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PREMIER BOXING & AL HAYMON

http://www.tickerreport.com/logos/waddell--reed-financial-inc-logo.gifONCE AGAIN THE CONCEPT THAT MONEY ALONE IS ALL THAT IS NEEDED TO ACHIEVE SUCCESS HAVE TAKEN, YET ANOTHER SEROUS BEATING.

WHEN WEALTHY MUSIC IMPESARIO AL HAYMON CAME INTO BOXING HE WAS HAILED AS THE NEW MESSSIAH, ESPECIALLY FOR BLACK BOXERS, AND A NEW HERALD WAS PROMISED TO BOXERS AND THE END WAS NIGH TO THE RIPPING OFF BLACK FIGHTERS AND THIS GREEED FACTOR WOULD BE BROUGHT TO AN END.

With a personal wealth estimated to be worth US $100 million dollars, the promises of the newcomer boxing promoter Al    Haymon, was viewed as a messiah by black     boxers, and gladly welcomed

With his success in the music industry and personal wealth, the investment in boxing by the wealthy Al Haymon was welcomed as both a necessary advent for professional boxing and a smart investment for the entrepreneur Al Haymon.

Then came the first major surprise!

Despite being in a position to easily finance this smart business move, the believed to be boxing crusader Al Haymon, decided to share his highly promising business opportunity with a partner.

No less than US $400 million was the ‘bank’ made available for investing in the Al Haymon designed Premier Boxing Champions by Waddel & Reed. a Kansas financial advisory Company:

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This professional investment Company decided the project was worthy of making available a ‘bank’ of US $400 million. How the size of this investment was arrived at is a business puzzle much more difficult than the Rubic cube style conundrum?

Presumably, it was based on the business plan submitted by Al Haymon.

Whisper n the corridors of the boxin gyms is the Waddel and Reed investment ceiling was US $1 billion!

Probably the most successful boxing promoter of all time, Don King entered the boxing promoting business with the financial clout of a near minus investment; the then runner-up to Don King, Bob Arum had the modest savings of a IRS tax lawyer adviser.

UK former fishmonger Jack Solomons his modest savings and the financial strength of respected Soho ‘hard man’ Bert Marsh to become the top UK boxing promoter.

They were followed by Harry Levene who when he decided to retire became the financier for Mickey Duff and Jarvis Astaire promotions. Their opposition was Stan Baker and Mike Barret.

Stan was, probably, the most liked UK boxing promoter of all time. Unfortunately, he was ‘starved’ of attractions and his promoting losses entered into a LONG list and he could no longer support his boxing promoting ventures.

He was followed by Mike Barrett, a modest business person.

When Harry Levene finally retired Mike Barrett was invited to join Mickey Duff and Jarvis. He accepted and the trio became a single promoter.

They were supported by the BBBofC.

The People, at that time Sunday newspaper, was sued for defamation by the trio for referring to them as a ‘Syndicate,’ which the y claimed defamed them as it was the description given to the USA Mafia.

To offset the ‘closed shop’ decision by the BBBofC to refuse to licence any other promoter in the London area, was the cause of the birth of the the UK federation National Boxing Council (NBC,) which was formed as a not for profit organisation to allow freedom of operation to boxing promoters within the UK.

Despite being ignored by the main daily newspapers the NBC gained strength from the WBC and WBA, then the only two World sanctioning bodies. Frank Warren was refused a licence by the NBC but was licensed by the NBC.

The only full supporter of the NBC was a local East End newspaper The East London Advertiser

When local London boroughs refused to let their venues for NBC boxing, a meeting was arranged with the then Minister of State Lord Gowrie and the the Liberat MP for Islington, and NBC officials.

When the details were considered by the Minister he overruled his Civil Servants and granted recognition for the NBC .’The War’ was won and NBC was put into hibernation.

Then came the bombshell from The Sunday Times when the claims by the NBC in their printed magazine a monopoly as in peration were detailed and the claim a restriction of trade existed in UK boxing.

The claims were heeded by The Sunday Times and in a front page spread the mighty newspaper accused the trio promoters of operating a cartel.

The BBBofCwere obliged to lift the exclusivity order and make London available for all boxng promoters registered with them,

The Sunday Times expose plus the NBC, allowed Frank Warren and the boxing experience of a friend of his Uncle, plus modest a modest investment allowed Frank to develop boxing in the UK and become the lead promoter.

The NBC offered to place itself in hibernation if the BBBofC would allow democracy to rule in British professional boxing. Sensibly rhe BBBofC threw in the towel.

Frank Warren beacame the lead promoter promoter; boxing had it best ever years – and the rest is history.

Nowadays, there is Eddie Hearn, the son of Barry Hearn. Barry came into boxing promoting as Matchroom Boxing with a modest investment made available from his regular accountancy occupation and the earnings from promoting snooker and fishing on SKY. ~

How the size of this investment was arrived at is a business puzzling much more difficult than the  Rubic cube style conundrum?

Probably the most  successful boxing promoter Don King entered the boxing promoting business with the financial clout of a minus investment; the modern day runner-up to Don King , Bob Arum had the modest savings of IRS tax adviser; in the UK former fishmonger Jack Solomons used hs modest savings and the financial strengt of respected Soho gangster Bert Marsh.

They were followed by Harry Levene, who decided to retire and became the financier for the early promotions of Mickey Duff and Jarvis Astaire. Their opposition was Stan Baker.

Stan  was, probably, the most liked bxingpromoter of all time. Unfortunately, he was ‘starved’ of attractions and his promoting losses entered into an endless list and he could no longer support his boxing promoting ventures.

He was followed by Mike Barrett.

When Harry Levene retired Mike Barrett was invited to join Mickey and Jarvis. He accepted and the trio became a single promoter.  They were were supported by the BBBofC, but opposed by the federation National Boxing Council, which was formed as  a not for profit  organisation to allow freedom of operation to promote boxing within the UK.

Despite opposition by the main newspapers the NBC gained strength from the WBC and WBA, then the only two two World sanctioning bodies

Then came the bombshell from The Sunday Times when the claims by the NBC in their printed magazine a restriction of trade existed in UK boxing.

The claims  were heeded by The Sunday Times and in a front page spread accused the trio of promoters of operating cartel.

The Sunday Times expose plus the NBC allowed Frank Warren had the boxing experience of a friend of his Uncle, and his modest investment and the NBC, allowed Frank to develop boxing in the UK and remain a lead promoter.

The NBC offered to place itself in hibernation if the BBBofC would allow democracy to rule in British professional boxing. The BBBofC sensibly threw in the towel.

Frank Warren was allowed to emerge and prove a highli successful promoter.  The rest is history.

Nowadays,  there is Eddie Hearn, the son of Barry Hearn, who came into boxing promoting with a modest investment made available from his accountancy occupation and promoting snooker on SKY and to a lesser degree, fishng.

 Despite these recorded historical features the professional investment advisory Company, Waddell & Reed who decided their entry into boxing needed the Everest size high investment of US $400  million.

 

 

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