Oscar and the Terrible, Horrible, No Good, Very Bad Day(s)
by Lenny @TheFightSmith
Nothing takes the shine off a brand new television deal for your boxing promotional outfit with ESPN like a double fail DUI. http://www.tmz.com/2017/01/25/oscar-de-la-hoya-arrested-for-dui/ I’m not normally one to rip someone for a problem with substance abuse, but when that abuse manifests itself as reckless behavior that puts the safety and lives of innocent members of the public at risk, the proverbial gloves come off, so ‘F’ that sh!t. I hope De La Hoya can get his life back together, but karma is a bitch.
Compounding things for De La Hoya the day after his arrest, Golden Boy Promotions’ anti-trust action against Al Haymon’s entities was thrown out by Hon. John F. Walter when he granted Haymon’s motion for summary judgment (“MSJ“). An MSJ is usually http://www.espn.com/boxing/story/_/id/18562321/federal-judge-dismisses-golden-boy-lawsuit-pbc-creator-al-haymon filed by defendants in an attempt to win the case without proceeding to trial. By granting the MSJ, Judge Walter basically ruled that GBP didn’t have sufficient evidence to prevail at trial. If the ruling would have gone the other way, it wouldn’t have been a total win for GBP, but it would have been in a much better position to settle the case before the March 2017 trial date.
I bring up settlement because it seems like Golden Boy has benefited as much financially from settlements as it has from its own boxing events over the last couple years. First, while the financial terms of GBP’s January 2015 settlement with Richard Schaefer were not released, the word on the street was that there was a significant multi-million dollar payout funded by Al Haymon entities. On top of that, the settlement reached between Top Rank and Haymon resulted in an end to the exclusivity aspect of Haymon’s deals with networks like ESPN, allowing Golden Boy to sign this week’s 42-card http://leaveitintheringradio.com/espn-golden-boy-announce-global-multi-year-agreement/ deal with the “Worldwide.” Given what we’ve learned about the surprisingly low (and Canelo-heavy) net profits Golden Boy earned in 2016 ($4.69 million) and the first half of 2016 ($2.8 million), it’s possible that the income from a third Haymon settlement could have made 2017 GBP’s most profitable since Floyd Mayweather’s contract expired (more on that next week).
I’ll be discussing this more in depth on next week’s Wednesday at 6;30 pm PST episode of Leave it in the Ring, so tune in… and subscribe to our Patreon account, cheap asses.