Leonard Ellerbe has reportedly stepped down as Mayweather Promotions CEO

06/14/2024 07:54 AM

In what best can be described as a shocking move, Leonard Ellerbe reportedly resigned as the long-time CEO of Mayweather Promotions, Floyd Mayweather Jr. announced Thursday on social media, to be replaced by former Golden Boy Promotions CEO Richard Schaefer.

In a post on Mayweather's Instagram social media account, he stated the following:

"Mayweather Promotions would like to extend our deepest gratitude to Leonard Ellerbe for his exceptional leadership and unwavering dedication over the years. Leonard has been an integral part of our team, contributing to numerous business endeavors that have played a pivotal role in the success of Mayweather Promotions. After years of hard work and dedication, Leonard has made the heartfelt decision to step down as CEO to spend more time with his family and loved ones.

"We have the utmost respect for his decision and are incredibly grateful for his leadership that has helped shape Mayweather Promotions into the thriving organization it is today. As we move forward, we are excited to announce that Mayweather Promotions will be joining forces with Richard Schaefer, a highly sought after finance expert and a phenomenal founder in the world of promotional boxing, with over forty years experience combined.

"Together, we will expand our presence by establishing Mayweather Headquarters in Los Angeles. Our goal is to elevate Mayweather Promotions to global success, supporting fighters worldwide and assisting them in making rewarding business decisions that will benefit them well beyond their boxing careers. We look forward to this new chapter and the continued global success of Mayweather Promotions."

The announcement comes in the approach of Gervonta "Tank" Davis' WBA lightweight title defense against Frank Martin this Saturday night at the MGM Grand Garden Arena in Las Vegas. Davis (29-0, 27 knockouts) is The Ring's No. 2 lightweight contender behind Vasiliy Lomachenko, while Martin (18-0, 12 KOs) is The Ring's No. 5-ranked lightweight.

One thing is certain: Davis did not take too kindly to the Ellerbe news, lashing out on social media posts with … "if you sign with this fraud he will f—k up your career, he is not a good businessman at all."

Mayweather countered with the Davis-Martin fight poster emblazed with a 'cancelled' across it, to which Davis then followed calling Mayweather, "a bitter bitch."

Ellerbe had been instrumental in Mayweather's rise in the early 2000s. During that time, Mayweather and Ellerbe worked closely with Schaefer, who helped establish Oscar De La Hoya and Golden Boy Promotions into a global brand. Schaefer was CEO for Golden Boy from 2000 to 2016, then bounced to Ringstar Sports and Probellum, not achieving the kind of success he had as Golden Boy CEO. Schaefer does, however, have a strong history with Mayweather. Schaefer, along with CBS' Les Moonves and Bob Arum's Top Rank put together what still reigns as the all-time biggest pay-per-view event in boxing history, with the 4.6 million buys and $410 million generated by the Mayweather-Manny Pacquiao May 2, 2015, fight at the very MGM Grand Arena where Davis-Martin is taking place this weekend.

Joseph Santoliquito is a Hall of Fame, award-winning sportswriter who has been working for Ring Magazine/RingTV.com since October 1997 and is the president of the Boxing Writers Association of America.
Follow @JSantoliquito

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