On Monday, longtime Golden Boy Promotions CEO Richard Schaefer left the company after a disagreement with Oscar De La Hoya over which direction the company should go.
Oscar De La Hoya who is the majority owner of the promotional company named after his boxing moniker, made it known that he wanted to end the cold war between his company and Bob Arum’s Top Rank promotions. He said the boxing world and fans deserve to have the biggest fights possible and the cold war between Top Rank and Golden Boy which hindered the Manny Pacquiao vs. Floyd Mayweather fight from happening was hurting the sport.
Bob Arum who promoted Oscar De La Hoya for the majority of his career is open to a truce, but Schaefer has publicly stated he has no intentions of working with Arum again.
On the same day, Floyd Mayweather announced his departure from Golden Boy promotions upon hearing the news of Richard Schaefer’s resignation.
Mayweather Promotions CEO Leonard Ellerbe told ESPN that the decision to no longer work with Golden Boy was due to the fact that Schaefer resigned, they had a great working relationship with Schaefer, once he left they felt it was only right to cut ties as well.
Rumors floating around suggest that Richard Schaefer will team up with boxing super advisor Al Haymon and Floyd Mayweather to start their own promotional venture.