Golden Boy Promotions CEO Richard Schaefer, who helped found the powerhouse promotional company and has negotiated some of boxing's biggest deals, agreed to his own on Wednesday -- a long-term contract extension to remain as the company's lead executive.
Terms were not disclosed, although Schaefer does own a small percentage of the Los Angeles-based company.
"I am thrilled to have Richard commit to a long-term contract extension with Golden Boy, as he is not only my trusted chief executive officer, but he is one of my closest friends," Golden Boy president and retired former 10-time world champion Oscar De La Hoya said in making the announcement. "This is a very important day for the company and another, and very exciting, chapter in our storied path. We have achieved so much already and I can't wait to announce the many endeavors Richard and I have been working on over the past months to ensure our continued growth and success."
Schaefer, a former Swiss banker, has been friends with De La Hoya for many years and was hired by him in 2000 to run De La Hoya's Golden Boy Enterprises. In 2003, Schaefer and De La Hoya formed Golden Boy Promotions, and Schaefer was named the only CEO in company history.
"I am excited to extend my contract and look forward to working with the company for many years to come," Schaefer said. "Oscar is a visionary leader who has inspired millions as a fighter in the ring and now he is doing the same thing outside of the ring with his 'yes, we can' attitude. I am proud of him, our Golden Boy staff, our partners and shareholders and, most importantly, our fighters, who make the company what it is."
Schaefer's contract extension puts to rest the buzz in the boxing business that he was preparing to leave the company to set out on his own after the expiration of his deal.
Schaefer has been intimately involved in many of boxing's biggest fights since the formation of Golden Boy, which the company says was involved in 103 boxing promotions in 2011.
Schaefer helped put together deals for many De La Hoya and Floyd Mayweather Jr. fights, among the highest grossing pay-per-view events in the sport's history. Schaefer promoted the 2007 Mayweather-De La Hoya junior middleweight title bout, which set numerous boxing revenue records, including highest grossing pay-per-view and biggest gate.
Schaefer also has negotiated dozens of deals with HBO, Showtime, ESPN and several other networks on top of numerous sponsorship and venue agreements, including a deal that will commence in the fall with Golden Boy serving as the exclusive boxing promoter for the new Barclays Center in Brooklyn, N.Y.
Golden Boy promotes more than 50 fighters, including Mayweather, Bernard Hopkins, Saul "Canelo" Alvarez, Amir Khan, Devon Alexander and Victor Ortiz.
"Our success speaks for itself," Schaefer said. "Together, we have built the company into a global promotions powerhouse and we will continue to make history every day. We have a great team of young, energetic and creative people working for and with us. I am looking forward to breaking new records together with them."