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Golden Boy Statement

Concerning NYSAC Suspension

Golden Boy Promotions believes that it is important to report the true facts concerning its 90 day suspension by the New York State Athletic Commission.

On July 9, 2010, Golden Boy learned that it had been suspended by the NYSAC for a period of 90 days. Although Golden Boy respectfully disagrees with one of the Commission’s charges – that there was dishonesty on the part of a Golden Boy employee – Golden Boy does acknowledge that a number of significant, but innocent, mistakes were made in failing to make timely responses to legitimate information requests from the NYSAC. Golden Boy has now made all requested disclosures to the NYSAC.

Although innocent, these errors were not consistent with or reflective of Golden Boy’s commitment to fairness, honesty and transparency in the sport of boxing. New York counsel for Golden Boy has already spoken to representatives of the NYSAC this morning, and has apologized for Golden Boy’s mistakes.

At the outset, before explaining what transpired, it is important to dispel some false statements made by certain reporters concerning the suspension.

1. THE NYSAC’S SUSPENSION NOTICE DOES NOT ALLEGE OR SUGGEST ANY FINANCIAL MISCONDUCT ON THE PART OF GOLDEN BOY.

2. THE NYSAC’S SUSPENSION NOTICE DOES NOT ALLEGE OR SUGGEST THAT THE SUSPENSION IN ANY WAY RELATES TO THE LICENSE FEES PAID BY HBO FOR THE TWO TELEVISED BOUTS ON MAY 15, 2010. IN FACT, GOLDEN BOY DISCLOSED ITS CONTRACTS WITH HBO AND DIBELLA ENTERTAINMENT TO THE COMMISSION ON MAY 19, 2010 – JUST 4 DAYS AFTER THE MAY 15 EVENT.

3. DIBELLA ENTERTAINMENT HAS ALREADY INVESTIGATED THE LICENSE FEE “ISSUE,” AND INFORMED GOLDEN BOY AND COUNSEL FOR MR. MALINAGGI THAT IT DOES NOT BELIEVE THAT THERE WERE ANY IRREGULARITIES.

4. NYSAC’S SUSPENSION NOTICE DOES NOT ALLEGE OR SUGGEST THAT GOLDEN BOY FAILED TO PROVIDE REQUIRED ALI ACT DISCLOSURES TO FIGHTERS ON THE MAY 15, 2010 CARD. TO THE CONTRARY, ALL SUCH DISCLOSURES WERE PROVIDED.

5. THE NYSAC SUSPENDED GOLDEN BOY WITHOUT FIRST GRANTING IT A HEARING OR A WARNING. HOWEVER, THE NYSAC WAS NOT IN ANY WAY OBLIGATED TO PROVIDE SUCH A HEARING OR WARNING.

The true facts are as follows:

1. Following the May 15, 2010 event, a Golden Boy employee apparently mistakenly informed the NYSAC that Golden Boy did not have any written agreements with the fighters other than the bout agreements for the bouts that took place on May 15. In fact, Golden Boy had written agreements with some of the fighters on the May 15 card. This was an innocent error made by someone who should not have made the representation without taking steps to ensure its accuracy.

2. On May 19, 2010, the NYSAC requested both the HBO and DiBella Agreements, as well as any written agreements between Golden Boy and the fighters on the May 15 card. As noted, Golden Boy immediately produced the HBO and DiBella Agreements. The GBP employee normally in charge of dealing with Commission matters, left for his honeymoon immediately following the May 15 event and was unable to be contacted, however, the person responding to the request erroneously questioned the NYSAC’s authority to request copies of Golden Boy’s promotional contracts, asked for the basis for the requests, and did not send those contracts. This was clear error on the part of the Golden Boy, as under all circumstances, the contracts should have been sent to the ABC.

3. Unfortunately, and despite other requests by the Commission, Golden Boy’s response was inexcusably delayed.

4. On July 1, 2010, Golden Boy contacted the Commission by sending it an email which stated that the contracts did not have to be disclosed to the NYSAC because they would not be held confidential. According to counsel for the Commission, this conclusion as to the confidentiality of the requested disclosures issue was erroneous. In any event, Golden Boy erred in not immediately sending the contracts to the ABC at this point in time.

5. On July 6, 2010, the NYSAC, as it had the absolute right to do under its Rules, suspended Golden Boy without a hearing. At that point, Golden Boy immediately sent the requested contracts to the ABC. Today, upon the representation of counsel for the Commission that the requested contracts were not subject to public disclosure, Golden Boy sent all of the requested contracts to the NYSAC.




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