lpinoy
09-23-2010, 04:14 AM
C/P
By Leo Reyes
Top Rank Promotions owner Bob Arum will soon face Golden Boy Promotions' Oscar De La Hoya and Richard Schaefer in what could be a long legal battle outside the ring.
The two top boxing promoters are fighting over the their own shares on the earnings of Manny Pacquiao.
The lawsuit arose from the compromise agreement between Top Rank and Golden Boy over Pacquiao's signing up with both promoters at the same time in 2006.
Pacquiao reportedly signed a seven-fight contract with Golden Boy promotions some time in 2006 and got an advance payment from de la Hoya of US$500 thousand .
A few months later, he signed up with Top Rank's Bob Arum and received twice as much.
.After a series of negotiation leading to arbitration, Pacquiao eventually chose to remain with Top Rank following the signing of a compromise agreement which bound the Filipino boxer to share some of his fight earnings with Golden Boy Promotions.
Golden Boy sued Top Rank, with which it was already embroiled in various lawsuits. The bad blood between Arum and Golden Boy's Richard Schaefer and De La Hoya, Arum's former fighter, led to a cold war between the companies. They refused to do business with each other, denying fight fans a number of marquee matches between their fighters, ESPN.com reports.
But with the legal fees mounting and unrelenting public pressure, the companies reached a global settlement on their lawsuits in June 2007.
Bob Arum and Oscar de la Hoya in 2007
Ethan Miller/Getty Images
Under the settlement brokered by mediator Daniel Weinstein, a retired federal judge, Top Rank retained Pacquiao's promotional rights with Golden Boy due to receive a percentage of Top Rank's profits each time he fought, the report added.
Read: ESPN full article by Dan Rafael
Arum denied the allegations by De La Hoya and Schaefer in their lawsuit, saying the complaint should have been lodged before Weinstein, the retired judge who also handled the arbitration proceedings in 2007.
Weinstein was also asked to handled the arbitration of the failed Pacquiao-Mayweather fight early this year.
Arum said the lawsuit will not prosper.
By Leo Reyes
Top Rank Promotions owner Bob Arum will soon face Golden Boy Promotions' Oscar De La Hoya and Richard Schaefer in what could be a long legal battle outside the ring.
The two top boxing promoters are fighting over the their own shares on the earnings of Manny Pacquiao.
The lawsuit arose from the compromise agreement between Top Rank and Golden Boy over Pacquiao's signing up with both promoters at the same time in 2006.
Pacquiao reportedly signed a seven-fight contract with Golden Boy promotions some time in 2006 and got an advance payment from de la Hoya of US$500 thousand .
A few months later, he signed up with Top Rank's Bob Arum and received twice as much.
.After a series of negotiation leading to arbitration, Pacquiao eventually chose to remain with Top Rank following the signing of a compromise agreement which bound the Filipino boxer to share some of his fight earnings with Golden Boy Promotions.
Golden Boy sued Top Rank, with which it was already embroiled in various lawsuits. The bad blood between Arum and Golden Boy's Richard Schaefer and De La Hoya, Arum's former fighter, led to a cold war between the companies. They refused to do business with each other, denying fight fans a number of marquee matches between their fighters, ESPN.com reports.
But with the legal fees mounting and unrelenting public pressure, the companies reached a global settlement on their lawsuits in June 2007.
Bob Arum and Oscar de la Hoya in 2007
Ethan Miller/Getty Images
Under the settlement brokered by mediator Daniel Weinstein, a retired federal judge, Top Rank retained Pacquiao's promotional rights with Golden Boy due to receive a percentage of Top Rank's profits each time he fought, the report added.
Read: ESPN full article by Dan Rafael
Arum denied the allegations by De La Hoya and Schaefer in their lawsuit, saying the complaint should have been lodged before Weinstein, the retired judge who also handled the arbitration proceedings in 2007.
Weinstein was also asked to handled the arbitration of the failed Pacquiao-Mayweather fight early this year.
Arum said the lawsuit will not prosper.