Photo: Dia Dipasupil / Getty Images Entertainment / Getty Images
LOS ANGELES (CNS) - The company established by Oscar De La Hoya in 2002 to promote boxing matches has reached a tentative settlement with middleweight boxer Gennadiy Golovkin's own firm in a dispute centered around the second boxing match between Golovkin and Canelo Alvarez in 2018.
Attorneys for GGG Promotions LLC filed court papers with Los Angeles Superior Court Judge Thomas D. Long on Tuesday notifying him of a "conditional" accord reached with Golden Boy Promotions LLC and that a request for dismissal will be filed by Oct. 31 "or within five days after settlement payment has cleared."
No terms were divulged.
Golovkin started the dueling litigation in March 2022 by suing Golden Boy, alleging the company owed at least $3 million beyond what was already paid to the plaintiff for his middleweight championship match against Alvarez, who won the Sept. 15, 2018, rematch between the pair after they fought to a draw a year earlier.
"This case involves a blatant disregard for the contractual and fiduciary obligations of Golden Boy Promotions toward a prominent fighter, Gennadiy Golovkin, and is illustrative of how certain promoters -- mistreat even the most prominent of fighters," according to the 41-year-old Golovkin's suit.
Golovkin, a Kazakhstani, also sought punitive damages.
Golden Boy countersued in May 2022, alleging that GGG promised that it could raise substantial revenues for the promotion, but "utterly failed to live up to those promises."
Even though Golden Boy allowed GGG to control specific television territories and sponsorship opportunities, GGG "failed to generate any money whatsoever for the event," according to the countersuit.
The breach-of-contract countersuit sought 55% of net ticket sales revenues, plus an additional payment from net ticket sales revenues of $2.5 million.