Golden Boy and Luis Ortiz have reached settlement, parted ways

Aug

Photo by: Tom Hogan/Golden Boy Promotions

Golden Boy Promotions and undefeated heavyweight Luis Ortiz have reached a financial settlement and have parted ways, Golden Boy VP Eric Gomez told RingTV.com on Tuesday.

Gomez said an agreement was reached with Dade Promotions, his co-promoter with Golden Boy, to buy out the entirety of his contract and let him walk. “We worked out a settlement,” Gomez said in a phone interview. “We’re parting ways and we wish him the best. We’re very proud with everything we did for him, the exposure we got him and we wish him the best. (Dade Promotions) is now his full promoter.”

A source close to Ortiz (25-0, 22 knockouts) said the Cuban heavyweight and his team are pleased with the outcome and are focused on his upcoming fight with Alexander Ustinov; they are awaiting a contract to see where and when the fight will be held, the source said. Both Dade Promotions and Golden Boy were no-shows at last week’s purse bid in Panama for Ortiz’s secondary WBA title because the sides were working out the buyout. Ustinov’s side won the bid and the bout is being eyed for Oct. 7 in Russia. Ortiz-Ustinov had been initially set for Sept. 17 on the undercard of Canelo Alvarez-Liam Smith on HBO PPV before a business dispute flared.

Golden Boy announced the news in a statement on Tuesday, saying, “Today, Golden Boy Promotions and Luis Ortiz amicably parted way. We are proud of the work that Golden Boy and Luis accomplished together culminating in his WBA heavyweight Interim Championship victory and subsequent title defenses. We wish Luis and his team all the best in the future.”

A separate source said that several promoters are trying to sign Ortiz since the completion of the buyout; the source close to Ortiz said he remains solely contracted with Dade Promotions and has no immediate plans to sign with anyone else.