Top Rank – Haymon settle antitrust lawsuit
May 19, 2016
The parties in the Top Rank Boxing v. Al Haymon, et al. lawsuit filed in federal court in Los Angeles has been settled. The parties filed a joint stipulation to dismiss the case on Wednesday. Terms of the settlement are confidential per the stipulation filed with the court.
Al Haymon and his various business entities were sued by Top Rank Boxing this past July as the promoter claimed that Haymon’s upstart Premier Boxing Champions violated federal antitrust laws as well the Muhammad Ali Act and California State Business Regulations.
Perhaps what precipitated the beginning of the end of this litigation was securing the opportunity to obtain documents (including financial information) from promoter Lou DiBella and his company DiBella Entertainment, Inc. It was claimed by Top Rank that DiBella was a “sham promoter” essentially working for Haymon.
Another theory which may have caused the two sides to settle would be the downturn of PBC. Ratings have been sluggish and reports of PBC seeping money seems valid. Also, investors filed a lawsuit in Kansas over a fund’s strategy to invest in PBC. Settling this lawsuit may negate the hefty legal bills the company is racking up.
A similar lawsuit filed by Golden Boy against Haymon continues in Los Angeles with discovery ongoing.
It will be interesting to see how much further the Golden Boy lawsuit goes. If they are to obtain documents from other promoters (like DiBella) in discovery, it could leverage into a favorable settlement. It is unknown if PBC would run the risk of continuing with defending this lawsuit if there is the possibility of losing a huge verdict.