Richard Schaefer resigns from Golden Boy Promotions, Mayweather drops outfit - ESPN

Undefeated American boxer Floyd Mayweather has severed his ties with Golden Boy Promotions, hours after co-founder and CEO Richard Schaefer resigned on Monday (Tuesday, PHL time), ESPN's Dan Rafael reported.

Mayweather and his own promotions company, Mayweather Promotions, have been working with Golden Boy Promotions on a fight-by-fight basis, but the agreement was only because of his friendship with Schaefer. Mayweather and Golden Boy’s majority shareholder and president Oscar De La Hoya, strongly dislike each other.

As a result, beginning with his September 13 bout, Golden Boy will not be involved with Mayweather’s fights, Mayweather Promotions CEO Leonard Ellerbe told ESPN.

Earlier in the day, Schaefer had announced that he was stepping down as CEO.

Schaefer and De la Hoya had been at odds over the direction of the company, although De la Hoya said at a May 3 news conference in Las Vegas that he wanted Schaefer to stay.

However Schaefer, a Swiss national who left banking to join De la Hoya's fledgling promotional company more than 10 years ago, said he felt compelled to leave.

"This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave," Schaefer said in a statement. "I am proud to remain a shareholder, so I have a strong interest in the continued success of the company."

The news comes just days before Olympic gold medallist turned multiple professional world champion De la Hoya's scheduled induction into the International Boxing Hall of Fame in Canastota, New York, on Sunday.

Tension between De la Hoya and Schaefer was reported to stem from the ex-fighter's decision to reach out to rival promoter Bob Arum of Top Rank.

They haven't promoted together in years, a situation that scuppered a series of potentially lucrative fights.

It's not clear, however, how Schaefer's departure affects the chance that a fight between unbeaten American Floyd Mayweather and Filipino ring icon Manny Pacquiao could finally happen. - with a report from AFP / AMD, GMA News