Oscar de la Hoya is known for his ability and skill in the ring as a professional boxer but not by his skill as a corporate executive who is capable of steering the No.1 boxing promotions company in the world. But last Saturday, de la Hoya proved to naysayers that he can also be a good boxing promoter and an exceptional corporate executive. The weekend boxing event featuring Saul “Canelo” Alvarez and Erislandy Lara as the main attraction, was a box office success garnering close to 15,000 live audience at the MGM Grand Garden Arena in Las Vegas Nevada. Such an outstanding and enviable success won’t just happen if is not made to happen and it could only be possible if the head of the organization knows what he’s doing. Clearly, de la Hoya knows what he is doing contrary to rumors that his company, the Golden Boy Promotions (GBP) is headed to a downward journey to nowhere following the abrupt resignation of Richard Schaefer, the company’s chief executive officer.
While de la Hoya was lording it over as boxing’s greatest fighter during his prime, he installed Schaefer as GBP’s chief executive officer, overseeing the day-to-day operation of the business. A veteran investment banker, Schaefer proved his worth and turned de la Hoya’s company into one of the biggest boxing promotions company in the world. De la Hoya was happy with what Schaefer did for his company until a “corporate war” ensued between GBP and rival Top Rank Promotions owned by Bob Arum. Initially, Schaefer tried to be diplomatic with Arum in the negotiating table where they used to discuss the Pacquiao-Mayweather fight for close to five years. But the former Swiss banker got fed up with Arum’s style and promised himself not to ever do business with Arum.
In the meantime de la Hoya wanted to revive his business relationship with Arum for the purpose of holding joint promotions that will feature matches from their roster of fighters. This was opposed by Schaefer leading to his resignation as CEO of GBP. Schaefer remains as minority shareholder of GBP. Meanwhile, de la Hoya was left with no option but to take over the day-to-day operations of GBP and with the help of the staff that remained with the company, he was able to prove that GBP will remain viable under his watch. Proof of this is the fight dubbed ?Honor and Glory,” not only showed his talent as promoter but it puts him clearly in the driver’s seat of one of the most profitable boxing promotions companies in the world. Now, de la Hoya is fast gaining public support for his efforts in reaching out to his main competitor in an effort to fix the ills of what others say as a dying industry.
