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.
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.