Richard Schaefer Returns To Fight Game With Ringstar Promotions
Richard Schaefer who previously was the CEO of Golden Boy Promotions has returned to the boxing business. A few weeks ago he established the company Ringstar Sports.
Schaefer had to take a break that expired in 2015 from the sport resulting from a settlement with Oscar De La Hoya at Golden Boy who sued Schaefer for $50 million for breach of fiduciary duties.
Schaefer said to USA Today:
I could have come back then, but I really wanted to take my time and do things right. The next order of business is to go and recruit the best team. I want to have the best team in boxing again, from matchmakers to operational staff, marketing staff and foreign sales.
At the same time, I want to start to have some conversations with TV networks as well. Once I have a team and sponsors and networks lined up, then I will go and aggressively pursue some of the young Olympians coming out of Rio and build them into the first generation of Ringstars.
I will also aggressively pursue promotional free agents, current or former champions and rising stars, and give them the benefit of my expertise, which always was to empower the fighters. With me, the fighters always got paid a lot more than anywhere else.
On the PBC:
I really applaud PBC and Al for what they have done. After two years. Nobody can do (what they need to get done) in two years, you have to give them five years. I hope I get the opportunity to promote these events.
This doesn’t come as a surprise to anyone in the boxing business. Schaefer, perhaps infamously, enjoyed doing business with Mayweather Promotions and now the mention of working with the PBC is notable. The PBC handles fighter management with what Top Rank calls “puppet promoters” operating the events in order to comply with the Muhammad Ali Act. It is possible that Schaefer will handle the promotional side of all PBC events with Al Haymon continuing to handle the fighter management, essentially creating a business partnership between the two.
PBC ratings have been concerning and maybe the help of Richard Schaefer will help the PBC change course towards being a profitable company.