Just hours after Richard Schaefer resigned from his position as CEO of Golden Boy Promotions, undefeated junior middleweight and welterweight champion Floyd Mayweather has reportedly followed suit.
Mayweather Promotions CEO Leonard Ellerbe broke the news to ESPN.com's Dan Rafael on Monday night, saying "absolutely not" when asked if the champ would ever work with Golden Boy again.
We have a great working relationship with Richard Schaefer and that will never change. Richard is a good friend and a great businessman and an excellent promoter. Richard will have an impact in anything that he decides to do, a tremendous impact. He built that company from the ground up and did a phenomenal job. We've had a very close relationship for a number of years and worked hand-in-hand on a number of great fights.
Mayweather Promotions will continue to promote Floyd's fights and Floyd will continue to put on the biggest fights in boxing. I have a tremendous team and staff and we continue to expand year by year and we're ready to go.
Well, that escalated quickly.
The bewilderment of ESPN's Darren Rovell might just sum it up best:
The writing of a breakup between Golden Boy founder Oscar De La Hoya and Schaefer has been on the wall for a while now, but this is an absolutely brutal blow for De La Hoya's company.
Mayweather, who has worked with Golden Boy for his last nine bouts, is consistently the biggest draw in boxing—and save for Manny Pacquiao, it isn't even close. As he winds down his career and approaches 50 consecutive victories (he's currently 46-0), he will only continue to rake in massive gate revenues and pay-per-view buys.
This is a multimillion-dollar hit for Golden Boy, which has long been considered one of boxing's top two companies alongside Top Rank Promotions. Nevertheless, with fighters such as Saul "Canelo" Alvarez, Adrien Broner, Amir Khan, Marcos Maidana and others still on the roster, De La Hoya should be able to weather the storm just fine.
Right move by Mayweather?
However, if Ellerbe is speaking the truth, this development means Mayweather isn't likely to fight any of the above stars—no rematch with Maidana and no anticipated battle with Khan.
It's still not known whether Schaefer will join Mayweather Promotions, but with this kind of display of loyalty, it's pretty clear he'll have a job waiting for him if he wants it.
Either way, this development has the potential to completely alter the landscape of boxing. Don't be surprised if the shock waves continue to be felt in the coming months.