A NEW COLD WAR HAS BEGUN IN BOXING WITH PBC, TOP RANK & GOLDEN BOY WITH NEW LAWSUITS
Top Rank file lawsuit against Al Haymon’s “Boxing alleged monopoly”
By George A. Dampeer, Real Combat Media DE/Washington D.C Correspondent
Los Angeles, CA (July 1st,2015)– Bob Arum’s Top Rank anouced today that the company will be filing a $100 million dollars lawsuit against boxing “manager” Al Haymon’s Premier boxing champions. In the 50-page lawsuit, Top Rank accuses Haymon’s practices “predatory” and much like Golden Boy’s lawsuit they call out PBC’s business model of manager and promoter.
In the lawsuit written by Top Rank lawyer, Daneil Petrocelli says “If left unabated, this conspiracy threatens to fatally cripple competition in [boxing], thereby causing substantial and irreversible harm to boxers, legitimate promoters, and consumers,” .The lawsuit continues “In order to stifle legitimate promoters from competing against PBC, Haymon has obtained exclusivity commitments from broadcasters,….Between these predatory ‘payola’ payments and the expenses of promoting each televised match, Haymon and Waddell & Reed are operating at a significant short-term loss in the millions of dollars.”
The lawsuit also speculates that Al Haymon could lose up to $200 million dollars in the first 24 months of PBC operating. Premier boxing champions was announced earlier in the year when Al Haymon signed with NBC, ABC, CBS, ESPN, and other networks to air his 200 some fighters with the financial backing of Kansas City Mo. investment firm Walter&Reed. PBC and Al Haymon have yet to comment about the lawsuit.
Top Rank has also been irritated with the Haymon’s attempts to block fight venues such as the Stubhub Center and the Staples Center, and of course preventing fights with Top Rank fighters. This would explain why odd venues hosting fights like Matthysse and Provodnikov fighting in Verona,New York Casino. It also considers to what the lawsuit call as monopolistic goals.
“Once Haymon obtains monopoly power in the market for promoting professional boxing matches, he will recoup the losses by charging exorbitant prices to broadcasters, sponsors, and consumers. Haymon and Waddell & Reed will be the sole competitor.”
Al Haymon now has two pending lawsuits from two of his top competitors and investigation of business practices by US attorney Loretta Lynch. One would expect and elusive business man like Al Haymon to make out unscathed, but the pressure is adding up to a point where he may given. We will see.
Original Lawsuit Document: LA Times Document
By T Street Controversy, Real Combat Media Head Boxing Video Reporter
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