Richard Schaefer steps down from Golden Boy Promotions; Floyd Mayweather follows suit hours later

Richard Schaefer, center, in Las Vegas during the Floyd Mayweather vs. Marcos Maidana fight week

Mayweather and MaidanaPHOTOSSS....

By Chis Robinson

The boxing world was hit with big news on Monday afternoon, as it was revealed that former Golden Boy Promotions CEO Richard Schaefer has stepped down from the company. In a statement issued to various outlets, Schaefer stated the following.

“After more than ten years with Golden Boy, it is time to move on to the next chapter of my career. This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave. I have succeeded in banking and I have succeeded in boxing, and I look forward to the next opportunity. I am proud to remain a shareholder, so I have a strong interest in the continued success of the company. I am proud of what we have accomplished at Golden Boy, but I now look forward to new challenges.”

Mere hours after Schaefer released his statement, it was revealed that five-division world champion Floyd Mayweather had also distanced himself from the company. Golden Boy had co-promoted several of Mayweather’s recent fights but that will no longer be the case.

Mayweather’s advisor Leonard Ellerbe told ESPN’s Dan Rafael that Floyd will ‘absolutely not’ be affiliated with Golden Boy anymore.

“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.

“Mayweather Promotions will continue to promote Floyd’s fights and Floyd will continue to put on the biggest fights in boxing,” Ellerbe added. “I have a tremendous team and staff and we continue to expand year by year and we’re ready to go.”

Stay tuned for more updates on this developing story.

Chris Robinson can be reached at Trimond@aol.com

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