That's one huge amount of $$$ for a promoter to front up for medical insurance.
http://www.fightnews.com/Boxing/new-...ew-york-352292
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That's one huge amount of $$$ for a promoter to front up for medical insurance.
http://www.fightnews.com/Boxing/new-...ew-york-352292
MMA is legal in New York, but boxing promoters are affected by new rules
September 1, 2016
Today, September 1st, will be the first day that one can apply for a New York promoter’s license to hold a combat sports event in the state. With the legalization of MMA in New York, a proviso requiring a raise in insurance rates has caused some promoters to give pause about holding events in the state. Mainly boxing promoters are speaking out about the new rules.
The bill which legalized MMA included a raise in insurance rates for all combat sports from $10,000 to $50,000 for general medical coverage and added a $1 million insurance policy in the case a fighter suffers a traumatic brain injury.
According to Jim Genia, there are multiple quotes floating around but the cost for a promoter would be approximately $750 per fighter up front.
Boxing promoters have indicated that they can’t afford the $1 million insurance bond and will go outside the state. According to a WSJ article, Lou DiBella and Joe DeGuardia have spoken out about how this would hurt smaller boxing shows held in the state.
On Wednesday, the New York State Athletic Commission approved rules and regulations governing combat sports including the raise in insurance rates. It named Anthony Giardina its interim Executive Director after a shakeup this past summer.
Payout Perspective:
While big events, such as the debut of the UFC in Madison Square Garden this November will likely be unaffected, the effect of the rule suggests smaller promotions which do not have ancillary revenue (i.e., PPV, merchandise, television rights fees, etc.) could no longer hold events in New York. The health insurance rise in rates stem from the efforts of those concerned with the health risks of combat sports athletes. The inclusion of the insurance policy may have been a concession when trying to pass the bill this past spring. Likely, the insurance was also considered after the New York Office of the Inspect General released a scathing report on how the commission handled the November 2013 post-fight incident of boxer Magomed Abdusalamov. The boxer had to take a taxi to the hospital after his fight amid multiple failures by the commission. He remains in need of around the clock care after he suffered a stroke. A lawsuit filed by Abdusalamov’s family against the commission is pending.
Good rule and it needs to be standard across the usa.
What about across sports too?
Surely MMA falls under the same bracket but this is aimed solely at Boxing.
More in depth article about this here -
New insurance rules in New York have boxing on the ropes
1 million per fighter seems very unrealistic and will kill the club shows and journeyman circuit. You don't have boxing without journeymen. Instead of revamping and fixing a broken commission they'll simply price it out of existence. Hard to believe a sport where it's legal to strike an unconscious fighter laying on the ground will be unaffected.
$1million is standard and is no issue.
Quote:
Originally Posted by Master
That's Per fighter on a night of boxing @Master
It's a SHITLOAD of extra money the Promoter has to front up!
It is not that much, the premium will be about $200.Quote:
Originally Posted by smashupQuote:
Originally Posted by Master
That's Per fighter on a night of boxing @Master
It's a SHITLOAD of extra money the Promoter has to front up!
Not a single card set for N.Y the remainder of year last I saw. It's an issue ;DQuote:
Originally Posted by smashupQuote:
Originally Posted by Master
That's Per fighter on a night of boxing @Master
It's a SHITLOAD of extra money the Promoter has to front up!
It doesn't look good at all, potentially we will never see Boxing at MSG again.
When you think of all the legends and huge fights the venue has seen going back years and years it's a massive shame.
Oh well, boxing only has itself to blame. MMA is the golden child of combat sports in the USA right now and fastly rising and is a very popular sport. Why? A lot of its events is on free tv just like basketball, baseball, and American football. Boxing killed itself with the mainstream when it went exclusively to HBO and Showtime, which are premium cable channels that only a small population of Americans have.
A guy like Golovkin should have been a household name in the USA, just like how Roberto Duran was. Most sports fans knew who Duran was in the 70s and 80s, now with Golovkin, only hardcore boxing fans know who he is.
Yeah, I'm going off topic now, but boxing has only itself to blame when shortsighted promoters went almost exclusively to premium cable and that's how you have the sad state boxing is in right now. No boxing on free tv, means losing out on potential customers and potential participants that sees the sport and is interested in taking it up.
Id say that if anything boxing has made a comeback as far as across the board network exposure recently and puts out just as much as mma or more specifically the ufc. We now see the return of cards on 'free' nbc or cbs and the continuation on long running cable series. They've always served as a grooming ground to propel guys to the hbo or showtime save for a rare few. The huge difference and what ufc does well is they funnel fighters to events. The weekly shows or even 'reality' series are usually geared to steer matches all to yet another PPV. By next week they will be on what..UFC #301 ??? Boxing shoots itself in the foot with promotional and network divides. There is plenty of action to be found every month but as good as fighter A is this week, we all know chances of meeting fighter B from next week are tough when they must jump hurdles and jump through the hoops of the governing bodies who would hate the thought of losing fees, rankings etc. Boxing fans can be spoiled man ;D. We only want the finished product and miss out at times on the development and build. Honestly HBO and Showtime can be overrated and I think gone are the days when we expect "premium boxing" from them. They just handed us Soto Karass and Kamegai as a co main..great first fight..and have Gabe "Mr. FNF himself" Rosado as chief support on HBO ppv. All of the stars started somewhere and more often than not it was some channel you caught just flipping through early on in career.
Now if only a Golovkin had that stacked decade or dare we say his own Leonard ;D. He was known but largely did his championship work out of the States for the first few years. With great competition comes notoriety. I think in large part that's what Golovkin v Brook was all about. Not so much a formidable top challenge with respect but a bit of standing in Brooks hometown shine and fan appeal.