Top Rank and Golden Boy finally buried the hatchet with a settlement that puts to a close their legal battles stemming from differences in promoting marquee fighters like Oscar de la Hoya and Manny Pacquiao.
The agreement was signed yesterday after the opposing parties got together to work things out with mediator Dan Weinstein, a retired judge known for bringing bitter rivals to the table for a compromise instead of waging an expensive war in the courts where only lawyers end up grinning all the way to the bank.
A phonecall from Las Vegas early yesterday morning confirmed the news.
With the settlement cast in stone, Top Rank?s Bob Arum is just about ready to pack up for a one-month vacation in Europe. Golden Boy?s chief executive officer Richard Schaefer also deserves a break for ironing out the details of the landmark contract.
The dispute didn?t only concern Pacquiao?s promotional rights, the subject of a tug-of-war between Top Rank and Golden Boy since the celebrated Morton?s steakhouse meeting in Los Angeles where de la Hoya handed the Filipino icon a suitcase bursting with cold cash ? $350,000 to be exact as a signing bonus plus $150,000 added as a purse advance ? last September.
Pacquiao later sent a $500,000 check to Golden Boy, renouncing the contract, when he was told his existing Top Rank pact prevented signing with any other promoter until its expiration. The check was not accepted by Golden Boy because if it were, there would be no basis for a suit against Pacquiao to enforce the contract.
Now, Golden Boy is ready to accept the $500,000 check.
Top Rank used to promote de la Hoya, who controls Golden Boy, and sued the fighter, presumably because of certain pending obligations, when he bolted Arum to form his own outfit. Golden Boy, in turn, sued Top Rank for tortuous interference after signing up Pacquiao. The settlement means the cases will no longer be pursued.
Boxing fans are increasingly annoyed by news of promoters and managers going to court over money. To the disenchanted, the fight game has become nothing more than a crass business where the players are ruthless and greedy. The integrity of the sport has been compromised by the almighty dollar and the rise of alphabet soup governing bodies that were created to cash in on the financial bonanza.
Arum and Schaefer proved there is hope for boxing. They came to terms, not only for the benefit of their organizations and fighters, but also for the good of the sport. The ultimate beneficiary is the fan who pays good money to watch the best possible matchup in the ring. The fan hates to be shortchanged. He deserves to witness a fight that is competitive, fair and challenging.
Pacquiao comes out of this settlement the biggest winner of them all. Whatever deal he has with Top Rank will not be affected. If there is to be a sharing of moneys, it will be Top Rank splitting with Golden Boy, not Pacquiao.
Golden Boy and Top Rank will co-promote fights involving Pacquiao and de la Hoya?s marquee fighters, specifically Marco Antonio Barrera and Juan Manuel Marquez. In fights involving Golden Boy?s non-marquee fighters, Top Rank will be the lead promoter with de la Hoya?s group retaining some interest.
The first fight to be staged under the terms of the settlement will be Pacquiao versus Barrera on Oct. 6 at Mandalay Bay in Las Vegas. Humberto Soto, who was lined up to face Pacquiao before the settlement was forged, may now take on Joan Guzman, also in October, on a separate card.
All?s well that ends well. Clearly, the settlement was a victory for the sport.
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