photo: Lukie

On Wednesday May 6th, Golden Boy Promotions has filed a 300 million dollar lawsuit against manager/advisor Al Haymon for violating the Muhammad Ali and employing anti-competitive business practices i.e. a monopoly. The suit also includes Haymon’s major backer, Waddell & Reed Financial, Inc., an asset management company (“hedge fund company”) that has been a major supporter of Haymon to launch Premier Boxing Champions commonly referenced as PBC.

Red flags have been raised since the launch of the PBC as a manager/advisor can not function as the promoter of the event as well according to The Ali Act. Haymon has been working as the advisor to PBC fighters, but working with Goossen-Tutor promotions, Warriors Promotions and DiBella Entertainment who have functioned as the promoter. It is in essence a loop hole, but still a hole as Haymon has the ability to control the event, but is technically not the promoter , just the manager. The lawsuit is essentially saying Haymon is functioning with a conflict of interest as both a manager and “promoter”  Haymon has too much weighted interest in the event that may conflict with the needs of his clients.

“…Mr. Haymon flaunts a federal law meant to protect those who put everything on the line to entertain fans of our sport,” said Oscar De La Hoya, Founder and President of Golden Boy Promotions as he expressed distain towards the situation in press release.

In 2013, Al Haymon began recruiting Golden Boy Promotions fighters to sign under his umbrella with the help of Richard Schaefer, the former Golden Boy Promotions CEO. This continued into the “summer of 2014”, in which a horrible schedule of boxing mismatches plagued Golden Boy Promotions as it appeared that the fighters signed to both Golden Boy Promotions and Al Haymon where looking to run out their Golden Boy contract with the lowest risk fights, which in effect hurt the brand of Golden Boy Promotions.

“Having personally been refused a lucrative fight with a Haymon-managed fighter, I have felt first-hand the impact of Haymon’s attempt to form a monopoly. These practices are detrimental to boxers, fans and the sport as a whole,” added Hopkins, a co-owner of Golden Boy Promotions. Hopkins is referencing trying to a make a bout between himself and lineal light heavyweight champion, Adonis Stevenson last November.

The lawsuit marks the first real shot fired at Haymon and PBC as last year, Haymon was sued by The Duva’s (Main Events Promotions), which was later retracted.