Golden Boy Promotions CEO Richard Schaefer is leaving the firm he helped found with Oscar De La Hoya in 2002. Schaefer's resignation was such a surprise that De La Hoya himself appeared caught off guard, and he explained to an ESPN reporter that he wanted Scahefer to stay just hours before Schaefer released a statement confirming his departure.
The statement read: "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. I am proud to remain a shareholder, so I have a strong interest in the continued success of the company. I am proud of what we have accomplished at Golden Boy, but I now look forward to new challenges."
The move appears directly motivated by De La Hoya attempting to rekindle a working relationship with Bob Arum. Schaefer is a close friend and associate of boxer Floyd Mayweather, Jr. and manager Al Haymon, and both men have a history of strained relations with Arum, who promotes Manny Pacquiao.
Schaefer insisted he would like to stay in the business of boxing, so all possible roads lead to him working in some capacity with Mayweather and/or Haymon in the near future. All of Mayweather's fights since 2007 were under the Golden Boy banner, so this breakup could potentially result in the loss of Golden Boy's most valuable client.
Schaefer's banking history and financial prowess is one of the reasons Golden Boy is the top promotional outfit in the sport of boxing today.
During times when Oscar De La Hoya was beset by scandal and drug addiction, it was Schaefer who ran the business through all the distractions. It is Schaeffer who negotiated and fostered the company's most successful deals with television networks, fighters, sponsors, and venues across the globe. It is Schaeffer who was at the helm when the company promoted some of the most profitable bouts in boxing history.
It will be extremely hard for De La Hoya to find anyone as qualified, experienced, and dedicated as Schaefer. The working relationship between Schaeffer and De La Hoya has been a distant one in recent month, with De La Hoya reporting that he rarely even talked with his CEO during that time.
Schaefer, who used to manage De La Hoya during his own boxing career, also insisted that he will not attend De La Hoya's Hall of Fame induction ceremony on Sunday. Schaefer is also refusing to discuss any pertinent details about his final conversation with De La Hoya or his specific reasons for leaving the company.
