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Oscar De La Hoya is not having a good night. Just hours after Richard Schaefer, CEO of his company Golden Boy Promotions, decided to step down from his post, De La Hoya's most profitable star followed suit.
ESPN reports that Floyd Mayweather Jr. elected to leave Golden Boy as a direct result of Schaefer's departure, and because of personal issues with De La Hoya, will not work with Golden Boy now that Schaefer is no longer involved.
"We have a great working relationship with Richard Schaefer and that will never change," Mayweather Promotions CEO Lloyd Ellerbe told ESPN. "Richard is a good friend and a great businessman and an excellent promoter . . . He built that company from the ground up and did a phenomenal job."
Mayweather Promotions and Golden Boy co-promoted every one of Floyd's fights since his record-setting battle with De La Hoya in 2007. After nine fights and years of bitter exchanges between Mayweather and De La Hoya, the biggest partnership in boxing has finally ended.
This news does dampen the hopes for a potential superfight between Mayweather and Manny Pacquiao which had flared up once again at Schaefer's announcement. Given that Schaefer, more than De La Hoya, was vocally opposed to working with Pacquiao's promoter Top Rank, fans might have entertained the idea that the much anticipated bout could finally take place, but speculations that Schaefer will continue to play a role in Mayweather's fights lead one to believe that the Money Team won't be asking Top Rank for their business any time soon--again.
These are some seriously big changes in the boxing environment, and just days before De La Hoya's induction into the International Boxing Hall of Fame. The timing should come at no surprise, though. If the endless morass surrounding the Pacquiao-Mayweather situation has taught us anything, it's that the top players really know how to spoil a party.
Keep an eye on Bad Left Hook for more updates as this situation unfolds.