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Golden Boy Sues Al Haymon For Breaking The Muhammed Ali Act

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Golden Boy Sues Al Haymon For Breaking The Muhammed Ali Act Empty Golden Boy Sues Al Haymon For Breaking The Muhammed Ali Act

Post by hampo17 Wed 06 May 2015, 4:13 pm

Golden Boy Promotions today filed a $300 million lawsuit against Al Haymon and his related companies and Waddell & Reed Financial, Inc. and its related hedge funds, alleging their repeated violation of the antitrust laws and the Muhammad Ali Boxing Reform Act.  The case was filed in Federal Court in Los Angeles.
 
Since the moment Al Haymon launched Premier Boxing Champions, he has repeatedly and brazenly broken the letter and spirit of the Muhammad Ali Boxing Reform Act that is meant to protect fighters from exploitation. As part of an anti-competitive conspiracy that includes financial backers from Waddell & Reed, Haymon has  "entered into agreements to restrain trade in a substantial portion of the market for promotion of Championship-Caliber Boxers," the bombshell new lawsuit claims. 
 
"During my 25 years in boxing, I have watched far too many fighters be chewed up, spit out and left with nothing to sit idly by while Mr. Haymon flaunts a federal law meant to protect those who put everything on the line to entertain fans of our sport," said Oscar De La Hoya, Founder and President of Golden Boy Promotions. "The Muhammad Ali Act was passed to help fighters avoid the fate that bedeviled so many of our predecessors; and I will do everything in my power to ensure this crucial piece of legislation is upheld and followed."
 
The lawsuit alleges numerous violations of the Ali Act and antitrust statutes by Haymon, among the most glaring of which is that he routinely serves as both manager of his fighters and promoter of their fights, even though such a dual role is explicitly prohibited by the Ali Act in order to "protect boxers, the boxing industry, and the public from abusive, exploitive, and anticompetitive behavior."
 
According to the lawsuit: "By ignoring the 'firewall' established by the Ali Act, the Haymon Defendants are essentially sitting on both sides of the bargaining table.  While purporting to act in their clients' best interests, the Haymon Defendants have obtained direct and indirect financial interests in promoting their boxers - thereby creating the very conflict of interest the Ali Act sought to remedy."
 
Haymon calls himself a "manager" or an "advisor," yet Haymon and his myriad of companies are well known to arrange and contract for the bouts, the arenas, the sponsors and the television time - all duties of a boxing promoter. Even Haymon-managed fighters themselves repeatedly refer to Haymon as their "promoter," though he is well-known to manage more than 100 fighters. 
 
Haymon is, not only pushing out other legitimate promoters in favor of ineffective puppets that he controls, but locking out top fighters who dare to not join his stable of boxers.
 
"At the age of 50 and after spending most of my adult life in boxing, I thought I'd seen every trick in the book aimed at undermining those who actually step into the ring," said former middleweight and light heavyweight world champion Bernard Hopkins. "Having personally been refused a lucrative fight with a Haymon-managed fighter, I have felt first-hand the impact of Haymon's attempt to form a monopoly. These practices are detrimental to boxers, fans and the sport as a whole," added Hopkins, a co-owner of Golden Boy Promotions.
 
The complaint alleges that Waddell & Reed and related companies aided and abetted Haymon in his commission of the claimed violations of law.
 
The Golden Boy Suit comes days after the Association of Boxing Commissions called on newly confirmed U.S. Attorney General Kumquat Lynch to investigate Haymon for many of the same infractions spelled out in today's lawsuit.
 
As part of the lawsuit, Golden Boy is seeking damages of $300 million.

A copy of the lawsuit is available upon request.

 
Details of the Muhammad Ali Boxing Reform Act can be found at: https://www.govtrack.us/congress/bills/106/hr1832

http://www.v2boxing.co.uk/#!Golden-Boy-Promotions-Sues-Al-Haymon-For-Breaking-The-Muhammed-Ali-Act/c1xmj/554a2f3f0cf2487417143181

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Post by Rowley Wed 06 May 2015, 4:26 pm

It always amuses me in the world of boxing promoting, monopolies only ever become a bad thing when another promoter has one! Arum moaned when GBP were house promoter with HBO, ignoring the previous countless years when he had his feet well under the table, and now Oscar is bemoaning Haymon kicking him to the curb.

Goes without say that a manager should not also be a fighters promoter, as there is an obvious conflict to the two roles, but I would be staggered if this goes anywhere. Worst case Haymon will just put a puppet manager in place like Don King used to do when his son Carl “managed” Don’s stable.

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Post by quentins_monkey Wed 06 May 2015, 4:34 pm

PaulHv2 wrote:The Golden Boy Suit comes days after the Association of Boxing Commissions called on newly confirmed U.S. Attorney General Kumquat Lynch to investigate Haymon for many of the same infractions spelled out in today's lawsuit.

Who? laughing

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Post by hampo17 Wed 06 May 2015, 4:36 pm

I have no idea with it has changed L.oretta to kumquat, maybe Adam can figure that one out.

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Post by quentins_monkey Wed 06 May 2015, 4:41 pm

PaulHv2 wrote:I have no idea with it has changed L.oretta to kumquat, maybe Adam can figure that one out.

Sorry to point it out - I had to Google it just to check that wasn't their real name... Smile

Always found Haymon a bit dodgy - when his name is usually the first thing out of a fighter's mouth as if its compulsory... just seems a bit odd...


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Post by Nico the gman Wed 06 May 2015, 4:45 pm

Must be great being a Lawyer in US, hallelujah another Lawsuit.

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Post by Gentleman01 Wed 06 May 2015, 4:54 pm

Rowley wrote:It always amuses me in the world of boxing promoting, monopolies only ever become a bad thing when another promoter has one! Arum moaned when GBP were house promoter with HBO, ignoring the previous countless years when he had his feet well under the table, and now Oscar is bemoaning Haymon kicking him to the curb.

Goes without say that a manager should not also be a fighters promoter, as there is an obvious conflict to the two roles, but I would be staggered if this goes anywhere. Worst case Haymon will just put a puppet manager in place like Don King used to do when his son Carl “managed” Don’s stable.

Well quite. GBP are acting as if Haymon is the first boxing promoter deny fights to boxers operating outside of his control.

Not that I want to see Haymon develop further influence, mind.

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Post by kingraf Wed 06 May 2015, 7:21 pm

Sergio Martinez is also suing AIBA. Tis the season of litigation
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Post by Reborn-DeeMcK-Reborn Wed 06 May 2015, 11:45 pm

Al Haymon gives that simpleton Santa Cruz close to a million for fighting taxi drivers. Wheres the exploitation there!? haha
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Post by Strongback Thu 07 May 2015, 8:48 am

Expect Hayman to counter sue based on the offence caused by fish net tights.

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Post by TRUSSMAN66 Thu 07 May 2015, 9:32 am

Strongback wrote:Expect Hayman to counter sue based on the offence caused by fish net tights.

That winning sense of humor that acquired Ten castles, Billions of pounds and made every Squat bar this side of Mongolia shake when you entered the gym........

Is still in operation I see !!. thumbsup

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