By Bryanna Fissori
Legal Analyst
It has been nearly a month since Richard Schaefer resigned as CEO of Golden Boy Promotions, which is arguably one of the largest boxing promotion in the United States, but if he thought he was going to make a clean getaway he was sorely mistaken.
Last week the promotion filed a $50 million lawsuit against Schaefer for damages incurred during his tenure. The case will be sent straight to arbitration because of a clause in the company’s contract with the former CEO. Arbitration clauses are not an uncommon and serve as form of alternative dispute resolution. Arbitration is a process in which a third party reviews the evidence in a case and imposes a legally binding decision on the parties. This helps parties to avoid expensive and lengthy litigation.
Since the case will not be heard in court, there is no public record available stating the cause of action, but there are numerous speculations many of which center around the rumors of disagreements between Schaefer and majority shareholder Oscar De la Hoya. The two co-founded Golden Boy Promotions in 2002. Schaefer previously worked as a Swiss banker prompting him to take an active roll in the financial aspect of the business as CEO. De La Hoya was still actively competing, and was just inducted into the Boxing Hall of Fame less than a month ago.
Upon resignation Schaefer told ESPN, “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. I have succeeded in banking, and I have succeeded in boxing, and I look forward to the next opportunity.”
The next opportunity is speculated to be with Mayweather Promotions. Mayweather was undoubtedly Golden Boy’s most profitable fighter, but just hours after Schaefer headed out the door, Mayweather followed close behind. Since his 2007 bout with Oscar De La Hoya, Mayweather Promotions and Golden Boy have co-promoted all of Mayweather’s fights, which total nine. Both the 2007 De La Hoya bout and 2013 bout with Canelo Alvarez were promoted by Schaefer and set records as the most and second most buys at 2.5 and 2.2 million respectively.
The addition of Schaefer will not likely help in securing the highly discussed match up between Mayweather and Manny Pacquiao. One of the major hold-ups recently has been Mayweather’s unwillingness to work with Pacquiao’s manager, Bob Arum of Top Rank Promotions. Much of the refusal has been fueled by Schaefer.
During his tenure with Golden Boy Schaefer has also worked with advisor Al Haymon to secure a number of big name cards, though not all of those fighters have been under contract. This has caused a number of legal issues for Golden Boy and Haymon, which may or may not have contributed to Shaefer’s departure.
Schaefer does still hold a small percentage of the company and Golden Boy has contended that Schaefer is under contract until March 2018. De La Hoya had previously stated publicaly that he does not want Shaefer to leave, though this was prior to Golden Boy asking for $50 million in damages.
![](https://www.boxinginsider.com/wp-content/uploads/2024/04/logo.png)
LarryFex
06/25/2024 at 2:55 am
pin up az: pin up yukle – pin-up cazino
AlbertImipt
06/25/2024 at 6:38 am
pin up azerbaycan yukle https://azerbaijancuisine.com/# pin-up online casino
pin up 306
Richardled
06/26/2024 at 9:47 am
best online pharmacies in mexico [url=https://northern-doctors.org/#]mexican pharmacy northern doctors[/url] mexican pharmaceuticals online
Richardled
06/26/2024 at 5:17 pm
mexican rx online [url=https://northern-doctors.org/#]mexican pharmacy northern doctors[/url] best online pharmacies in mexico
Williamfrumn
06/26/2024 at 5:30 pm
mexican pharmacy: mexican northern doctors – medicine in mexico pharmacies
Williamfrumn
06/26/2024 at 7:21 pm
best online pharmacies in mexico: northern doctors pharmacy – buying prescription drugs in mexico online
Williamfrumn
06/26/2024 at 11:08 pm
medicine in mexico pharmacies: mexico drug stores pharmacies – best online pharmacies in mexico
Richardled
06/27/2024 at 12:04 am
mexico drug stores pharmacies [url=http://northern-doctors.org/#]northern doctors pharmacy[/url] mexican rx online
Williamfrumn
06/27/2024 at 1:00 am
mexican pharmacy: mexican pharmacy – mexican pharmaceuticals online
Williamfrumn
06/27/2024 at 6:32 am
medicine in mexico pharmacies: buying prescription drugs in mexico online – buying prescription drugs in mexico
Richardled
06/27/2024 at 9:25 am
buying prescription drugs in mexico online [url=https://northern-doctors.org/#]northern doctors[/url] medication from mexico pharmacy
JeffreyMok
06/27/2024 at 10:58 am
https://northern-doctors.org/# buying prescription drugs in mexico online
Richardled
06/27/2024 at 6:36 pm
purple pharmacy mexico price list [url=http://northern-doctors.org/#]mexican pharmacy[/url] buying prescription drugs in mexico online
Williamfrumn
06/28/2024 at 3:27 am
п»їbest mexican online pharmacies: mexican pharmacy – best online pharmacies in mexico
Richardled
06/28/2024 at 3:30 am
medicine in mexico pharmacies [url=http://northern-doctors.org/#]mexican pharmacy northern doctors[/url] mexican drugstore online
