Floyd Mayweather, Jr. Drops Golden Boy Promotions

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By Vincent Paul Hidalgo | June 3, 2014 3:04 PM EST

Golden Boy Promotions suddenly loses its luster with the departure of Floyd "Money" Mayweather, Jr. Hours after the unsurprising resignation of Golden Boy Promotions Chief Executive Officer Richard Shaefer, its prized fighter, the pound-for-pound king Mayweather followed suit and left the promotion outfit.

Reuters
Floyd Mayweather Jr. (L) of the U.S. and Marcos Maidana of Argentina hold a media conference following their WBC/WBA welterweight unification fight at the MGM Grand Garden Arena in Las Vegas, Nevada, May 3, 2014. REUTERS/Steve Marcus (UNITED STATES - Tags: SPORT BOXING)

Shaefer's resignation has long been expected with constant reports of infighting with the company's co-founder and majority shareholder, Oscar dela Hoya. With the report of Mayweather's exit, rumors surfaced that a deal is in place for Shaefer to eventually join Mayweather Promotions in some capacity.

Mayweather Promotions Chief Executive Leonard Ellerbe did not address the speculations but clarified that the American boxer will no longer be handled by Golden Boy Promotions in the upcoming Sep. 13 fight. As reported by ESPN news, when Ellerbe was asked on the possibility of GBP representing Mayweather for any upcoming fights, he responded, "Absolutely not."  

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

This development comes as a big financial hit to Golden Boy Promotions registering an all-time pay-per-view subscription of over 2.5 million for a Mayweather fight in 2007. While in the past, GBP promoted the fights with Mayweather's outfit, Ellerbe said such arrangement was only allowed due to Mayweather Promotion's confidence and close relationship with Schaefer and his right-hand man, Bruce Binkow, chief operating officer and chief marketing officer, who many expected will be leaving Golden Boy shortly to join Schaefer in his next endeavor.

While the date of the next fight for Mayweather has been set, no opponent has been selected to face the fighter who won a close bout with Marcos Maidana.

Ellerbe said once Mayweather returns from his vacation, the promotion outfit will finalize the details of the next fight with a new development that is set in stone. Golden Boy Promotions is out of the picture from the future Mayweather fights.

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(Photo: Reuters / )
Floyd Mayweather Jr. (L) of the U.S. and Marcos Maidana of Argentina hold a media conference following their WBC/WBA welterweight unification fight at the MGM Grand Garden Arena in Las Vegas, Nevada, May 3, 2014. REUTERS/Steve Marcus (UNITED STATES - Tags: SPORT BOXING)
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