Posts Tagged ‘Richard Schaeffer’
Judge Orders Golden Boy To Stop Promoting Nonito Donaire “The Filipino Flash”, Arum Wins Suit
The mediator and arbitrator in the legal clash between Bob Arum (Top Rank) and Golden Boy Promotions (Richard Schaeffer), the Honorable Daniel Weinstein – on the matter of boxer Nonito Donaire, has ruled that there is an enforceable contract in existence between Donaire and Top Rank.
In the belief that he was a free agent it is reported that Nonito accepted the offer made by Golden Boy Promotions of an undisclosed signing-on fee plus a guarantee of earnings of at least one million dollars in the next year.
Donaire apparently hired the legal services of Las Vegas, attorney John Bailey and sent a letter to Top Rank, informing them of his decision to accept the Golden Boy offer. Top rank apparently sent out their own legal letter before the contract expired, exercising their right of an option for a one year extension written in the contract.
Bob Arum acting on behalf of Top Rank decided to challenge this and said, “We have a valid, enforceable contract and we’ll pursue our legal rights against Donaire, Golden Boy and anyone else who is involved. We are absolutely confident we will prevail.”
After studying the agreements in existence Judge Weinstein decided in favour of Top Rank and gave his judgment accordingly.
It seems that the contract between Nonito and Top Rank was for a period of three years but on the expiry of this term there was an option of a one year extension to the contract and that Top Rank wished to take advantage of this extension.
Commenting on this legal decision Bob Arum said, “Adding in the time we lost, it pushes the contract to 2013. So what this kid has to do now is to live up to the contract”.