By Karl Freitag
Photo: Mary Ann Owen
Multiple sources are reporting that Golden Boy Promotions is seeking $50 million in damages from former CEO Richard Schaefer. The case will not go to court, but instead will be decided by arbitration.
Things turned sour this year between Golden Boy President Oscar de la Hoya and Schaefer, who had been the Golden Boy CEO from its beginning in 2002. Schaefer ran the company while Oscar spent several years battling personal demons, but this year Oscar returned and decided he wanted to take a more active role. Schaefer resigned from Golden Boy on June 2.
While the specifics of the complaint against Schaefer aren’t known, it’s believed that any alleged damages would revolve around Schaefer often promoting major Golden Boy events that benefited the careers of Al Haymon-managed fighters who were not under contract to Golden Boy.