Arum says he's not to blame for Schaefer's resignation

ABS-CBN News

Posted at Jun 04 2014 06:16 PM | Updated as of Jun 05 2014 02:16 AM

Top Rank chief executive officer Bob Arum said he should not be blamed for the shake-up that occurred at rival company Golden Boy Promotions after his counterpart, Richard Schaefer, resigned as chief executive officer.

Schaefer, who has been Golden Boy’s CEO for 12 years, resigned Tuesday, a move that prompted American superstar Floyd Mayweather Jr. to cut his ties with the promotional company.

Arum, in an interview with RingTV, said Schaefer has been using him and his relationship with Golden Boy president Oscar De La Hoya as the “scapegoat.”

“Anybody with half a brain knows that’s not the case,” said Arum.

Schaefer and De La Hoya’s already testy relationship was further fractured when the former world champion decided to bury the hatchet with Arum, and later said that he was willing to work with the rival company.

Arum, however, said the issue was with Schaefer and his relationship with the powerful boxing adviser Al Haymon, who handles Mayweather, among other fighters.

“Oscar believed he (Schaefer) was looting the company by not signing fighters, and handing fighters over to Haymon and breaching his fiduciary duties,” said Arum.

Moreover, Arum believes that De La Hoya is now finally taking charge of his company after being released from rehab.

“Oscar was like Rip Van Winkle, asleep,” he said. “He didn’t know what was going on. He came out of rehab, and all of this was going on.”

Mayweather has not publicly released a statement regarding Schaefer’s resignation, but the chief executive of his promotional company, Leonard Ellerbe, told ESPN that the undefeated will “absolutely not” work with Golden Boy anymore.

Mayweather has exclusively used Golden Boy to promote his fights since 2007, including his record breaking matches against De La Hoya and Saul “Canelo” Alvarez.