Golden Boy CEO Schaefer signs long term contract extension

Richard Schaefer has signed a long term contract extension with Golden Boy Promotions, which will allow him to remain its CEO "for many years to come," according to Schaefer.

Schaefer was hired in 2000 by Golden Boy President, Oscard De La Hoya, to run Golden Boy Enterprises, and, in 2003, was named CEO of the newly-created Golden Boy Promotions based in Los Angeles.

"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," said De La Hoya.

"This is a very important day for the company, and another 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."

Golden Boy represents seven-time titleholder Floyd Mayweather Jr., partnered and promoted with legendary two-division champ Bernard Hopkins, and has a promotional agreement with numerous young standouts, including Saul Alvarez, Amir Khan, Adrien Broner, Abner Mares, Seth Mitchell, Victor Ortiz, Devon Alexander, Danny Garcia and Gary Russell Jr.

"I am excited to extend my contract and look forward to working with the company for many years to come. Oscar is a visionary leader who has inspired millions as a fighter in the ring," said Schaefer.

"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."

Over the past ten years, Golden Boy Promotions has become a premier promotions company, increasing its revenue and events base yearly.

Golden Boy was involved in 103 boxing promotions in 2011, which translates into an average of nearly two fights per week on nearly every major boxing network in the United States and Mexico, including HBO, Showtime, Fox Sports Net, ESPN, Televisa, and Telefutura.

Among the company's major promotions are bouts such as De La Hoya vs. Mayweather in 2007, De La Hoya vs. Manny Pacquiao in 2008, Antonio Margarito vs. Shane Mosley in 2009, Mayweather vs. Mosley in 2010, and Mayweather vs. Victor Ortiz in 2011.

De La Hoya vs. Mayweather broke all pay-per-view and box office records with 2.5 million buys and over $17 million in gate proceeds.Both records still hold today.

On May 5, Mayweather will challenge WBA junior middleweight beltholder Miguel Cotto on HBO Pay Per View from the MGM Grand in Las Vegas.

On the Mayweather-Cotto undercard, WBC junior middleweight titleholder Alvarez will defend his belt opposite ex-titleholder Mosley, junior welterweight prospect Jessie Vargas meets Alfonso Gomez, and junior middleweight Deandre Latimore will battle fellow southpaw and former welterweight titleholder Carlos Quintana.

"Our success speaks for itself. Together we have built the company into a global promotions powerhouse and we will continue to make history every day," said Schaefer.

"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."

Photo by Tom Hogan, Hogan Photos, Golden Boy Promotions

Lem Satterfield can be reached at lemuel.satterfield@gmail.com