Comments Thread For: Things Not Going Well For Canelo, Golden Boy in Ongoing Trial

[Motorcity Cobra]

I have no idea how proficient 'Chepo' is in English, but the evidence seems to point to Alvarez and two witnesses signing the deal with All Star Boxing in 2008 (and I doubt that Golden Boy's contract with Alvarez was drafted in Spanish, so there goes that argument).

In terms of the money, I simply don't see where Oscar, after having to buy back the stakes in Golden Boy from AEG, the financial backer that Schaefer brought in, and Richard Schaefer to now own seemingly 95% of the company, has the wherewithall to handle an $80m hit without having the company fold, so I see Oscar looking to work a way out. (Combine the AEG stake, Schaefer's stake, and the stake from Schaefer's money man, and you're looking at almost 40% of the company being available, with Golden Boy having just signed Alvarez to a longterm deal in their own right). I think Oscar takes such a deal to save his company.

Rather than being stuck on the 180k figure, focus on the reality of the situation; in 2008, All Star Boxing bet on an 11-0, 18-year old fighter with minimal amateur experience and built said fighter into a full-blown star in Mexico. With Alvarez on the cusp of crossing over to the Latin American audience, Golden Boy swooped in and took their star from them.

Whether Alvarez would've become "Canelo" Alvarez (top boxing star) under All Star Boxing's guidance is beyond the point (the deal seemingly being legit, All Star Boxing would've been well within reason to have their fighter showcased on Golden Boy cards); All Star Boxing signed Alvarez, invested money in marketing him, and never got the chance to see the fruit of the work that they'd begun to do.

I don't think most people realize how serious this is and how it will change GBP as we know it. Or even bankrupt the company. The main reason is the lack of reporting from the media. This is the only site with regular updates. The biggest star in boxing just took the stand and admitted he had a binding contract with ASB when he signed with GBP but since he didn't understand English the contract doesn't count. You would think that would be front page news on all boxing sites. I've seen Ring do one story about the trial. Rafael did a blip on the trial. I think Pugmire did a short story about the trial. It's really been silence across the board and this is a case GBP will probably lose. Hulk Hogan won $140 mil from a *** tape lawsuit against Gawker in Florida. Gawker had to put down a $50 mil bond just to appeal the case, and they lost the appeal. If GBP loses and upwards of $80 mil is awarded Oscar would have to put down somewhere near $30 mil just to appeal. And lose the money if the appeal fails, plus lawyer costs. People aren't taking this case as serious as it really is.

[Motorcity Cobra]

People keep bringing this up, but I don't know how its for sure an apples to apples comparison. If Oscar or some legal rep for Canelo legit broke down the details & ASB didn't there could still be an issue there as I see it. And regardless this trial isn't about Oscar's English contract its about ASB's English contract so idek if Oscar's contract is on trial like that necessarily either.

He did have other representation to explain it. I pointed that out to you in my first response to you.

At the sitting of Tuesday, also it was read to the jury the written deposition of Rafael Mendoza of Mexico, star witness in the case with 55 years in the boxing business, and who was present at the time when Canelo was signed by All Star in 2008 .

Mendoza has had under his tutelage about 26 world champions. In his statement he let the court know that he was advisor to Jose "Chepo" Reynoso, the current manager of Canelo. He rejected the claim that the contract Canelo signed was only to obtain a work visa.

"Golden Boy Promotions and Oscar de la Hoya were aware that Saul 'Canelo' Alvarez was under contract with All Star Boxing," was part of the written statement submitted by Mendoza, according to El Vocero.

Mendoza explained the contract to Chepo and Canelo.

[El Gitano]

Close to $2 billion? Is that right? Can someone explain how that can be?

"Forensic Accountant Carl Feddi
testified that Golden Boy Promotions
has generated gross earnings of
$1,945,475,972.56 on Alvarez fights,
beginning in March 2010, through
May 2016, respectively. He further
testified that pursuant to 50% splits
for fighter and promoter, that Alvarez
and GBP both received $438M in net
quantity profit during 17 fights"

[Scipio2009]

People keep bringing this up, but I don't know how its for sure an apples to apples comparison. If Oscar or some legal rep for Canelo legit broke down the details & ASB didn't there could still be an issue there as I see it. And regardless this trial isn't about Oscar's English contract its about ASB's English contract so idek if Oscar's contract is on trial like that necessarily either.

If Canelo was able to sit down with a translator for Oscar De La Hoya's deal, I find it odd that no one in his camp had the sense to do the same thing for the deal with All Star Boxing the year before.

