Canelo Alvarez ordered to pay $8.5 million to former promoter All-Star Boxing.
June 13, 2016
STATEMENT FROM GOLDEN BOY PROMOTIONS
“We are extremely pleased that not only did the jury find that no contract ever existed between Canelo and All-Star Boxing, but issued a judgment against All-Star boxing and ordered them to pay Golden Boy’s substantial legal fees.
Over the last five-plus years, many questioned why we wouldn’t just settle the case before trial. The answer is simple: We would not be extorted. It was clear from the beginning that neither Canelo nor Golden Boy Promotions had acted inappropriately in any way. We are grateful that the jury was able to see that.
However, it is absurd to think that All-Star Boxing provided anywhere near that amount of value that the jury awarded under a separate claim. We will appeal this part of the decision, and are confident we will win, just as we did on the contract dispute.”
Outside of appealing the financial damages, we now look forward to putting this episode behind us and working with Canelo to continue his meteoric rise though the boxing ranks.”
While Golden Boy Promotions was found to be not in the wrong, the jury however did order Saul "Canelo" Alvarez to pay his former promoter All-Star Boxing $ 8.5 million. It is being reported that Canelo plans on appealing the decision.