The boxing promotion company founded by Oscar De La Hoya in 2002 has reached a tentative settlement with middleweight boxer Gennadiy Golovkin’s own firm. This settlement resolves a dispute centered around the second boxing match between Golovkin and Canelo Alvarez in 2018.
GGG Promotions LLC, represented by their attorneys, filed court papers with Los Angeles Superior Court Judge Thomas D. Long on Tuesday to inform him of a “conditional” agreement reached with Golden Boy Promotions LLC. They also stated that a request for dismissal will be filed by October 31 or within five days after the settlement payment has cleared.
No specific terms of the settlement were disclosed.
In March 2022, Golovkin initiated the legal action by filing a lawsuit against Golden Boy, claiming that the company owed him at least $3 million in addition to what had already been paid for his middleweight championship match against Alvarez. Alvarez had emerged victorious in the rematch on September 15, 2018, after their initial fight resulted in a draw a year earlier.
“This case highlights Golden Boy Promotions’ blatant disregard for its contractual and fiduciary obligations towards Gennadiy Golovkin, a renowned fighter. It serves as an example of how certain promoters mistreat even the most prominent athletes,” stated Golovkin’s lawsuit, representing the 41-year-old Kazakhstani boxer. The lawsuit also sought punitive damages.
In response, Golden Boy filed a countersuit in May 2022, alleging that GGG had made promises of generating substantial revenue for the promotion, but failed to fulfill those promises entirely. Golden Boy’s countersuit claimed that despite granting GGG control over specific television territories and sponsorship opportunities, GGG was unable to generate any revenue for the event.
The breach-of-contract countersuit sought 55% of net ticket sales revenues, along with an additional payment of $2.5 million from net ticket sales.
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