Golden Boy CEO: No Animosity With 50 Over New Venture

By Rick Reeno

According to Golden Boy Promotions CEO Richard Schaefer, there is no animosity between his company and rapper 50 Cent.

It was recently revealed that 50 Cent had formed his own promotional company called TMT Promotions. TMT is short for the "The Money Team" - a phrase coined by the rapper's best friend, pound-for-pound superstar Floyd Mayweather Jr.

50 Cent has already received a promoter's license in New York and appears to be on the verge of receiving one in the state of Nevada.

The centerpiece of the rapper's boxing stable will be Mayweather himself. Other boxers reportedly joining TMT Promotions include unbeaten Olympic gold medal winner Yuriorkis Gamboa and top-rated super middleweight Andre Dirrell.

There have been rumors brewing among insiders in the boxing industry, that Mayweather will no longer be working with Golden Boy, and all of his future fights will now be promoted by the new company formed by 50 Cent.

Although there was never an actual promotional agreement, Golden Boy co-promoted Mayweather's last six fights.

On Wednesday night, a war of words broke out on Twitter between 50 Cent and Golden Boy President Oscar De Le Hoya.

Apparently, the exchange began when De La Hoya tweeted - "Everyone wanting to be a boxing promoter? Good luck. Easier said than done."

50 Cent would later lash out, tweeting a series of messages in De La Hoya's direction.

"Sweetheart, I'm surprised you would respond to me and Floyd starting company the way you did."

"Girl you can call me if you want to talk. Ok."

"Now everybody wants to be a promoter girl, you better stop.

"I don't gamble, Floyd do, but I bet you - you won't be promoting Floyd Mayweather no more. TMT PROMOTIONS."

"I just want you to know if you ever want to talk you can give me a call girl."

"Baby girl you hear me, stop hating STOP IT RIGHT NOW."

De La Hoya responded with - "You're a boxing promoter? Didn't know, but good luck. Maybe we can work [together] someday. #success #nextgeneration #GBB #TMT"

And 50 Cent fired off his final tweet - "Great back pedal, can you swim backwards like that too girl? LOL. I [accept] that as a[n] apology. #GBB #TMT more success a head."

Schaefer believes 50 Cent's promotional venture is very positive sign for the sport of boxing. 

"I think it's terrific for 50 Cent to get involved in boxing, because he brings a different audience, the hip-hop world and so on, to this sport. I think it's terrific. I certainly wish him good luck. We know each other, we respect each other. I like him and he likes me...whenever we're together. I wish him good luck. This is great for boxing," Schaefer told

"When you have people like 50 Cent getting involved with boxing, and you have NBC doing some things with Kathy [Duva] and CBS with us and the activity level of Showtime. If you are a boxing fan, Showtime is like must-see TV. Between boxing and MMA, they have a fight almost every weekend. You have Fox doing with us, regular events. You have Telefutura, ESPN and Azeteca. All of these networks jumping in with boxing. I've never seen it like that, with so much going on in boxing. It's terrific."

Regarding the possibility of Mayweather severing his business ties with Golden Boy and working exclusively with 50 Cent's new company, Schaefer doesn't appear to be worried.

"I have a great relationship and friendship with Floyd and I'm sure you saw the Fortunate [50] where he is number one [for the highest earning American athlete]. The fact is, I think over the last couple of years or so, he's made $200 million dollars. I am very confident in who we are, what we do and how we go about it. And so I'm not really [concerned] with all of these stories out there, all of these people who said all sorts of things. We'll deal with it when we'll deal with it," Schaefer said.

In fact, Schaefer is even willing to sit down at the table, with 50 Cent, to explore a potential fight between Gamboa and Golden Boy's rising star Adrien Broner.  After Gamboa parted ways with Top Rank, Schaefer’s phone was flooded numerous inquiries regarding the possibility of Golden Boy signing the Cuban star. Schaefer, who considers the rapper a friend, was never in market to sign Gamboa.

“There have been certain people that reached out to us about Gamboa and I said  'no, I'm interested in signing the guy, he's with my friend 50." We're not going to go do that [to 50]. If this is a fight that 50, as Gamboa's promoter, is interested in doing, then let's talk about it,” Schaefer said.

Over the last few years, and despite their close business relationship, Mayweather and De La Hoya have openly feuded on the internet and through various media outlets.

As early as last September, Mayweather and De La Hoya were taking vicious shots at each other.

Most of the back and forth banter took place in the weeks leading up to Mayweather’s fight with Victor Ortiz, who De La Hoya promotes.

“De La Hoya is a drug user, dresses in drag, committed adultery and drinks alcohol and Ortiz looks up to this guy," stated Mayweather last September.

And while Mayweather has expressed very few words of respect for De La Hoya, he always praised Schaefer. During an April interview with BoxingScene, Mayweather said - “I don’t even call it Golden Boy Promotions. They should change their name to Richard Schaefer Promotions” – a comment praising Schaefer's efforts during their promotional partnerships.

Schaefer, at the time of last year's incident, and during other Mayweather-De La Hoya arguments, remained neutral.

"I'm going to leave that between Mayweather and Oscar. I have a very good relationship with Floyd. I'm not going to get into the middle of that," Schaefer told BoxingScene last September. "I have a very nice relationship with [Mayweather]. We work very well together."

The situation should become a lot clearer when Mayweather, currently in jail for a domestic abuse charge, is released early next month from the Clark County Detention Center in Las Vegas.

Whether or not there is actually a rift between Golden Boy and 50 Cent’s new company, or simply an isolated internet beef between De La Hoya and 50 Cent, remains to be seen.

User Comments and Feedback (Register For Free To Comment) Comment by ironmike2012 on 07-27-2012

[QUOTE=MrRolltide91;12377066]why is that?[/QUOTE] He snitched, that's why he got shot 9 times and lives in Connecticut.

Comment by MASTER1454 on 07-27-2012

[QUOTE=MrRolltide91;12377066]why is that?[/QUOTE] Because he was a police informant - and it's documented. Check it out for yourself...Queens cats know.....

Comment by MrRolltide91 on 07-27-2012

[QUOTE=MASTER1454;12376971] LOL, yeah he is a snitch - can't walk some places in Jamaica..... [/QUOTE] why is that?

Comment by MASTER1454 on 07-27-2012

[QUOTE=AP♠;12373308]I hope boxing doesn't become a ghetto circus and stays classic like always.I don't know how this is going to turn out.A sink our swim situation.All the fighters they have currently don't have a big fan base but I bet…

Comment by LAPete on 07-27-2012

This is positive news for boxing because the promoters have been doing a very poor job and have lost a lot of credibility with the fans. 50 who is VERY VERY smart is going to shake things up now and…

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