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Schaefer Resigns from Golden Boy Promotions

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For the past few months, there has been much speculation over the relationship between Oscar De la Hoya and the CEO of Golden Boy Promotions, Richard Schaefer. It was no secret that the two were not seeing eye-to-eye on many issues regarding the direction of his company. It only seemed like a matter of time before they parted ways.
 
On Monday afternoon, this statement was released to the media by Swanson Communications on behalf of Schaefer:
 
“After more than ten years with Golden Boy, it is time to move on to the next chapter of my career. This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave. I have succeeded in banking and I have succeeded in boxing, and I look forward to the next opportunity. I am proud to remain a shareholder, so I have a strong interest in the continued success of the company. I am proud of what we have accomplished at Golden Boy, but I now look forward to new challenges.”
 
The rift between De la Hoya and Schaefer was reported a few months ago (http://www.maxboxing.com/news/max-boxing-news/a-golden-rift) and on the night of April 26th at the StubHub Center, it was clear that Schaefer was itching for a way out (http://www.maxboxing.com/news/max-boxing-news/golden-civil-war). De la Hoya, who hired the high-powered attorney Bert Fields, was clearly reasserting his control on the company (http://www.maxboxing.com/news/max-boxing-news/de-la-hoyas-here).

Moving forward, it’s not clear if Schaefer is free to work for another promotional outfit. It’s been rumored for months that he would head up a company in partnership with the influential Al Haymon. Another question is if whether Schaefer be the target of litigation from De la Hoya for not upholding his fiduciary duties as the CEO of the company. What’s also not clear is just which fighters are under the auspices of Golden Boy and which are only tied to Haymon.
 
This story could just be getting started.
 
 
Steve can be reached at k9kim@yahoo.com and he tweets (a lot) at www.twitter.com/stevemaxboxing. We also have a Facebook fan page at www.facebook.com/MaxBoxing, where you can discuss our content with Maxboxing readers as well as chime in via our fully interactive article comments sections.


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