Today Richard Schaefer has resigned as CEO of Golden Boy Promotions. Golden Boy is the leading boxing promotional company in the sport. With Schaefer’s departure, the sport may well see a shift in matchmaking policies. It’s been no secret that Schaefer and Oscar De La Hoya, who are co-founders of the company, have been on the outs for some time. The fact that Schaefer chose the same day to resign that Oscar was being inducted to the boxing hall of fame shows the state their relationship was in.
Oscar has been saying as of late that he would like to rekindle a business relationship with rival promoter Top Rank and its leader Bob Arum. Richard on the other hand, did not. A cold war had emerged over the years between the two companies. Each signed as many fighters as they could and didn’t match them against fighters from the other side.
The impact of this move opens up some of Golden Boy’s fighters to immediately make deals to fight with Top Rank fighters. Many high profile boxers fought under the Golden Boy banner but weren’t actually signed with Oscar’s brand with Floyd Mayweather being the most notable name. Mayweahter and others are signed with influential advisor Al Haymon. Haymon, like Schaefer has no interest in doing business with Arum and Top Rank.
When the first fight between a Golden Boy and Top Rank boxer happens is yet to be known as of now. If and when Schaefer starts promoting again is also not yet known. Possible non-compete agreements may hinder Schaefer’s return although California is unusually liberal with enforcing non-compete laws. One possible scenario is a new promotional company that is led by Schaefer and Haymon together, should all legal concerns be removed. What is known for sure is a new era of boxing has begun.
Look for more interesting matches to be made as soon as this September. Canelo Alvarez and Manny Pacquiao are the biggest names in this shakeup that’ll be directly affected. Manny has been short for opponents as he’s faced the same two fighters twice over his last five fights. Canelo has longed to face Top Rank veteran Migeul Cotto who still maintains a relationship with Bob even though he promotes himself. A lot of new possibilities now exist and the result will be a KO for boxing fans.