Richard Schaefer resigns from Golden Boy Promotions

Jeff Bottari

After months of speculation, it's official: Richard Schaefer has left the company he built, Golden Boy Promotions.

Richard Schaefer officially tendered his resignation as CEO of Golden Boy Promotions today, according to Dan Rafael of ESPN.com and various other sources, with the resignation reportedly effective immediately, making a move that is going to shake up American boxing in a big way.

Schaefer, who had been rather publicly feuding with Oscar De La Hoya, has been expected to be on the way out for months now barring some miracle save of that relationship. That hasn't happened, though, and now we're left with a new dawn for boxing on HBO and Showtime.

Here are the key notes for the time being:

  • It is believed by most in and around the sport that Schaefer, Mayweather Promotions, and Al Haymon (arguably the sport's most powerful man) will be in some kind of alliance. With Floyd Mayweather himself the real big chip on the table, that should mean that fighters associated with Mayweather and Haymon should be staying on Showtime.
  • What that means for Golden Boy fighters and Oscar De La Hoya is another matter entirely. Many if not all of the fighters who are "advised" by Haymon have fought under the Golden Boy banner for years now, but are not signed to actual contracts with Golden Boy Promotions. The question becomes, is Haymon going to work with Schaefer and Mayweather exclusively, or will he still be open to working with what's left at Golden Boy, too?
  • On that note, will Golden Boy's remaining fighters be Showtime guys, or will they be heading back to HBO? Oscar and Top Rank's Bob Arum have been speaking lately and both have had good things to say about one another. Could the remains of Golden Boy unite, for lack of a better word, with Top Rank and HBO, leaving Showtime with the potential Mayweather/Haymon/Schaefer group?

For the time being, Schaefer does remain a shareholder at Golden Boy, so whatever transition or change is going to come may not come just yet. Here's his statement:

"After more than ten 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."

There are a ton of questions still remaining, and again, this could take a long time to really settle. And who will replace Richard Schaefer at Golden Boy as the CEO? That's another huge question. But the bottom line for right now is that Richard Schaefer is done at Golden Boy Promotions.

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