Floyd Mayweather’s Ex-Manager Accused of $550,000,000 ‘Screw Up’ by Controversial Boxing Insider 

It is not uncommon news that boxing is undergoing a major paradigm shift in terms of who is leading the front. The sport that was once ruled by the likes of Bob Arum and Al Haymon, today, finds itself supported by the newest kingpin on the block, His Excellency, Turki Alalshikh. When a direct comparison was made between the two leaders of boxing, Rick Glasser, the IBHOF elector, had certain points to make.

Last year in December, PBC’s PPV partner, Showtime Boxing, shut down its operations. In the wake of it, the promotions company went through a major change in terms of how it operated. That limited its risk-taking capacity, leading to fighters like Canelo Alvarez and Terence Crawford choosing to part ways with the promotion company run by Al Haymon, the former manager of Floyd Mayweather. While the PBC is trying hard to rise again, many think that Haymon’s rule in the sport has all but ended. Why? Rick Glaser explains.

Is PBC’s reign in boxing over?

On X, Rick Glasser, a controversial boxing insider, who once openly defended mob boss Daniel Kinahan, wrote an analysis that aimed to explain the dynamics of boxing today. In his post, he highlighted that the Chairman of the General Entertainment Authority of Saudi Arabia, Turki Alalshikh, entered the business at the right time and helped do what Haymon’s PBC was supposed to do.

He wrote, “With the weakened #PBC on #Boxing‘s version of skid row, @Turki_alalshikh has come along at the perfect time to make a huge positive impact on Boxing. Sir Excellency is doing what #AlHaymon was suppose to be doing with that 550 million from Waddle-Reed, the best fighting the best, making real fights, & stacked shows. It’s that simple. Instead, #Haymon screwed up the bag!!!” Thus, according to what Glaser has said, Al Haymon couldn’t put on good shows despite the massive amount of money that was invested in him. So where and how did he fumble the bag?

A similar case was filed by Bob Arum’s Top Rank against the PBC and their supporting investors, Waddel & Reed, seeking almost $100 million in damages for wrongful practices. However, they later settled out of court in 2016. Golden Boy Promotions, in their suit, also sought about $300 million in damages from Al Haymon’s PBC for violating federal law. When the case did stand strong against Haymon, he also was saved from giving these massive compensations.

It is interesting that Rick Glaser mentioned the infamous Waddle-Reed fiasco. What is it about? Read here.

A Great Escape by Al Haymon

To launch his boxing promotion company, Premier Boxing Champions, Al Haymon secured a major financial boost from investment firm Waddell & Reed. Estimates suggest the investment reached nearly $1 billion, allowing Haymon to secure television deals for PBC fights and offer competitive pay to boxers. This financial muscle impacted the boxing landscape, but not without controversy. Haymon’s business practices drew criticism from some fans and rival promoters, while Waddell & Reed faced lawsuits alleging the investment strayed from their usual focus and resulted in significant financial losses. But unfortunately for Al Haymon, things didn’t end there.

In 2017, a federal judge dismissed Oscar De La Hoya’s Golden Boy Promotions’ $300 million lawsuit. It was against Premier Boxing Champions head, Al Haymon. The suit alleged that they had violated antitrust laws and the Muhammad Ali Boxing Reform Act to monopolize boxing.

The lawsuit, filed in 2015, accused Al Haymon of monopolizing boxing by controlling television networks and venues. However, Judge John F. Walter granted Haymon’s motion for summary judgment, which ended the case before it ever went to trial. Haymon’s attorney, Michael Williams, further stated that the ruling affirmed their efforts to allow competition in boxing.

‘Golden Boy’ expressed disappointment in the judgment. However, the team further affirmed their focus on promoting quality fights. Additionally, the judge also highlighted Haymon’s willingness to work with various promoters, including Golden Boy Promotions, which is what led to many of the big events organized in later years between these promotional companies.

Do you agree with what Rick Glasser had to say? Let us know in the comments section below.