Judge Rules Against Golden Boy in Its Lawsuit Against Al Haymon

Discussion in 'The Ring' started by hyperman25, Jan 26, 2017.

  1. hyperman25

    hyperman25 Steel Chin-God Body-ko'ing ko artist Marvelously

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    By Keith Idec and Rick Reeno

    A California federal judge issued a summary judgment Thursday against Golden Boy Promotions in its $300 million federal lawsuit against Al Haymon, the hedge fund that has financed Haymon’s “Premier Boxing Champions” series and Haymon’s affiliated businesses.

    The ruling essentially means Golden Boy Promotions’ case has been thrown out of court because it doesn’t have enough merit to go to trial, which would’ve been a lengthy and costly process for both parties. Golden Boy Promotions has the right to file an appeal.

    Golden Boy Promotions, owned by Oscar De La Hoya, filed the lawsuit in August 2015. In it, Golden Boy alleged that Haymon had consistently violated the Muhammad Ali Boxing Reform Act, which prohibits someone from acting as a promoter and manager in boxing, and that through his “Premier Boxing Champions” series was attempting to establish a boxing monopoly.


    De La Hoya, a retired boxing superstar who won world titles in six weight classes after capturing a gold medal at the 1992 Summer Olympics, could not be reached for comment Thursday. The 43-year-old De La Hoya was arrested early Wednesday morning in Pasadena, California, and charged with two misdemeanors – driving under the influence of alcohol and driving with a blood alcohol content of .08 percent or greater.


    A spokesman for the polarizing Haymon, who does not speak to the media, declined comment Thursday.


    The high-profile lawsuit against Haymon was filed in large part because many of the prominent fighters Golden Boy once promoted or worked with regularly are now part of Haymon’s “Premier Boxing Champions.” With unprecedented funding, the series launched in March 2015 with a card televised by NBC from MGM Grand Garden Arena in Las Vegas. In the nearly two years since its inaugural show, PBC also has purchased air time on CBS, ESPN, FOX, FS1, Spike and Bounce TV in an effort to bring boxing back to free television and basic cable. The intent of the series is to draw high enough ratings to entice television executives to eventually pay for boxing programming they haven’t been willing to purchase in recent years.


    The funding for PBC, reportedly in excess of $500 million, came from a hedge fund managed by Waddell & Reed Financial, Inc., based in Overland Park, Kansas.



    Keith Idec is a senior writer/columnist for BoxingScene.com. He can be reached on Twitter @Idecboxing.

    - See more at: Judge Rules Against Golden Boy in Its Lawsuit Against Al Haymon - Boxing News



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  2. aceboon

    aceboon Superstar

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    :salute:
     
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  3. Big Boss

    Big Boss Veteran

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  4. Rev

    Rev level up

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    Rough week for Oscar with that DUI and now this. :umad:

    Hopefully this means that Haymon and Schaefer can really get to work now with their efforts. Trying to be optimistic, but who the fukk knows anymore.

    :manny:
     
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  5. FaTaL

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    Are Schaefer and Haymon still on good terms?
     
  6. Aswad

    Aswad Superstar Supporter

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    This is from November.

    The mysterious Richard Schaefer-Al Haymon relationship - Boxing News

    But while Schaefer will work closely with Haymon, he insists his new Ringstar Sports promotional brand is his, and his only.

    “He’s a friend and we have worked together on the Mayweather fights,” Schaefer told Boxing News about his relationship with Haymon. “He was Floyd’s advisor so we got to know each other and I respect him as a very smart, honest, straightforward businessman and it is a pleasure to work with him. What he does for the sport of boxing, and what he does particularly for his fighters is unheard of, and that’s why you have so many fighters who want to sign with Al Haymon because he takes care of his fighters.

    “Truth be told, if I was to have a son who wanted to be a boxer, I wouldn’t have a second thought on recommending him to sign with Al Haymon. I don’t know how many fighters he has under contract, some say 200, some say 250, but whatever the number is, if you work with that many people in any business you know there are always going to be some who are unhappy. But with Al Haymon, with the exception of one who I heard complain which was Vanes Martirosyan, there is not one fighter who can say one negative word about the man. That tells everything you need to know about him. What better endorsement can you get?”
     
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