It was all good just a week ago.
Things are falling apart for Oscar De La Hoya and Golden Boy Promotions, because in the matter of hours, both Richard Schaefer and Floyd Mayweather dropped the boxing company after months of turmoil from the side of De La Hoya and Schaefer.
For those who weren’t aware, Schaefer served as CEO for over 10 years and helped build the Golden Boy brand from the ground up, generating some of the biggest fights the boxing world has ever seen (see: the Mayweather vs. De La Hoya match in 2007 and Mayweather vs. Alvarez bout last year). He was the hands-on guy that put the time in the trenches and helped bring Mayweather to the team as a co-promotion partnership between GBP and Mayweather promotions.
But he’s also part of the reason boxing is in a “cold war” right now.
Most speculate that Schaefer will join the Money Mayweather team and work closely with them, considering he was the one who helped negotiate the big contracts for Golden Boy between the Showtime deal, Barclays Center pay-per-view matchups and still maintaining a close relationship with the MGM Grand in Las Vegas. He would bring huge value to the Mayweather Promotions side of things.
With Schaefer out of the way at Golden Boy, things might be looking better for folks who have been dying to see matchups with Top Rank, especially because Schaefer was the one adamant about not negotiating with them. De La Hoya has had his differences with Bob Arum in the past, but isn’t opposed to working together if the dollars make sense. It might not bring the Manny Pacquiao vs. Mayweather fight any closer, but we could witness some great undercard matchups in the years to come.
“After more than 10 years with Golden Boy, it is time to move on to the next chapter of my career. 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, 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.” – Richard Schaefer