Nonito Donaire Dumps Promoter Bob Arum for Oscar De La Hoya's GBP

WBO/WBC Bantamweight champion Nonito Donaire has signed up with Oscar de la Hoya's Golden Boy Promotions (GBP) Wednesday amid reports that Top Rank Promotions owner Bob Arum is mulling a lawsuit against Donaire, GBP and others for breach of contract.

Donaire's popularity soared after beating Mexican slugger Fernando Montiel last Feb. 17 via a second-round knockout at the Mandalay Bay Events Center in Las Vegas, Nev.

With his scintillating performance in his last two fights, Ring Magazine moved him up to No. 3 in the current pound-for-pound ranking.

Fellow Filipino boxing superstar Manny Pacquiao occupies the top slot in the updated ranking, while Floyd Mayweather Jr. is ranked No. 2.

However, in the most current rating, which was made public today, Donaire slid down to No. 4 to exchange places with Sergio Martinez.

Arum said his company will pursue legal action against Donaire, GBP and others involved for possible breach of contract.

Arum maintains his company still has the right over Donaire, whose contract is set to expire in May this year but was deemed extended due to medical suspensions.

“We have a valid, enforceable contract, and we’ll pursue our legal rights against Donaire, Golden Boy and anyone else who is involved,” Arum said Wednesday. “We are absolutely confident we will prevail.”

“We have a very clear, very solid contract and we wrote a letter advising them of that,” Arum said. “I am absolutely confident that we will prevail and that Donaire will finish out his contract with Top Rank.”

On the other hand, Richard Schaefer, CEO of Golden Boy Promotions said his company is confident Donaire is free to sign being a free agent.

Schaefer said after his lawyers gave him the green light, he pursued Donaire.

“Once he declared he was a free agent, we became interested,” Schaefer said. “Who wouldn’t be? I’m not an attorney, but we have a very good legal team and they agreed with Nonito’s legal team and with their position, which paved the way for us to make an offer.”

Donaire is being managed by Cameron Dunkin, who signed the deal with Golden Boy Promotions, according to the Golden Boy's CEO.

Schaefer said his company is determined to put Donaire back in the ring, most probably in May this year and possibly against Abner Mares, Joseph Agbeko or Anselmo Moreno.