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Rating:Fundsters Get Dragged Into a $400MM Fight Over Email Routing List Email & Route  Print Print
Thursday, August 13, 2015

Fundsters Get Dragged Into a $400MM Fight Over "the Rasputin of Boxing"

News summary by MFWire's editors

A Midwestern mutual fund shop has been dragged into legal battles over the alleged attempted monopolization of professional boxing by "the Rasputin of boxing".

James Dornbrook of the Kansas City Business Journal reports that Waddell & Reed Financial [profile] and Media Group Holdings (a company managed by Waddell & Reed Investment Management) are accused of being "partners in crime" in Haymon Holdings supposed, in the paper's words, "scheme to monopolize professional boxing." The accusation is part of Top Rank's $100-million lawsuit against Haymon and affiliates. Waddell is also targeted in a $300-million similar lawsuit against Haymon filed by Golden Boy in May.

Top Rank's complaint paints a picture of Waddell and MGH having "expansive" powers over Haymon, thanks to "negotiating and orchestrating the Haymon Holdings business structure" and investing up to $500 million into Haymon. Ryan Caldwell, a Waddell PM who left a year ago to join one of the Haymon companies, even signed an NDA between Haymon and Golden Boy. Waddell's flagship Ivy Asset Strategy Fund is even a named defendant in Golden Boy's complaint.

Both lawsuits revolve around accusations that Haymon is serving as both manager and promoter for boxers, which the plaintiffs describe as being against federal and state law. Indeed, shortly before Golden Boy filed the first lawsuit against Haymon, the Association of Boxing Commissions asked none other than U.S. Attorney General Loretta Lynch to investigate Haymon over alleged violations of the Muhammad Ali Act.

Just how big is this fight in the world of boxing? Well, the ABC is involved (see previous paragraph). And per Boxing Insider, Haymon manges more than 100 boxers, including undefeated boxing star Floyd Mayweather, Jr. 

Edited by: Neil Anderson, Managing Editor

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