Advertisement: IBO Boxing
Advertisement
Boxingscene.com
Advertisement

Golden Boy, Mayweather Promotions, Top Rank Applied For Forgivable Loans Amid Pandemic

Three of the top promotional companies in boxing were among numerous small businesses that applied for financial assistance through a federal loan program launched to provide economic relief during the COVID-19 pandemic.

The Associated Press reported Monday night that Golden Boy Promotions, Mayweather Promotions and Top Rank Inc. each applied for funds through the Paycheck Protection Program.

The exact amounts requested weren’t available from data released Monday by the federal government, but the three companies each requested between $350,000 and $1 million to help offset the economic impact of the coronavirus crisis. The data doesn’t indicate, either, whether Golden Boy Promotions, Mayweather Promotions or Top Rank Inc. accepted any of the money for which those companies applied.

leonard-ellerbe_1

Through the PPP, Congress created $659 billion in low-interest loans that won’t have to be paid back if the assisted companies apply the money to payroll, rent and other business expenses. According to The Associated Press, approximately $130 billion of PPP money remained unclaimed as of the June 30 deadline, which prompted Congress to extend the program’s deadline until August 8.

Retired six-division champion Oscar De La Hoya founded Golden Boy Promotions in 2002. The company represents one of boxing’s biggest stars, Canelo Alvarez, as well as such rising stars as lightweight Ryan Garcia and welterweight Vergil Ortiz Jr.

Mayweather Promotions, founded by Floyd Mayweather Jr. in 2007, represents WBA lightweight champion Gervonta Davis and former WBC super middleweight champ Badou Jack, among others.

Forbes estimated last year that Mayweather made $915 million from 2010-2017, which made him the highest-paid professional athlete in the world during that decade. Mayweather, who retired undefeated and won world titles in five weight classes, earned more money than any boxer in the history of the sport.

Bob Arum’s Top Rank Inc. has been one of boxing’s most prominent promotional companies for more than five decades. Top Rank represents two of the top five boxers, pound-for-pound, in the sport in WBO welterweight champ Terence Crawford and WBA/WBO lightweight champ Vasiliy Lomachenko.

According to published reports, none of the franchises from the four major sports leagues in the United States – the NFL, NBA, MLB or the NHL – received money through the Paychek Protection Program.

At least four Major League Soccer teams applied for between $1 million and $5 million through the PPP. Many NASCAR and IndyCar teams also were approved for substantial funds from the program. 

Keith Idec is a senior writer/columnist for BoxingScene.com. He can be reached on Twitter @Idecboxing. 

User Comments and Feedback
Comment by genrick on 07-11-2020

But...but...greedy fighters still won't take paycuts doe.

Comment by Luilun on 07-10-2020

[QUOTE=HanzGruber;20650017]Probably because he pays taxes[/QUOTE] Da everyone pays taxes but if you claim to be as rich as he is he should leave the treasury department alone there’s other people who deserve it more like small businesses that provide products…

Comment by HanzGruber on 07-10-2020

[QUOTE=Luilun;20646769]Why is Mayweather taking tax money I thought he has 600 million which should last for eternity unless you gambled it away[/QUOTE] Probably because he pays taxes

Comment by BreWall on 07-10-2020

Just imagine Floyd happened to be not on this list. Hehe... These Floyd fans would have bashed Arum and Hoya to no end... Hehe...

Comment by sicko on 07-09-2020

Of Course! They should take advantage of that absolutely!

ADD COMMENT VIEW COMMENTS (74)
Advertisement
Top Headlines
WADA To Shorten Punishments For Recreational Drug Offenses Benavidez: Time Will Come Soon Enough To Fight At Home In Phoenix Horn-Tszyu On August 26, Dubois-Pfeifer On August 29 - Land On ESPN+ Minsk Cold Wars: Kossobutskiy, Iliev, Magomedov Shine Dulorme: James' Talent Isn't Going To Be Enough To Get Him Through 12 Rounds Pacquiao Rejects Talk of Golovkin, Not Looking To Fight Above 147 McCaskill: Beating Braekhus Opens Up Doors To More Mega-Fights Ramirez vs. Postol, Barboza vs. Luis Made Official For August 29, ESPN+ Loma's Manager: We Want Lopez, If Not Him - Then Maybe We'll Fight Verdejo Ewa Brodnicka-Mikaela Mayer Mandatory Title Fight Ordered By WBO Terri Harper, Natasha Jonas - Ready For Title Showdown Frampton Seeking New Opponent, Vardanyan Out Due To Visa Issue Ewa Brodnicka Inks Promotional Pact With Eddie Hearn Harper-Jonas Matchroom Fight Camp Weigh-In Report Promoter: 'Special' Morrell Reminds Me A Lot Of A Southpaw Carlos Monzon Anthony Joshua On Dealing With Criticism: "It's Hard To Ignore It" Mikey Garcia: Jose Ramirez's Power, Strength Will Overcome Josh Taylor Liam Williams: Eubank, Canelo, Andrade - I Want a Massive Fight Navarrete-Magdaleno: WBO Orders August 11 Purse Bid For Vacant Title Fight Thompson Boxing’s GM Reflects on '3.2.1. Boxing' Event Vladimir Shishkin is The Best Fighter at 168, Says Salita Anthony Joshua Will Have 'Spot On' Sparring For Pulev, Says Hearn Canelo: Loss To Mayweather Motivated Me To Become P4P Best News: Sean McComb, Kunkabayev, Dovhun, Pinchuk, More Jamal James-Thomas Dulorme and the Spinning Wheel at Welter Arum: Loma Has Given Us Relief, If Lopez Turns Down Deal - On To The Next Postol Continues To Train Hard, Hopes Ramirez Fight Finally Happens Carlos Ocampo vs. Jorge Garcia on August 15 in Mexico City Andrew Cancio vs. Saul Rodriguez Set For September 12 NSAC Suspends Victor Rodriguez, Donte Stubbs: Positive Drug Tests In ESPN Wins Hearn Speaks To Warren: Rivals Plan Future Meeting To Talk Business Mikey Garcia: The Manny Pacquiao Fight Interests Me The Most Braekhus Feels in 'Best Shape Ever' After Tough Camp With Sanchez Natasha Jonas: If I Land Clean, Terri Harper Will Go! Efe Ajagba Signs With Top Rank; Changes Trainer From Shields To Koroma Povetkin Set To Spar With Chisora, Allen For Whyte Clash Jarrell Miller Temporary Suspension Extended By NSAC Terri Harper, Natasha Jonas - Face-Off at Final Presser Ra'eese Aleem: My Next Fight Will Be For A World Title Bob Arum: It Would've Been Wrong To Drop Oquendo As Herring's Opponent
Advertisement
Advertisement
Latest Forum Threads
Advertisement
Advertisement