Las Vegas, NV, United States (4E Sports) – Pound-for-pound king Floyd Mayweather Jr. announced that he will not work again with Golden Boy Promotions following the resignation of Richard Schaefer as the company’s chief executive officer.
Schaefer resigned after months of alleged infighting with company co-founder/majority shareholder/president Oscar De La Hoya.
Mayweather, whose fights generate the biggest pay-per-view numbers in the sport, has worked with Golden Boy on a fight-by-fight basis for all of his nine bouts since his 2007 blockbuster against De La Hoya, which set the all-time pay-per-view buy record at nearly 2.5 million subscriptions.
However, Mayweather, whose own company, Mayweather Promotions, co-promoted his fights, only worked with Golden Boy because of Schaefer, with whom he has grown close over the years.
Mayweather Promotions chief executive Leonard Ellerbe said Golden Boy will not be involved in Mayweather’s next fight on Sept. 13.
“We have a great working relationship with Richard Schaefer and that will never change,” Ellerbe said. “Richard is a good friend and a great businessman and an excellent promoter. Richard will have an impact in anything that he decides to do, a tremendous impact.”
“He built that company from the ground up and did a phenomenal job. We’ve had a very close relationship for a number of years and worked hand-in-hand on a number of great fights,” he added.
Golden Boy Promotions had no comment.
Schaefer, the former Swiss banker who co-founded Golden Boy Promotions with close friend De La Hoya in 2002, has served as its only CEO.
His exit from the company was not unexpected, given the public issues between Schaefer and De La Hoya over the past few months, but the timing was a bit surprising — a few days before De La Hoya’s induction on Sunday into the International Boxing Hall of Fame.
“After more than 10 years with Golden Boy, it is time to move on to the next chapter of my career,” Schaefer said in a statement earlier Monday. “This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave.”
Schaefer has promoted the two biggest-selling pay-per-view events in boxing history, the 2007 showdown between Mayweather and De La Hoya, which generated a record of nearly 2.5 million buys, and the 2013 fight between Mayweather and Canelo Alvarez, which set the all-time pay-per-view revenue record ($150 million), all-time gate record ($20 million) and sold the second-most units (2.2 million).