Leonard Ellerbe is no longer the CEO of Mayweather Promotions according to the promotional outfit who also revealed that Richard Schaefer would be replacing Ellerbe as CEO. Schaefer, a well-known businessman/promoter within the sport of boxing, is familiar with the owner and founder of Mayweather Promotions, Floyd Mayweather Jr, having worked with the 50-0 fighter in the past when he had worked for Premier Boxing Champions (PBC) during its infancy.
In a post released on Instagram, Mayweather Promotions officially revealed the departure of Leonard Ellerbe―who has been the promotion’s CEO since its inception in 2007.
“Mayweather Promotions would like to extend our deepest gratitude to Leonard Ellerbe for his exceptional leadership and unwavering dedication over the years,” The Instagram post detailed, “Leonard has been an integral part of our team, contributing to numerous business endeavors that have played a pivotal role in the success of Mayweather Promotions.
“After years of hard work and dedication, Leonard has made the heartfelt decision to step down as CEO to spend more time with his family and loved ones. We have the utmost respect for his decision and are incredibly grateful for his leadership that has helped shape Mayweather Promotions into the thriving organization it is today.
“As we move forward, we are excited to announce that Mayweather Promotions will be joining forces with Richard Schaefer, a highly sought after finance expert and a phenomenal founder in the world of promotional boxing, with over forty years experience combined.
“Together, we will expand our presence by establishing Mayweather Headquarters in Los Angeles. Our goal is to elevate Mayweather Promotions to global success, supporting fighters worldwide and assisting them in making rewarding business decisions that will benefit them well beyond their boxing careers. We look forward to this new chapter and the continued global success of Mayweather Promotions.“
The exit of Leonard Ellerbe might mark a sharp upturn in the fortunes of Mayweather Promotions which has thus far been unable to organize a single show without PBC. As a result Mayweather Promotions’ fighters only participating on PBC cards, the promotion has failed to establish a well-honed reputation like Golden Boy Promotions, who was similarly founded by a former professional boxer in Oscar De La Hoya and worked alongside PBC in the past but has managed to produce numerous independent shows. In comparison, the only known events actually organized by Mayweather Promotions have been exhibition show where Floyd Mayweather Jr headlined.
Richard Schaeffer, the former owner of the controversial and now-defunct Probellum promotion has been confirmed by Mayweather Promotions itself to be replacing Leonard Ellerbe, suggesting Ellerbe has not departed of his own accord and was likely fired. Schaeffer carries a wealth of experience and knowledge within the sport of boxing, having worked with PBC before departing from the pseudo-promotional outfit to form his own promotion of Probellum.
Schaeffer has also worked with Golden Boy Promotions, though the circumstances that led to his departure from Golden Boy when he had been their CEO are steeped in controversy after a multitude of Golden Boy fighters joined at the same place Schaeffer landed at after his exit: PBC. Additionally, Golden Boy founder Oscar De La Hoya and Richard Schaeffer had a number of issues with each other that prompted Schaeffer to leave.
There are concerns as to whether Richard Schaeffer’s entry into the position as the CEO of Mayweather Promotions will make a difference, with the departure of its biggest-known star, Gervonta Davis (29-0, 27 KO’s), roughly two years ago not made any easier―after prospects such as Jalil Hackett (8-0, 7 KO’s) left the promotion due to lack of activity and/or proper opposition, there are not many [or any] fighters currently signed with Mayweather Promotions to help it garner the same reputation and status as other more well-known American promotional companies such as Top Rank.
However, Richard Schaeffer may provide more opportunities in boxing through the connections he’s built. While Leonard Ellerbe was officially regarded as the CEO of Mayweather Promotions, the lack of shows by the promotion itself is evidence enough of Ellerbe’s inability to promote his own fighters. In addition, this has been something substantiated upon by another ex-Mayweather Promotions fighter in J’Hon Ingram (4-0, 4 KO’s) who had recently voiced his frustrations on Ellerbe not doing the job he was required to perform as CEO.
“It’s all jokes with my post but [it is] still not, because this is my career/life that’s being played with,” Ingram had stated on May 28th. “Ellerbe is the CEO of MP [Mayweather Promotions] but says it’s out his control. Then I have to address it with someone else. So WTF you CEO for? Like WTF is it that you do? Oh yeah, gamble MP’s money away.“
J’Hon Ingram has now departed from Mayweather Promotions, a move that can directly be attributed to Leonard Ellerbe’s incapability to run a promotion as that is his occupation as CEO of the promotional outfit. While Floyd Mayweather Jr is also liable for what happens to his company given he is the owner and founder of it, Ellerbe’s position as CEO made him responsible for keeping his fighters active, amongst a number of other duties; something he has clearly not managed to fulfill.
It is yet unknown whether Richard Schaeffer will attempt to position Mayweather Promotions away from PBC so it can stand on its own feet and finally be able to produce its own shows, but that will likely be the best course of action moving forward given PBC’s deal with Amazon Prime makes it harder for Mayweather Promotions fighters to be featured on PBC’s cards.
It is also unclear what Leonard Ellerbe will do moving forward, but given he has already been closely involved in PBC events, it is likely that he will continue to attach himself to PBC fighters in some capacity, perhaps serving as a boxing manager to Gervonta Davis.
