02 Jun Breaking News CEO Richard Schaefer Resigns Golden Boy Promotions

US Elite Combat Management

Richard Schaefer, the former Swiss banker who co-founded Golden Boy Promotions with close friend Oscar De La Hoya in 2002 and has served as its only chief executive, resigned on Monday, effective immediately, in a move that figures to dramatically alter the landscape of the boxing business.

After the Mayweather fight there was a lot of speculation from Commentators saying he was leaving Golden Boy Promotions.

Schaefer’s exit from the company was not unexpected, given the public issues between Schaefer and De La Hoya over the past few months, but the timing was a bit surprising.

Although Schaefer did not want to discuss the specific reasons for his departure, it has been no secret in boxing that while Golden Boy has many of Haymon’s fighters on its cards, those fighters were not under promotional contract to the company, which became an issue between Schaefer and De La Hoya.

“I have my vision and I have my plans,” De La Hoya said. “Nobody is going to stop me from doing this. The company isn’t called Golden Boy for nothing.”

“I have nothing against Richard but I have to look out for myself,” De La Hoya said. “I have to look out for my company and I have to look out for boxing.”

Another issue between Schaefer and De La Hoya was Schaefer’s refusal to do business with rival promoter Bob Arum of Top Rank. De La Hoya, who was promoted for most of his career by Arum, recently made up with him and has talked about their desire to work together again, which Schaefer was against.

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