Middleweight champ Gennadiy Golovkin sues Golden Boy Promotions for minimal $Three million, says he is nonetheless owed cash from 2018 Alvarez bout

Middleweight champion Gennadiy Golovkin (GGG) filed a lawsuit in opposition to Oscar De La Hoya’s Golden Boy Promotions on Friday in Los Angeles searching for a minimum of $Three million in damages in reference to the September 2018 rematch with Canelo Alvarez.

In keeping with the grievance, obtained by ESPN, GGG needs to be paid curiosity on the $9,025,351 Golden Boy nonetheless owed him in January 2021. The funds, which had been paid by July 6, 2021, had been a part of the monetary upside of the occasion.

Golovkin was entitled to 45% of all gross income — gate receipts, sponsorship, pay-per-view income, closed-circuit TV, worldwide TV rights, and so on. — after Golden Boy acquired the primary $2.5 million in internet ticket income.

The cash was due inside 10 days of Golden Boy Promotion’s cost from HBO for the pay-per-view buys, based on the swimsuit. The swimsuit would not state when HBO paid Golden Boy. The 160-pound championship bout, which Alvarez gained by way of majority resolution, generated roughly 1.1 million PPV buys within the U.S. ($94 million) and $27,059,850 in ticket gross sales.

GGG alleges breach of contract, breach of fiduciary obligation, conversion, constructive belief and accounting. He seeks a jury trial.

The Kazakhstan native, who now resides in Los Angeles, contended that the sum of $9,025,351 was incorrect because of an accounting error. On Sept. 27, Golden Boy delivered a revised accounting report that confirmed GGG was due an extra $1.375 million, per courtroom paperwork.

Golovkin demanded cost however Golden Boy has refused, based on the swimsuit. The boxer seeks a minimum of $450,000 in sponsorship income, $177,458 in “different funds merely not paid although listed on Golden Boy’s personal accountings,” roughly $31,500 (45% of round $70,000 in further PPV income), bills incurred by the postponement of the rematch after Alvarez examined constructive for a performance-enhancing drug and unapportioned insurance coverage bills.

A Golden Boy Promotions spokesperson declined to touch upon the lawsuit.

Golovkin, ESPN’s No. 2 middleweight, returns April 9 in Japan for a title unification in opposition to Ryota Murata. If GGG wins, and Alvarez defeats Dmitry Bivol on Could 7, they’re going to meet a 3rd time Sept. 17 on DAZN PPV.

Alvarez sued Golden Boy Promotions in 2020 and was launched from his contract. He just lately signed a multifight take care of Eddie Hearn’s Matchroom Boxing, who would promote Canelo-GGG 3. Alvarez was not named within the swimsuit.

BoxingScene first reported on the lawsuit.