Richard Schaefer, the longtime CEO of Golden Boy Promotions, resigned from his position on Monday. This had far-reaching ramifications, causing Floyd Mayweather and his team to announce that they would be severing their long-time relationship with the company, as they prepare for their next event on Sept. 13.
Despite the headlines, Mayweather was never one of Golden Boy’s clients. Golden Boy promoted his cards and provided his dance partners, while “Mayweather Promotions” put up the banners. The last time Golden Boy was not involved in a Mayweather fight was November 2006, when he faced Carlos Baldomir at the Mandalay Bay, in an utterly forgettable bout promoted by Goossen-Tutor.
Since his star-making performance against Oscar De La Hoya in 2007, Mayweather has faced a litany of fighters who were represented by Golden Boy: Ricky Hatton, Juan Manuel Marquez, Shane Mosley, Victor Ortiz, Saul Alvarez, Robert Guerrero and Marcos Maidana. Miguel Cotto, at the time he faced Mayweather in 2012, was effectively a free agent whose contract with Top Rank had just expired. All of these events were under the auspices of Golden Boy, which never shared in the pay-per-view profit but was paid a flat fee for its services.
Moving forward, it’s puzzling that Mayweather hasn’t yet applied for a promoter’s license in the state of Nevada (where his last 11 bouts have been staged), but it isn’t that big of a deal. Getting licensed in that state requires background checks and financial disclosures, not just a rubber stamp, but it’s hard to believe that a jurisdiction that once delayed his jail term so he could fight Cotto wouldn’t greenlight him as a promoter. Even without a promoter’s license, surely another outfit — one that is cozy with his Machiavellian adviser Al Haymon (who was once sued by Beyonce) — will step up to the plate, carrying the water on Mayweather’s next event for a negotiated price, plus the prestige of being associated with the sport’s most lucrative franchise.
What’s more problematic for Mayweather is finding opponents, as he closes out his lucrative deal with Showtime. Schaefer and De La Hoya will be going through a custody battle in this “Golden Divorce,” over boxers who are advised by Haymon and had fought underneath the Golden Boy banner for the past several years. Maidana, who pushed Mayweather on May 3, is a Golden Boy client but is also advised by Haymon, who is closely aligned to Schaefer. Rumors are running rampant that many fighters who were believed to have been promoted by Golden Boy were not actually under contract with the company and/or were allowed to have their contracts run out. (This is where litigation may come from De La Hoya — who has retained the powerful attorney Bert Fields — against Schaefer for not upholding his fiduciary duty as the CEO of his company.)
Mayweather has already made it clear that he simply will not fight anyone who is promoted by Bob Arum, which is the main reason why a super-fight with Manny Pacquiao never came to fruition. If he embargoes Golden Boy boxers, too, then who’s left to fight? Leonard Ellerbe, a close associate of Mayweather, has already reversed course and stated that they would work with Golden Boy if it came to a rematch with Canelo Alvarez, which did huge business last year. Looking ahead, fighters such as Danny Garcia, Shawn Porter and Adrien Broner, among others, who are advised by Haymon and not necessarily tied to Golden Boy, could be the only ones eligible for the Mayweather sweepstakes.
Are you willing to fork out $70 for that?