Top Rank Follows Golden Boy’s Lead, Files $100 Million Lawsuit Against Al Haymon

Las Vegas-based boxing promoter Top Rank has filed a lawsuit against Al Haymon and Haymon’s subsidiaries, claiming that boxing’s rapidly growing mogul has violated the Muhammad Ali Boxing Reform Act, the Sherman Antitrust Act and an assortment of other federal and state laws. Top Rank is seeking damages in the sum of $100 million.

This lawsuit comes on the heels of Oscar de la Hoya’s Golden Boy Promotions’ lawsuit against Haymon that was filed on May 6 in California that is seeking damages in excess of $300 million. The suit is targeting Al Haymon, Haymon Boxing LLC, Haymon Sports LLC, Haymon Holdings LLC, Waddell & Reed Financial Inc. and Media Group Holdings LLC.

Top Rank’s suit against Haymon alleges the following:

-Inducing professional boxers to enter unlawful “tie out” agreements, which prevent the boxers (whose interests Haymon purports to represent) from freely contracting with legitimate promoters.

-Illegally acting as both a manager and a promoter; fraudulently operating in the promotion business through a network of “sham” promoters.

-Blocking legitimate promoters’ access to major venues through fraud, overbooking, and other unlawful means.

-Engaging in a new form of “payola” to prevent legitimate promoters from access to television broadcasters through exclusive dealing, overbooking, and other unlawful means.

Top Rank is also trying to obtain an injunction that would preclude Haymon and his companies from having any direct or indirect financial interest in the promotion of bouts featuring boxers they manage. The suit claims that Haymon and his team are creating a monopoly in the sport and that he has been acting as both a manager and promoter, which is in direct violation of the Muhammad Ali Boxing Reform Act, which was created and passed into Congress in 2000. The suit from Top Rank also alleges that Haymon paid boxers not to spar with Top Rank-promoted fighters and prevented them – and fighters promoted by other promoters – access to bigger fight events and venues.

Golden Boy’s suit is similar to Top Rank and alleges that Haymon conspired with Waddell & Reed to usurp federal laws to monopolize the sport. Haymon typically hires various promoters on a show-to-show basis to handle to minutiae of running a large event, but Golden Boy and Top Rank claim that Haymon is really acting as a de facto promoter and not solely as the fighters’ manager.

"Since the moment Al Haymon launched Premier Boxing Champions, he has repeatedly and brazenly broken the letter and spirit of the Muhammad Ali Boxing Reform Act that is meant to protect fighters from exploitation," Golden Boy said in a statement after his company filed suit almost two months ago. "As part of an anti-competitive conspiracy that includes financial backers from Waddell & Reed, Haymon has [according to the suit] 'entered into agreements to restrain trade in a substantial portion of the market for promotion of championship-caliber boxers.'"

Bob Arum, the founder and chairman of Top Rank, told the Las Vegas Review-Journal newspaper that this suit was something his company had been working on “for a while.” Arum said it’s something he takes very seriously.

“I applaud Bob Arum and Top Rank Boxing for stepping up on behalf of fighters not only in their own stable, but all across the sport,” De la Hoya said in a statement after Top Rank filed the suit. “Those like Bob and myself who have spent the bulk of their lives around boxing understand that the Muhammad Ali Boxing Reform Act is a crucial piece of legislation that serves to protect boxers and enhance the sport. Golden Boy Promotions will continue to push forward with our own lawsuit to ensure our wonderful sport continues to grow in a competitive, just manner.”

Conversely, Haymon and his PBC has been loudly celebrated by boxing fans and media since its inception, with many believing his new venture is to be the savior of a long-suffering sport. Many who follow the Sweet Science quickly point to decades of corruption that has slowly decayed a sport that was once the nation’s number-two sport behind Major League Baseball in terms of popularity into more of a niche outlet of entertainment.

Haymon launched his Premier Boxing Champions series earlier in the year and quickly established lucrative deals with massive TV networks ABC, CBS, NBC and ESPN as well as agreements with smaller networks Spike TV, NBCSN and CBS Sports Network. Haymon has over 180 boxers under contract, many of which are elite-level fighters with huge star potential. Aside from being the advisor to Floyd Mayweather, Haymon manages Keith Thurman, Danny Garcia, Adonis Stevenson and Shawn Porter.