Top Rank’s Bob Arum has settled his lawsuit with Al Haymon and the Premier Boxing Champions (PBC). Last Wednesday the two parties came to a settlement that will remain confidential as written in the settlement and the case has been dismissed.
Bob Arum sued Al Haymon in July of 2015 arguing that the PBC violated the Muhammad Ali act, California State Business Regulations, and violated antitrust laws by being monopolistic.
Golden Boy Promotions is also suing the PBC but in a separate lawsuit, which is in discovery. Discovery would lead to financial information being opened as well as trade secrets.
It is not a secret that the PBC has been losing money but the company has already invest at least $500 million into the venture with the help of Waddell & Reed, a Kansas based investment firm.
With this lawsuit coming to a close I expect the case with Golden Boy Promotions to be settled soon. By settling the case can’t get in front of a court, which could result in a terrible loss for the company.