Will Golden Boy give up their 25% Share from Pacquiao-Margarito?
Written By: Armando Paz
The controversey surrounding the Pacquiao-Margarito fight has manifested into another Top Rank and Golden Boy Promotions war of words. Oscar De La Hoya both a former fighter and top promoter has made his feelings known about his opinion on Antonio Margarito. After the California State Athletic Commission (CSAC) denied Margarito’s boxing license application De La Hoya stated “I’ve been very vocal on the whole Margarito situation. And, you know, my feelings have not changed. Obviously, I don’t want to make this call on the whole Margarito situation. But you know where I stand. We don’t know what’s going to happen with Margarito. Obviously, he’s not going to be fighting in California.”
De La Hoya added: “I mean, look, I’ve already stated what I’ve said, and I’m going to stick to what I believe. I mean, my sport of boxing, which we all appreciate and which I love, and which I participated in inside of that ring for many years, you know, this is a dangerous sport.”
De La Hoya doesn’t want to hear any of the “I’m sorry” or “I’ve learned my lesson” responses.
“If any body in any which way tries to tamper with anything having to do with the fists or the gloves, you know what? You should be banned for life. That’s my stance and that’s my position. There’s no if’s or buts. Like, ‘Oh, I’ve learned from my mistakes…Well, what if you would have killed somebody. What? So you should fight again because you learned from your mistakes? That’s total nonsense, and my stance will always be that. You do not mess with somebody’s life up inside of that ring.”
Top Rank Promoter Bob Arum is now testing the sincerity of those De La Hoya comments. It’s not a major secret that De La Hoya wanted Manny Pacquiao to fight Juan Manuel Marquez in a third match between both fighters. The prior Pacquiao and Marquez fights were close and entertaining matches that many observers felt could have gone either way, but resulted in one draw and a one point split decsion victory for Pacquiao. Obviously, De La Hoya feels that why should Margarito a suspended fighter caught using illegal inserts in his handwraps should be rewarded instead of Marquez? Arum is now stating that if De La Hoya is so against Pacquiao-Margarito he should either waive or give to charity his 25% promotional share of the fight.
De La Hoya and Golden Boy Promotions are entitled to 25% of the promotional money on future Pacquiao fights as part of settlement agreement after both promotional companies claimed that Pacquiao had signed contracts to fight with them. Top Rank would win Pacquiao and a majority vested interest on Pacquiao; on a conditional stipulated agreement that GBP get a 25% interest on future Pacquiao fights. In fact, many believe that part of the reason Oscar De La Hoya were part of the caption in the Mayweather defamation suit was that Top Rank and Pacquiao wanted to see if they could remove GBP from receiving future profits from Pacquiao fights as part of some future settlement, that lawsuit is still on going. Arum has commented “If Golden Boy is so against Margarito fighting Pacquiao than let them give up their piece (25%) and we will give it to charity….I don’t want their money let’s see if they put their money where their mouths are?”
It would be a good public relations move for GBP to totally give up that 25% and actually give it to charity. De La Hoya has been active in various charity work and has been sensitive to charities involving cancer, as his mother died from a cancer when he was a teenager and would promise and fulfill his goal to win the Gold Medal in the 1992 Barcelona Olympics in her memory. If GBP instead collects the money from the fight than it would seem that their main reason for objecting to the fight is that they are not getting a fight between Pacquiao-Marquez.
Ironically, Bob Arum and Oscar De La Hoya had a long relationship that saw both men make millions when De La Hoya was promoted by Arum and Top Rank during the 1990′s and a good portion of this last decade. That past relationship has grown sour for the last few years. Not much different than the falling out between Mayweather and Bob Arum; another former Top Rank fighter. Recently, Top Rank and GBP tensions have escalated with both companies now trying to keep both money and title belts in house by having fights take place exclusively within in house fighters.
Although rejected by the CSAC, it is likely that Margarito will seek a boxing license from the state of Texas as a fight in Cowboys Stadium is seen as the next alternative for Pacquiao-Margarito. If the fight goes on than will De La Hoya and GBP give up their 25% share? It would be a public relations blunder for GBP to denounce a fight for moral high ground than simply just collect and profit from it. If GBP takes the money and gives it to the charity of their choice than they can say atleast something positive came out of what they feel is a negative situation.
