After weeks of speculation it finally became official. Richard Schaefer has stepped down as the CEO of Golden Boy Promotions. Schaefer has been the man behind the growth of Golden Boy Promotions for the last twelve years helping build it into the empire that it is today. He has been running the show as President Oscar De La Hoya has battled drug and personal issues for the last couple years. For the past few months De La Hoya and Schaefer have been having problems within the company with one focus being on the Cold War. De La Hoya has openly stated he wishes to work alongside Bob Arum to co-promote fights while Schaefer has refused to work with Arum ever again. After getting out of rehab, De La Hoya has made it known that he wishes to be the man in charge of Golden Boy again, and to make the best fights possible for the fans of the sport.
Many think the split will allow some doors to open as regards to big fights being made as Golden Boy fighters can now take on Top Rank fighters. However the main question is how many fighters are actually signed to Golden Boy, and how many are with manager Al Haymon? Is Haymon willing to work with Golden Boy without Schaefer running the show? One key thing in all of this is that Schaefer will be keeping his shares in Golden Boy which means his financial success personally will grow as long as Golden Boy keeps making money. Leaving Golden Boy to go against the company with another promoter or forming his own promotional company with Haymon may be against his better interest. Only time will tell how this move plays out.