Axum Ezana
Driving in the fast lane
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
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
