A major move that has been rumored for weeks has finally become official, signaling a tectonic shift in the sport of boxing. Richard Schaefer, the CEO of Golden Boy Promotions, has stepped down from his position and is leaving the company.
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"After more than 10 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," Schaefer said in a press release.
"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."
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Schaefer helped start Golden Boy a decade ago, but a rift has formed between him and Oscar De La Hoya, the company's namesake. Reportedly the final straw is De La Hoya's insistence on "ending the Cold War" between the promoters in order to make the best fights for fans.
The prime example of the Cold War is Floyd Mayweather Jr. and Manny Pacquiao's multiple failures to fight each other in their primes-now De La Hoya is interested in pitting Canelo Alvarez against Pacquiao, which may be easier now with Schaefer out of the picture. Schaefer, who is extremely close with Mayweather, has steadfastly refused to do business with Top Rank boss Bob Arum.
In April, De La Hoya had this to say when asked about working with Arum. "If anyone with Golden Boy has any differences with Bob, it's on them. I have nothing against Bob and I feel making fights with Bob is beneficial to the fans and the market."
When told of this Schaefer said to the Los Angeles Times, "Well, I guess it's on me,". "I have no interest in that.
I've given Bob several opportunities, and a leopard never changes his spots," Schaefer said. "With Oscar, it's sort of like, one day he hates him, the next day he loves him, the next day he rips him, then he loves him again.
"That's OK, they can play those games. But what I'm doing, I'm running Golden Boy, and I think I'm doing a pretty good job, having built it into the leading boxing promotion company in the world."
It's unclear what this shakeup does for a potential Alvarez-Pacman fight, but Showtime Sports' Stephen Espinoza said it will not affect Alvarez vs. Erislandy Lara on July 12 one bit.
"I don't think that it would be appropriate for me to comment on the Golden Boy situation," Espinoza said. "But what I do know is that this will not have any effect on the July 12 pay per view, which is going to continue unaffected."
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