Golden Boy Suing Ex-CEO Richard Schaefer for $50 Million

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Richard Schaefer resigned from Golden Boy Promotions roughly a month ago, but most people knew that it would never be as simple as just walking around.

Golden Boy and Oscar De La Hoya have delivered the first blow in what looks will be a long drawn out war.

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 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.