Gennady Golovkin sues Golden Boy Promotions, Seeking $3M In Damages For Money Owed

GGG apparently didn't get paid his full purse from Golden Boy promotions.

(via Gennadiy Golovkin's Instagram)

Middleweight boxing champion Gennady Golovkin also known as GGG is suing Golden Boy Promotions for owed money.

On Monday, ESPN reported that GGG has filed a lawsuit against Oscar De La Hoya’s Golden Boy Promotions seeking a minimum of three million dollars.

The lawsuit is from Golovkin’s rematch with Canelo Alvarez that took place in 2018, where GGG lost a majority decision. In the lawsuit against Golden Boy, Golovkin seeks “not less than $3 million” in damages for money owed from the gate and sponsorships.

The details

According to the report by ESPN, “GGG wants to be paid interest on the $9,025,351 Golden Boy still owed him in January 2021. The funds, which were paid by July 6, 2021, were part of the financial upside of the event. Golovkin was entitled to 45% of all gross revenue — gate receipts, sponsorship, pay-per-view revenue, closed-circuit TV, international TV rights, etc. — after Golden Boy received the first $2.5 million in net ticket revenue.

The boxer’s money was due within 10 days of Golden Boy Promotion’s payment from HBO.

ESPN’s report continued “GGG contended that the sum of $9,025,351 was incorrect due to an accounting error. On Sept. 27, Golden Boy delivered a revised accounting report that showed GGG was due an additional $1.375 million. Golovkin demanded payment but Golden Boy has refused, according to the suit. The boxer seeks at least $450,000 in sponsorship revenue, $177,458 in “other funds simply not paid though listed on Golden Boy’s own accountings,” approximately $31,500 (45% of around $70,000 in additional PPV revenue), expenses incurred by the postponement of the rematch after Alvarez tested positive for a performance-enhancing drug and unapportioned insurance expenses.”

Golden Boy Promotions also declined to comment on the ongoing lawsuit.

GGG is scheduled to return to action against Japanese boxer Ryōta Murata on April 9 at the Saitama Super Arena in Japan.

Published on March 21, 2022 at 6:21 pm
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