Golden Boy, Mayweather promotions, top tier applied for forgivable loans amid pandemic
Three of boxing’s top promotional companies were among many small businesses that applied for financial assistance under a federal loan program launched to provide economic relief during the COVID-19 pandemic.
The Associated Press reported late Monday that Golden Boy Promotions, Mayweather Promotions and Top Rank Inc. each requested funds through the Paycheck Protection Program.
The exact amounts requested were not available from data released Monday by the federal government, but the three companies each requested between $350,000 and $1 million to help offset the economic impact of the coronavirus crisis. The data also does not indicate whether Golden Boy Promotions, Mayweather Promotions, or Top Rank Inc. accepted the money these companies applied for.
Through the PPP, Congress has created $659 billion in low-interest loans that won’t have to be repaid if aided businesses apply the money to payroll, rent and other business expenses. . According to the Associated Press, about $130 billion in PPPs remained unclaimed by the June 30 deadline, prompting Congress to extend the program’s deadline to August 8.
Retired six-division champion Oscar De La Hoya founded Golden Boy Promotions in 2002. The company represents one of boxing’s biggest stars, Canelo Alvarez, as well as rising stars such as lightweight Ryan Garcia and welterweight Vergil Ortiz Jr.
Mayweather Promotions, founded by Floyd Mayweather Jr. in 2007, represents WBA lightweight champion Gervonta Davis and former WBC super middleweight champion Badou Jack, among others.
Forbes estimated last year that Mayweather earned $915 million between 2010 and 2017, making him the highest-paid professional athlete in the world that decade. Mayweather, who retired undefeated and won world titles in five weight classes, made more money than any boxer in sports history.
Bob Arum’s Top Rank Inc. has been one of the premier boxing promotion companies for over five decades. Top Rank represents two of the top five pound-for-pound boxers in the sport with WBO welterweight champion Terence Crawford and WBA/WBO lightweight champion Vasiliy Lomachenko.
According to published reports, none of the franchises of the four major sports leagues in the United States – the NFL, NBA, MLB or NHL – have received any money through the Paychek protection program.
At least four Major League Soccer teams have requested between $1 million and $5 million through the PPP. Many NASCAR and IndyCar teams have also been endorsed for substantial program funds.
Keith Idec is senior writer/columnist for BoxingScene.com. He can be contacted on Twitter @Idecboxing.