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Richard Schaefer founds Ringstar Sports

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Former Golden Boy executive RIchard Schaefer officially returns to boxing as he founds his own promotional company.

Isaac Brekken/Getty Images

Well, Richard Schaefer didn't take the lead at Mayweather Promotions as some suspected. Instead, the former Golden Boy CEO has founded Ringstar Sports - a new promotional outfit. And Schaefer already has things on the move as he expects to promote his first event this summer as he tells ESPN. Schaefer has already got his hands on licenses to promote fights in New York, Texas and California, and has a pending Nevada license that is expected to come through soon enough.

"I'm very excited to be back," Schaefer said.

Schaefer previously made his mark in boxing when he co-founded Golden Boy Promotions alongside Oscar De La Hoya in 2002. For more than a decade afterwards, Schaefer effectively ran the day-to-day operations for the company while De La Hoya was largely absent. Schaefer is largely credited with being the single major factor in the company's success.

Of course, a pretty significant fallout occured between Schaefer and De La Hoya on the company's direction. De La Hoya was severely unhappy with how Schaefer was conducting business at Golden Boy, which ultimately resulted in Schaefer leaving the company and some ensuing litigation between the two.

After Schaefer departed the Golden Boy, several other key employees were also let go in the aftermath. With Ringstar Sports a newfound entity, Schaefer hopes to "put the band back together," at his new company, which would include longtime friend and colleague Bruce Binkow.

"I could have come back quite a while ago, last summer, when my non-compete expired but I took my time. I was thinking it through and I'm very excited now to go full-steam ahead with Ringstar," Schaefer said. "I am reactivating my deep relationships in the boxing industry with fighters, venues, networks, sponsors, managers and, of course, my friends in the media. I will be in the coming weeks recruiting a seasoned team of executives from matchmakers to operational people, marketing and sponsorship professionals to join me at Ringstar to help maximize revenues for our athletes."

Schaefer says he will focus on promoting fights in the U.S., but will also seek opportunities abroad in the U.K. He also admits that he will be likely to promote some PBC cards for close business associate and friend, Al Haymon.