[Scipio2009]

I don't think most people realize how serious this is and how it will change GBP as we know it. Or even bankrupt the company. The main reason is the lack of reporting from the media. This is the only site with regular updates. The biggest star in boxing just took the stand and admitted he had a binding contract with ASB when he signed with GBP but since he didn't understand English the contract doesn't count. You would think that would be front page news on all boxing sites. I've seen Ring do one story about the trial. Rafael did a blip on the trial. I think Pugmire did a short story about the trial. It's really been silence across the board and this is a case GBP will probably lose. Hulk Hogan won $140 mil from a *** tape lawsuit against Gawker in Florida. Gawker had to put down a $50 mil bond just to appeal the case, and they lost the appeal. If GBP loses and upwards of $80 mil is awarded Oscar would have to put down somewhere near $30 mil just to appeal. And lose the money if the appeal fails, plus lawyer costs. People aren't taking this case as serious as it really is.

Oscar made his bed, so he's gonna have to lay in it; people are ignoring the case in the general media for the amount of impact that the reality would have on one of the 4 outfits completely aligned with HBO (with no other option to ponder).

Imagine what the news of Golden Boy basically facing liquidation would do to the prospects of the Tecate deal with Golden Boy Promotions (Alvarez likely goes unaffected).

Anyone owed money by Golden Boy Promotions, reading news that the company is actually on the verge of going under, would ask for the money immediately. And that's even without considering contract talks with fighters, especially those finishing their current deals; why re-sign to a company going under?

[TheCell8]

Don't worry guys, this is all part of the master plan. #ChessNotCheckers#ASide

[Eff Pandas]

If Canelo was able to sit down with a translator for Oscar De La Hoya's deal, I find it odd that no one in his camp had the sense to do the same thing for the deal with All Star Boxing the year before.

Maybe, maybe not. But again I'm not sure why Oscar's contract is in question. ASB's contract with Canelo is in question so assuming something about a contract after the contract in question shouldn't matter or at least it shouldn't matter as much.

Also holy f#ck at that guy saying Canelo generated 2B in 6 years. Wtf has Manny & Floyd generated if Canelo's done 2B.

[Scipio2009]

Close to $2 billion? Is that right? Can someone explain how that can be?

"Forensic Accountant Carl Feddi
testified that Golden Boy Promotions
has generated gross earnings of
$1,945,475,972.56 on Alvarez fights,
beginning in March 2010, through
May 2016, respectively. He further
testified that pursuant to 50% splits
for fighter and promoter, that Alvarez
and GBP both received $438M in net
quantity profit during 17 fights"

Mayweather-Alvarez, adding in the PPV/live gate/closed circuit/international TV rights/event sponsors/etc, likely generated at least $200m. Cotto-Alvarez, adding in the PPV/site fee/sponsors/etc, likely generate $100m. Add in the revenues from Alvarez-Khan, Alvarez-Angulo, and Alvarez-Lara, and you've easily got another $100m. And, though the fight was aired on HBO, Alvarez-Kirkland cleared a good amount of money.

You add that the Alvarez-Mosley was on the Mayweather-Cotto card (1.5m PPV buys, the live gate, and the other revenues likely pushed the number past $150m in revenue) and Alvarez-Cotto was on the Mayweather-Mosely card (1.4m PPV buys, the live gate, and other revenues likely generated another $150m in revenue)

With all of the other Alvarez fights, you've got to then consider the type of money being laid out on Mexican TV to supplement things.

$2b is a ridiculous tally, but it's not like money wasn't being generated on Alvarez

[Scipio2009]

Maybe, maybe not. But again I'm not sure why Oscar's contract is in question. ASB's contract with Canelo is in question so assuming something about a contract after the contract in question shouldn't matter or at least it shouldn't matter as much.

Also holy f#ck at that guy saying Canelo generated 2B in 6 years. Wtf has Manny & Floyd generated if Canelo's done 2B.

Mayweather-Pacquiao, adding in all of the revenues from all of the revenue ******s, likely generated $1b on the fight alone ($500m on the PPV, over $70m on the live gate, over $5m from Tecate for the center-ring logo(over $13m in total event sponsors), closed circuit across the MGM Resorts properties, international TV rights, etc)

[BennyBlanco]

Close to $2 billion? Is that right? Can someone explain how that can be?

"Forensic Accountant Carl Feddi
testified that Golden Boy Promotions
has generated gross earnings of
$1,945,475,972.56 on Alvarez fights,
beginning in March 2010, through
May 2016, respectively. He further
testified that pursuant to 50% splits
for fighter and promoter, that Alvarez
and GBP both received $438M in net
quantity profit during 17 fights"

This is a bad translation.

That figure is an estimate of what Canelo will produce in the future, not what he already produced between 2010 and 2016.

http://laesquinaneutral.com/canelo-y...r-27-millones/