JeffreyMok
06/28/2024 at 4:24 am
http://northern-doctors.org/# pharmacies in mexico that ship to usa
Williamfrumn
06/28/2024 at 5:01 am
mexican online pharmacies prescription drugs: northern doctors – mexican pharmacy
Williamfrumn
06/28/2024 at 6:35 am
mexican online pharmacies prescription drugs: mexican pharmacy online – mexico pharmacy
JeffreyMok
06/28/2024 at 7:00 am
https://northern-doctors.org/# mexican drugstore online
Williamfrumn
06/28/2024 at 11:34 am
mexican border pharmacies shipping to usa: mexican pharmacy – purple pharmacy mexico price list
JeffreyMok
06/28/2024 at 12:24 pm
https://northern-doctors.org/# mexican drugstore online
Richardled
06/28/2024 at 12:29 pm
mexico pharmacies prescription drugs [url=http://northern-doctors.org/#]mexican pharmacy online[/url] buying from online mexican pharmacy
Williamfrumn
06/28/2024 at 6:17 pm
best online pharmacies in mexico: northern doctors – buying prescription drugs in mexico online
Williamfrumn
06/28/2024 at 7:58 pm
mexico pharmacy: mexico drug stores pharmacies – best online pharmacies in mexico
Richardled
06/28/2024 at 9:33 pm
pharmacies in mexico that ship to usa [url=https://northern-doctors.org/#]northern doctors pharmacy[/url] mexican pharmaceuticals online
Williamfrumn
06/28/2024 at 11:16 pm
mexican border pharmacies shipping to usa: mexican pharmacy – buying prescription drugs in mexico
Stephenrhype
06/29/2024 at 4:47 am
medicine in mexico pharmacies: mexican mail order pharmacies – mexican drugstore online
DonaldBiono
06/29/2024 at 5:35 am
mexico drug stores pharmacies
https://cmqpharma.com/# pharmacies in mexico that ship to usa
mexican mail order pharmacies
Ronnienop
06/29/2024 at 4:51 pm
reputable mexican pharmacies online [url=https://cmqpharma.com/#]mexican pharmacy[/url] mexican online pharmacies prescription drugs
Ronnienop
06/29/2024 at 7:58 pm
mexico drug stores pharmacies [url=https://cmqpharma.com/#]online mexican pharmacy[/url] buying prescription drugs in mexico
Ronnienop
06/30/2024 at 1:33 am
reputable mexican pharmacies online [url=https://cmqpharma.com/#]online mexican pharmacy[/url] buying from online mexican pharmacy
Davidtoows
07/20/2024 at 1:50 am
mexico pharmacy: best online pharmacies in mexico – buying prescription drugs in mexico
EdwardLoobe
07/20/2024 at 2:10 am
https://canadapharmast.online/# canadian discount pharmacy
Michaelmoolo
07/20/2024 at 3:51 am
mexican pharmacy: buying from online mexican pharmacy – buying prescription drugs in mexico
Davidtoows
07/20/2024 at 6:47 am
online pharmacy india: world pharmacy india – Online medicine order
Davidtoows
07/20/2024 at 11:51 am
canadian pharmacy 24h com: canadian drug – canadian online pharmacy
Michaelmoolo
07/20/2024 at 1:15 pm
medicine in mexico pharmacies: mexico pharmacy – buying from online mexican pharmacy
EdwardLoobe
07/20/2024 at 3:17 pm
http://foruspharma.com/# mexico pharmacies prescription drugs
Davidtoows
07/20/2024 at 5:35 pm
reputable indian online pharmacy: cheapest online pharmacy india – reputable indian online pharmacy
Michaelmoolo
07/20/2024 at 10:11 pm
legitimate canadian online pharmacies: canadian pharmacy oxycodone – canadian online drugs
Davidtoows
07/20/2024 at 10:36 pm
indian pharmacy: online pharmacy india – best online pharmacy india
EdwardLoobe
07/21/2024 at 2:40 am
http://indiapharmast.com/# Online medicine home delivery
Davidtoows
07/21/2024 at 3:49 am
canadian pharmacy oxycodone: canadian pharmacy no rx needed – canadian pharmacies that deliver to the us
Michaelmoolo
07/21/2024 at 7:34 am
indian pharmacies safe: india pharmacy mail order – pharmacy website india
Davidtoows
07/21/2024 at 8:39 am
indianpharmacy com: indian pharmacy paypal – п»їlegitimate online pharmacies india
Jamesjam
07/21/2024 at 5:33 pm
where can i buy clomid pills: where to get generic clomid online – where to get clomid pills
Thomaskef
07/21/2024 at 5:43 pm
https://ciprodelivery.pro/# buy cipro
Thomaskef
07/22/2024 at 1:53 am
https://clomiddelivery.pro/# cost of generic clomid no prescription
Thomaskef
07/22/2024 at 9:44 am
http://ciprodelivery.pro/# ciprofloxacin mail online
Thomaskef
07/22/2024 at 5:40 pm
http://paxloviddelivery.pro/# paxlovid generic
Jamesjam
07/22/2024 at 6:46 pm
doxycycline 40mg capsules: doxycycline 20 mg capsules – doxycycline prescription uk
Thomaskef
07/23/2024 at 1:35 am
https://ciprodelivery.pro/# ciprofloxacin 500 mg tablet price
Jamesjam
07/23/2024 at 7:33 am
doxycycline 100mg online uk: doxycycline 200 mg – doxycycline 100mg acne
Thomaskef
07/23/2024 at 8:53 am
https://doxycyclinedelivery.pro/# buy doxycycline 100mg pills
Thomaskef
07/23/2024 at 4:06 pm
http://doxycyclinedelivery.pro/# doxycycline tablets canada
Jamesjam
07/23/2024 at 8:07 pm
doxycycline 100mg price 1mg: doxycycline brand name india – doxycycline 20mg canada
Thomaskef
07/24/2024 at 12:29 am
https://clomiddelivery.pro/# buying cheap clomid online
Jamesjam
07/24/2024 at 9:33 pm
where can i buy amoxicillin over the counter uk: amoxicillin 500mg prescription – amoxicillin 500 mg brand name