Oscar De La Hoya And His Golden Boy Promotions Seeking $50 Million In Damages From Richard Schaefer
Golden Boy Promotions was formed in 2002 by Hall Of Fame boxer, Oscar De La Hoya. Richard Schaefer was selected by Oscar to be the CEO to run the promotional company. Along the years, De La Hoya dealt with drug and alcohol problems and other personal demons in his life. During that time, Schaefer turned Golden Boy into (in our opinion) the biggest boxing promotional company in the world.
Boxers of just about all weight classes have signed on with Golden Boy and made Oscar’s promotional company the most stacked stable of boxing talent in the boxing world today. Golden Boy also had an exclusive agreement with Floyd Mayweather, whereas, they would distribute and co-promote all of Mayweather’s pay per views.
Showtime boxing, run by Stephen Espinoza, secured an exclusive agreement with Golden Boy Promotions, run by Richard Schaefer, in 2013. But due to disagreements between Richard Schaefer (Golden Boy’s CEO) and Oscar De La Hoya (Golden Boy Founder), Schaefer decided to abruptly quit on June 02, 2014. And Floyd Mayweather decided to go with Schaefer the very next day.
Although combat sports is notorious for contract disputes and disputes of all kinds, Oscar De La Hoya is now seeking $50 million through arbitration, from Richard Schaefer. It is currently believed that Richard Schaefer colluded with Al Haymon to sign a bunch of fighters under Al Haymon’s promotional stable and basically “screw” Golden Boy. So instead of signing fighters to Golden Boy promotions, Schaefer was basically working for Al Haymon.
This has now lead to De La Hoya seeking monetary damages from Richard Schaefer since Golden Boy was not Schaefer’s top priority. Al Haymon was apparently Richard Schaefer’s priority.
It is our personal opinion that this story has so much more to it and there may just be some groundbreaking things to come out of this dispute. We are hoping that those who took advantage of Oscar De La Hoya during his time away from promoting will be brought to justice. All signs currently point to that being the case. Stay tuned.
TRENDING FIGHTERS: Oscar De La Hoya, Floyd Mayweather, Manny Pacquiao, Gennady Golovkin, Bernard Hopkins, Chad Dawson, Carl Froch