Top Rank Promotions is suing Al Haymon and his business partners for over $100 million. A lot is being said and written about the suit, which was filed in Las Angeles. Things can certainly get confusing when it comes to these matters: so here's a basic simplification of things:
Al Haymon and his partners, Missouri-based firm Waddell@Reed, are being accused by Top Rank of trying to create a monopoly in the boxing business. How? By buying up time slots on major American television networks and by buying time at venues where other promotional outfits may want to operate.
Top Rank argues that in doing so, Haymon and company are preventing the competition from plying it's trade in a meaningful matter. There's other matters involved in the lawsuit as well, such as accusations of Haymon breaking the Ali Act, which makes it illegal for someone to act as a promoter and as a manager simultaneously, and of paying fighters not to spar with those promoted by Top Rank.
Whether any of this will harm Haymon's empire in the least remains to be seen. People have been grumbling about the man's business practices for years now, so team Haymon can't be surprised by these latest developments. What's more, the United States Government hasn't shown much interest over the years regarding corruption in boxing. It just hasn't. Faith in the judicial branch effectively ruling against such corruption - if it actually exists - may therefore be minimal.
Top Rank lawyer Daniel Petrocelli made it perfectly clear what he believes the endgame of Haymon and company is. "Haymon, Waddell@Reed," he writes, "will be the sole competitor" in the sport of boxing.
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