Filed under: Golden Boy Promotions, Boxing Rumors, Top Rank Promotions
Golden Boy Promotions filed a lawsuit in the U.S. District Court of Nevada on Tuesday against rival Top Rank Promotions, its CEO, Bob Arum, and CFO, David Lopez, accusing the duo of racketeering and fraud and seeking damages in the range of $3 to $5 million plus attorneys fees related to money generated from three Manny Pacquiao fights.According to the story, first repored by ESPN.com's Dan Rafael, Golden Boy Promotions owns a percentage of Pacquiao's promotional contract in accordance with a settlement between the two companies in 2007, and is owed millions of dollars from Pacquiao's 2008 lightweight title bout against David Diaz, his 2009 welterweight title bout against Miguel Cotto and his March welterweight title defense against Joshua Clottey.
Pacquiao once signed with both companies in late 2006, but eventually stuck with Top Rank after the settlement. Under the grounds of the settlement, mediated by retired federal judge Daniel Weinstein, Top Rank retained Pacquiao's promotional rights with Golden Boy due to receive a percentage of Top Rank's profits each time he fought.
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