Golden Boy Promotions President & co-Founder Oscar De La Hoya has “bought out the two largest shareholders in the company besides him, at their request,” according to Dan Rafael of ESPN.com. De La Hoya “bought back” AEG’s approximate 20% stake and the approximate 12% of the company held by private investor and Brener Int’l Group CEO & Chair Gabriel Brener. Terms of the deal were not disclosed. A source said that AEG and Brener “initiated the sale because they had seen no return on their investment as Golden Boy has never made a distribution to its shareholders.” Rafael noted Golden Boy has “put on boxing cards regularly at AEG venues,” including Staples Center and StubHub Center. AEG's involvement in Golden Boy was "largely due to the close relationship" between AEG President & CEO Dan Beckerman and former Golden Boy CEO Richard Schaefer, “who resigned on June 2 after a falling out with De La Hoya.” They are embroiled in a $50M arbitration case De La Hoya “brought against Schaefer, accusing him of, among other things, breach of fiduciary duty to the company.” Golden Boy spokesperson Stefan Friedman said, “With Oscar back at the helm we no longer have to contend with petty, ego-driven feuds that have cost fans the best fights for years, fans who couldn't care less about the financial composition of the company." Rafael noted De La Hoya “now controls approximately” 87% of the company's stock. Schaefer is “the second largest shareholder” with approximately 8% -- “at least for now.” Boxer Bernard Hopkins holds the remaining approximate 5% (ESPN.com, 10/14).
