Boxing in New York is in an unprecedented state of troubled times following an announcement today from it’s biggest promoter and one of the biggest in the US, Lou Di Bella, that he has cancelled his remaining professional boxing shows for the rest of 2016 in New York.
The sad move comes after a new law that was activated on September 1st, 2016 to legalize mixed martial arts events in the State for the first time came into effect.
It saw the insurance requirements change for professional boxing events dramatically.
The New York State Athletic commission gave their statement last month on the controversial insurance hike here.
The law essentially now requires promoters to purchase $50,000 in medical coverage policies and $50,000 in death coverage policies for all professional fighters competing an event.
This was an increase from the previous brackets of $10,000 and $10,000 (similar to States like California) but the main change in the law in New York was that boxing promoters would need take out a huge $1 million dollar policy per show in the event of a life threatening brain injury to a professional boxer.
At present there does not seem to be any insurance broker in New York State actually capable of dispensing such a policy to a boxing promoter, making it physically impossible to do a professional boxing event in New York – at least for the near future.
Likely, this will see New York boxing events now move to other nearby States in the US.
But as a State with such a proud history in the sweet science and renowned for legendary battles in venues such as Madison Square Garden and the Barclays Center, today comes as very sad news indeed.
Hopefully the matter can be resolved as soon as possible in conjunction with the help of the New York State Athletic Commission.
Irish boxer Michael Conlan is planning to have his professional debut in Madison Square Garden next St. Patrick’s Day so hopefully the situation is sorted out by then. At the very latest.