Former world champion David Haye turns to promoting

The former heavyweight champion of the world is to team up with Schaefer, ex-Golden Boy promotions chief executive, to form 'Hayemaker Ringstar'.

In a statement, the new company said its aim was to "establish a stable of boxers, including current world champions and the UK's most exciting prospects".

Haye and Schaefer join an increasingly competitive market, including established British promoters such as Eddie Hearn, Frank Warren and Mick Hennessy.

"The joint venture with Hayemaker & Ringstar will send shockwaves through British boxing. Together, we are creating a new kind of promotions entity," said 36-year-old Haye, who faces British rival Tony Bellew in a non-title fight on March 4.