Lem Satterfield

Golden Boy outbids Top Rank to promote Russell vs. Lomachenko

WASHINGTON, D.C. — WBO President Francisco "Paco" Valcarcel has informed RingTV.com that Golden Boy has outbid Top Rank by a mere $2,500 — $1,052,500 to 1,050,000 — for the right to promote Gary Russell Jr. and Vasyl Lomachenko in their fight for the organization's vacant featherweight title.

In the aftermath, Valcarcel would tweet the following:

"@WorldBoxingOrg 12m @GoldenBoyBoxing outbids @trboxing by $2500 ($1052500 to $1050000). Russell-Lomachenko will take place June 21 in LA. pic.twitter.com/0yIIOQ31Xo"

The purse bid took place at noon, ET on Friday at the Hilton Orlando-Altamonte Springs in Altamonte Springs, Fla.

Valcarcel said the fight will take place on June 21 in Los Angeles but did not mention a venue.

Golden Boy CEO Richard Schaefer, who is in attendance at the Friday weigh-in for Saturday's tripleheader featuring IBF titleholder Bernard Hopkins against WBA titlist Beibut Shumenov in the main event, spoke to RingTV.com regarding Russell-Lomachenko.

"We won it by $2,500. I like that fight. I am happy to do that fight. I think that Gary Russell Jr. is one of the best fighters and I've said that for a long time," said Schaefer.

"He clearly deserves to be in one of the best fights and he is clearly one of the best in that weight class. We're looking at a few venues and I have a few of them on hold. Later on today or tomorrow, we'll be deciding on where to do that fight."

On March 20, Valcarcel granted Golden Boy and Top Rank — who promote Russell and Lomachenko, respectively — a period of 30 days to make the bout.

A 2008 U.S. Olympian [Russell qualified for the team but never competed due to missing the weigh-in] who is coming off a knockout of Miguel Tamayo in January, Russell (24-0, 14 KOs) was declared by Valcarcel in October to be the WBO’s mandatory challenger to face then-beltholder Orlando Salido.

The ruling did not preclude Salido from making a voluntary defense against Lomachenko, which he did on March 1. Lomachenko fell by split decision to Salido, who lost his WBO belt at the scales after failing to make the 126-pound weight limit.

As a result of Salido's failure, the title became vacant though Lomachenko was eligible to win it had he been victorious.

Lomachenko had said he wanted to make history by becoming a titleholder in what was billed as his second professional fight. According to Fight Fax Inc., Lomachenko is actually 7-1 because he was paid to take part in six "World Series of Boxing" contests.

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