Gennadiy “GGG” Golovkin is unhappy with Golden Boy Promotions, now claiming damages from his fight against Canelo Alvarez in 2018 to the tune of $3 million.
According to reports, the former boxing world middleweight champion filed a lawsuit on Friday against Golden Boy Promotions in the State Superior Court of California. The Alvarez vs. GGG rematch happened in Las Vegas. However, Golden Boy is based in Los Angeles, California.
The promoter faces multiple allegations, including breach of fiduciary duty, breach of contract, conversion, constructive trust, and accounting, and seeks a jury trial to settle the dispute, according to reports.
GGG vs. Golden Boy
Golovkin and Canelo fought twice, with their first bout in 2017, resulting in a draw. Their rematch in 2018 saw Alvarez edge out a majority decision victory. However, according to GGG, the business on the back end was shady.
Founded and led by former boxing world champions Oscar De La Hoya and Bernard Hopkins, Golden Boy Promotions has been a premier boxing promotion since its founding in 2002.
According to the complaint obtained by Boxing Scene, GGG wants interest on $9,025,35.
However, according to the reports of the suit, GGG’s payment was due within ten days of HBO’s payout to Golden Boy for the pay-per-view buys.
What is still unclear, according to reports, is when HBO paid Golden Boy.
The fight generated roughly 1.1 million PPV buys in the U.S. or $94 million and grossed $27,059,850 in ticket sales at T-Mobile Arena, according to reports.
Reportedly, GGG’s take was 45 percent of all gross revenue, inclusive of sponsorships, pay-per-view sales, live gate receipts, closed-circuit TV, international TV rights, and more.
According to reports, GGG’s revenue share was supposed to activate after Golden Boy acquired the first $2.5 million in net ticket revenue.
Reported court documents state GGG is owed $1.375 million in additional revenue after a revised accounting report showed their was an error in Golden Boy’s original calculations.
End Of A Golden Era?
However, the real question is does the accounting gaffe reveal a downward turn for the organization. The promotion was famously sued by its former star fighter in Canelo Alvarez in 2020.
He decided to exit the promotion and sign one-fight deals before his latest multi-fight deal with Matchroom Boxing. Ironically, Alvarez has a trilogy fight against GGG under the new agreement with Matchroom.
Alvarez’s departure signaled a massive rift between Oscar De La Hoya and Alvarez, who had a mentor-to-protegé relationship. Since then, the organization has built up new stars like Ryan Garcia and Vergil Ortiz, who, although not as huge a draw as Alvarez, are budding stars in social media and regionally, like Texas in the case of Ortiz.
In The Dirt
Last weekend, Golden Boy welterweight fighter Blair Cobbs fought and lost via a ninth-round KO to Alexis Rocha, losing his undefeated status. The 32-year-old prospect came for the current welterweight king, Errol Spence Jr., in an attempt to leverage for a future fight.
Instead, he was clowned by Spence, who went to Twitter and said, “Rocha beating red ass off five heartbeats” and “Put his ass in the diiiiiirrrrrt.”
In boxing, one loss can be catastrophic for a prospect and devastating for a promotional banner in flux.
Cloudy, With A Chance Of Rain
Additionally, De La Hoya has had his share of issues. From his two-front war against UFC President Dana White and Floyd Mayweather Jr., he’s not the most popular combat sports leader.
De La Hoya has reportedly spent multiple times in rehab over the years, and his return exhibition bout against former UFC light heavyweight champion Vitor Belfort was canceled when he contracted COVID-19.
Golden Boy Promotions has seen better days indeed, but with money owed to Golovkin for years, star Ryan Garcia just returned after a mental health break and more, it is unclear where its path is going in the boxing business.
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