A Miami jury Monday returned a verdict requiring Saul “Canelo” Alvarez to pay $8.5 million to a former promoter he was aligned with before joining Oscar De La Hoya’s Golden Boy Promotions in 2009.
A spokesman for Golden Boy said afterward that Alvarez will immediately appeal the verdict, which supported the contention by Miami-based Felix “Tuto” Zabala Jr. that his All-Star Boxing Inc. deal enhanced the career of the popular former two-division champion from Mexico.
“I’m happy, because I did this not for money, but for the dignity of my business,” Zabala told the Los Angeles Times, saying he was celebrating while sipping from a glass of pricey Macallan 25 whiskey. “You have to respect contracts.”
Alvarez fought nine times under the All-Star banner and Zabala contended the boxer had a signed deal that had him under contract for three more years when he left for Golden Boy. The lawsuit was filed in 2011, and Golden Boy rejected a $5-million settlement offer as Zabala proceeded to seek multiple millions of dollars in punitive damages.
“We would not be extorted,” a Golden Boy official wrote in an official statement emailed to reporters late Monday, in which it was said the company was “extremely pleased … the jury [found] that no contract ever existed between Canelo and All-Star Boxing.”
Golden Boy spokesman Stefan Friedman said Monday that Golden Boy was “exonerated from paying anything.”
Friedman, in an interview with The Times, said De La Hoya and Alvarez are “mystified” by the jury awarding the $8.5 million to All-Star for enriching Alvarez’s career, given the panel’s connected finding that there was no breach of contract by Alvarez toward Zabala. Alvarez all along contended whatever he signed was under duress.
“This is the very reason we’re going to appeal this verdict,” Friedman said. “And just like we didn’t settle before, there’ll be no settlement on this, either.
champcruthik
you probably saw this but just in case.....
