OSCAR THE MONEY MANAGER DE LA HOYA'S BUSINESS SENSE HAS GROWN.

Byline: Michael Rosenthal Assistant Sports Editor 

LAS VEGAS - Oscar De La Hoya was about a year into his professional career and already had made several million dollars in and out of the ring. As far as he knew, this poor kid from East Los Angeles had struck it rich.

One day, he asked his senior adviser at the time, businessman Mike Hernandez, how much money he had in the bank.

``He told me, `$3,000,' '' De La Hoya said. ``I said, `$3,000? It should be much more than that.' ''

It wasn't. De La Hoya nearly was bankrupt. It turns out he was as good at spending as he was at fighting - even though some of those around him had begged him to slow down - and paid the price, so to speak.

Fortunately for De La Hoya, he wasn't a complete fool. He knew there was plenty more money where that came from - about $150 million in the ring alone in his career - and this time he was determined to manage his money more responsibly.

Indeed, in the 10 years since he began his pro career, De La Hoya, who fights Fernando Vargas here Saturday, has evolved from a clueless, free-spending kid to an astute businessman who has taken solid steps to make his fortune grow.

``At first, he was very bad about it,'' said Bob Arum, De La Hoya's longtime promoter. ``He spent like a mad man. Now, he realizes that, and I'm glad that he did before it was too late.''

A mad man he was. By one account, De La Hoya spent $10,000 a week. He bought expensive cars, top-of-the-line clothing and expensive gifts, financed a growing entourage of family and friends and partied as if every night were New Year's Eve. And, yes, he normally paid the tab.

Then came Hernandez's news and De La Hoya sobered up, at least to an acceptable degree. He has made mistakes. He later developed a taste for casino gambling - although he appears to have the vice under control - and has a lifestyle beyond the means of all but a select few.

Still, De La Hoya began to change.

First, he became more frugal. He cut down on business expenses, fired several members of his ``team'' who amounted to hangers-on and cut back on personal spending. For example, he recently sold his luxurious home in Bel Air and moved to a 2,500-square-foot house in Pasadena.

Second, he began to take a keen interest in how his money was made and where it went.

Mark Taffet, vice president of sports at HBO, had his first business meeting with De La Hoya - who is under contract with the network - in 1995. He was impressed. Taffet's assessment: very handsome, very articulate, very savvy.

De La Hoya is a born self-promoter. He has everything fans and sponsors could want and they flock to him as a result, which is the key to his success. That was a given. The fact he asked an endless stream of intelligent questions behind the scenes wasn't.

``He'd call me or sit down with me after every fight,'' Taffet said. ``He asked a lot of questions, a lot of them about pay per view (television). Which markets were selling? Which markets weren't? He wanted to know so he'd know what to work on. And he was a very quick learner.

``I knew then that he was special in this regard. No other fighter has done that.''

And while De La Hoya once allowed his advisers to keep tabs on his money, he made it clear that had to change. To this day, he leans heavily on his financial experts but demands to have the last say on money-related matters.

``He's the one who conducts the business. I'm just here to provide options,'' said Richard Schaeffer, CEO of De La Hoya's Golden Boy Enterprises.

The most astute move of De La Hoya's career, other than signing with Arum, might have been his decision to hire Schaeffer two years ago.

Schaeffer, a successful banker and the uncle of De La Hoya's old friend, Raul Jaimes, joined De La Hoya because he was attracted to both his potential and style. In turn, De La Hoya was impressed with Schaeffer's credentials, intelligence and the fact he seemed to be more interested in the success of the business than his own ego.

Together, they've turned De La Hoya into a smooth-running corporation.

``I listen carefully to what Richard has to say,'' De La Hoya said.

Schaeffer's first order of business was to deal with three lawsuits pending against De La Hoya, the first filed by his former fiancee and mother to one of his three children, the second filed by a woman who claimed De La Hoya raped her years earlier and the third filed by Hernandez, whom De La Hoya fired several years ago.

Lawyers were able to settle all three suits, and De La Hoya and Co. were clear to focus entirely on his boxing career and business interests. And they moved forward rapidly, with both the present and future in mind.

Most significantly, they formed Golden Boy Promotions, making De La Hoya one of two active fighters - along with Roy Jones Jr. - who also promotes fight cards.

They built the company methodically. They bought out Roy Englebrecht's successful Orange County-based promotional firm and then hired him to help stage regular shows across the country. They hired Hall of Famer Don Chargin as their matchmaker. And then they got HBO on board, signing a contract for 12 shows beginning next year on HBO Latino.

Just like that, he was a significant promoter. And De La Hoya and Schaeffer believe they have created the foundation for something that will continue to grow when De La Hoya retires.

``In the next couple of years, Oscar is going to retire,'' Schaeffer said. ``I think we have a tremendous opportunity to build Golden Boy Promotions into something special and do some other things. We've talked about doing business in the inner city, like Magic Johnson, except in the Hispanic market. Maybe develop malls and provide jobs in those neighborhoods.

``I think it's natural to capitalize on your fame, your reputation. And Oscar is well aware of that. That's what he's going to do.''

De La Hoya is proud of the fact he's come a long way in terms of his business acumen. He's almost as comfortable giving a speech before a group of executives as he is stepping into the ring with an angry opponent.

At the same time, he knows, at 29, he has some way to go.

``Am I completely comfortable managing my money?'' he said. ``No, not yet. But I'm getting there, I'm getting there.''

DE LA HOYA vs. VARGAS

Saturday card begins at 6 p.m.

TV: Pay-per-view

CAPTION(S):

photo, box

Photo:

Oscar De La Hoya always has been smart in the ring. Now he's smart outside of it after developing a better business sense.

John Gurzinski/Associated Press

Box:

DE LA HOYA vs. VARGAS (see text)