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Golden Boy, Schaefer to arbitration
Dan Rafael [ARCHIVE]
ESPN.com
June 26, 2014


"Lest anyone think that Richard Schaefer would simply walk away from Golden Boy Promotions without any blowback from president, co-founder and former friend Oscar De La Hoya, think again.

Last week, Golden Boy filed an arbitration for $50 million in damages against Schaefer, who resigned as CEO earlier this month, a source with knowledge of the filing told ESPN.com on Thursday.

Other than the dollar figure it is asking for, it is unclear what Golden Boy is accusing Schaefer of, although much of the public discussion surrounding his leaving the company has centered on the fact that he regularly put fighters advised by Al Haymon on major cards even though Golden Boy did not have them under promotional contract, which angered De La Hoya.

The reason that the case is going to private arbitration rather than court, where the records would be public, is because Schaefer's employment agreement with Golden Boy has a clause stating that if either party sued the other it would be done through arbitration rather than a lawsuit, according to the source.

De La Hoya, the majority shareholder of the company, declined to comment through a Golden Boy spokesperson.

Reached by telephone, Schaefer, who still holds a roughly 8 percent stake in the company, said simply, "I have no comment. I'm not going to talk about it."

Golden Boy has maintained that Schaefer remains under contract to the company through March 2018."