Richard Schaefer presented Oscar De La Hoya with a deal to sell Golden Boy Promotions for $100 million. At first the buyer was unclear. Later, it would turn out that Richard Schaefer and Al Haymon were set to be major entities in the Golden Boy “buyers”.
"Oscar was in an extremely dark place and he was being told, ‘This business, boxing, is bad for you. It’s time for you to get out,’" a source with knowledge of the situation told ESPN.com. "What was given to him in the condition he was in, there was no way he could process it. It wasn’t something he wanted to do but he was told, ‘You can get out, you can get away from the pressures, you can make a bunch of money.’ He was in a very vulnerable situation."
Another source with direct knowledge of what happened said that De La Hoya was given some 50-plus pages of paperwork on the deal while at his lowest point.
"Oscar was in rehab, medicated and he was being told, ‘You’re through with boxing. Sell your company.’ It was a bad situation. It was a s——- thing for Richard to do the way he did it," the source said.
By around March, De La Hoya had tentatively agreed to sell, but eventually changed his mind, much to Schaefer’s dismay.
"The more Oscar peeled back the layers of the deal, the more it was like an onion. It smelled," one of the sources said.
For one thing, De La Hoya, according to sources, was outraged when he learned that Schaefer would remain involved with the entity buying Golden Boy — and that so would Haymon — and that De La Hoya would have severe restrictions placed on his ability to use his own nickname, logo and likeness for decades.