on Sunday into the International Boxing Hall of Fame.
"'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 reqiured 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, 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 now I look forward to new challenges.'
"With no background in boxing, Schaefer, who handled Golden Boy's day-to-day business -- De La Hoya has been mostly a figurehead but recently vowed to take a more active role in the company -- built Golden Boy into the most significant promoter in boxing.
"Under Schaefer's guidance, Golden Boy became a powerhouse. Schaefer was the point person in multiple record-breaking promotions, developed close relationships with HBO and later Showtime, closed an output deal for a boxing television series on Fox Sports 1, worked with numerous mainstream sponsors and made a deal to serve as the exclusive promoter of fights at the Barclays Center in Brooklyn, New York, while also maintaining a close relationship with the MGM Grand in Las Vegas.
"Schaefer was also the one person at Golden Boy with a close, personal friendship with pound-for-pound and pay-per-view king Floyd Mayweather, Jr., who used Golden Boy to promote all of his fights since 2007.
"Schaefer is also close to Mayweather's powerful advisor, Al Haymon, whose A-list client is vast."
Mayweather dropped Golden Boy Promotions hours after Schaefer's resignation, per Rafael in a separate ESPN update.
"Hours after Richard Schaefer's Monday resignation as chief executive of Golden Boy Promotions following months of infighting with company co-founder/majority shareholder/president Oscar De La Hoya, pound-for-pound king Floyd Mayweather, Jr. dumped the company.
"Mayweather, whose fights generate the biggest pay-per-view numbers in the sport, has worked with Golden Boy on a fight-by-fight basis for all of his nine bouts since his 2007 blockbuster against De La Hoya, which set the all-time pay-per-view buy record at nearly 2.5 million subscriptions.
"But Mayweather, whose own company, Mayweather Promotions, co-promoted his fights, only worked with Golden Boy because of Schaefer, with whom he has grown close over the years. Mayweather and De La Hoya do not like each other and have never hidden that fact.
"So when Mayweather, the junior middleweight and welterweight champion, returns for his next fight on Sept. 13, Golden Boy will no longer be involved, Mayweather Promotions chief executive Leonard Ellerbe told ESPN.com Monday night.
"When asked if Mayweather would work with Golden Boy again without Schaefer, Ellerbe said, 'Absolutely not.'
"This is a big hit worth millions of dollars to De La Hoya's company."
When RingTV.com's Lem Satterfield reached Schaefer, he declined to comment on Mayweather's depature from Golden Boy Promotions.
USA TODAY's Bob Velin goes into detail regarding Schaefer's and De La Hoya's recent spats.
"Schaefer was angered during the run-up to the Floyd Mayweather-Marcos Maidana fight in May after De La Hoya, just recently released from substance abuse rehab, publicly apologized to his former promoter, Bob Arum, and said he might be interested in doing business with Arum in the future.
"Golden Boy and Bob Arum's Top Rank Promotions have been feuding for years, and Schaefer said he would never do business with Arum and was upset that De La Hoya even broached the subject with the 82-year-old promoter.
"The Golden Boy-Top Rank feud is known as boxing's 'cold war.' There has been almost no cross promotion between the companies for years.
"De La Hoya, in a press conference with reporters just before the Mayweather-Maidana fight, said Schaefer was under contract to Golden Boy for several more years."
For more of the hottest sports news, log on to Sport Balla today.