Why did Gennadiy Golovkin take legal action worth $3 million against Oscar De La Hoya?
Gennadiy Golovkin filed a lawsuit against Golden Boy Promotions on Friday, seeking $3 million in damages regarding his second fight against canelo-alvarez/" target="_blank" rel="noopener noreferrer" data-is-sponsored="false">Canelo Alvarez in 2018. The middleweight champion has accused Oscar De La Hoya’s promotion of breach of contract, breach of fiduciary duty, conversion, constructive trust, and accounting.
As first reported by ESPN, Golden Boy Promotions has owed a hefty $9,025,551 payment to Golovkin since January 2021. The Kazhakstani star now wants to take a paid interest with that amount and is also looking at a jury trial to obtain it.
The rematch between Canelo and Golovkin was a blockbuster, in which ‘GGG’ was entitled to 45% of the pay-per-view sales. He was also equally partnered into the revenue of gate receipts sponsorships, closed-circuit TV, and international TV rights.
Watch Canelo vs. 'GGG' 2 highlights below:
Gennadiy Golovkin apparently received the payments in July 2021, but they were just a portion of the event’s financial upside. The drama then grew bigger after Golovkin stated the amount of $9,025, 351 as an accounting error and revised it with a sum of $1.375 million.
The lawsuit against Golden Boy states that Gennadiy Golovkin also wants $450K in sponsorship revenue and $177,458 in other funds.
This isn’t the first time Golden Boy Promotions has had legal financial accusations from a starfighter. In 2020, Alvarez sued Golden Boy Promotions for breach of contract and parted ways with them.
Canelo Alvarez vs. Gennadiy Golovkin 3 will have no signs of 'The Golden Boy'
Following a split with De La Hoya, Canelo Alvarez has worked efficiently with Eddie Hearn’s Matchroom Promotions as a free agent. In between, Alvarez has also taken a trip to the PBC, beating Caleb Plant for the 168 lbs IBF belt in November 2021.
The pound-for-pound phenomenon is back with Matchroom once again and will challenge Dmitry Bivol for the 175 lbs title on May 7. Meanwhile, Gennadiy Golovkin will meet Ryota Murata in a middleweight title unification bout on April 9.
If they beat their upcoming opponents, 'GGG' and Alvarez will collide in an epic trilogy bout hosted by Eddie Hearn and his team.