Richard Schaefer is coming back to the boxing business -- to fill a void in the sport as he sees it. The former CEO of Golden Boy Promotions wouldn't specify in exactly what capacity or banner he would return under, but he did suggest it would be in a promotional role. And of course with it being well known that Schaefer has a close working relationship with both Al Haymon and Floyd Mayweather, a post at Mayweather Promotions would seem to be a logical fit.
"I want to fulfill my vision for the sport," Schaefer said in a phone interview. "And I was thinking, at one point, to maybe get involved in the management side of the sport. But I'm still most excited about the promotional side, and so it just excites me more, and I think there's a void and a need."
"As you heard from Floyd before, Floyd would like to work with me again and I would like to work with him again," Schaefer told RingTV.com. "And so we are very close friends and we respect each other."
Schaefer split with Golden Boy back in June 2014 after a falling out with the company's figurehead Oscar De La Hoya. Long story short, Oscar wasn't at all pleased that while Schaefer was heading the business he continually promoted big shows for Al Haymon fighters while not actually signing them to promotional contracts. So once De La Hoya and Schaefer came to an impasse on his business dealings and Schaefer decided to resign from his post, nearly all of Golden Boy's notable talent defected as well. That left Golden Boy's cupboard really bare -- hence why DLH is extremely deliberate in how he manages Canelo Alvarez's career.
De La Hoya would go on to sue Richard Schaefer after that, accusing him of breaching his fiduciary responsibilities to the company he was supposed to be protecting. They two sides ultimately reached a settlement on the $50M De La Hoya was seeking through arbitration, with Schaefer's non-compete clause essentially forcing him out of the business for a period of time. Schaefer's non-compete clause officially expired last August, but he didn't rush back into the sport as he weighed his options. But now Schaefer says his return is imminent.
"I'm working on a rather large project, which I think will be tremendous for the sport and with another group so I want to do things right," said Schaefer, who plans to announce his next endeavor in a matter of weeks. "When I do announce that I'm coming back, it's not just going to be ‘Richard Schaefer-this and Richard Schaefer-that.' It's going to be a major announcement."
Schaefer goes on to say that his close relationships with Mayweather and executives at the MGM Grand, Anschutz Entertainment Group, and Showtime all play a role in his decision to return as he considers himself a "relationship guy." And one has to think that with Schaefer potentially taking the helm at Mayweather Promotions, Floyd being the face and spokesman, and Al Haymon heading up the managerial side of things....oh, the possibilities.
Article courtesy of Bad Left Hook
