By David Finger

In a stunning development at the 37th Annual World Boxing Organization Convention in San Juan, Puerto Rico, WBO President Francisco “Paco” Valcarcel has elected not to seek reelection as President of the WBO as has announced his retirement. With elections slatted for this year, many boxing insiders assumed that Valcarcel would seek another term as head of the organization. But Valcarcel, who has been part of the WBO since 1994 and was first elected President in 1996, had kept his cards close to his chest in the days leading up to today’s announcement. In an interview with the Puerto Rican newspaper “El Nuevo Dia” two days ago Valcarcel indicated he was undecided about his future.

“I am thinking about it,” was all he said when asked by “El Nuevo Dia” if he was planning to run again.

However, at the convention, when the ballots were released and showed two names on the ballot for President, with one of them being Valcarcel, the assumption was that “Paco” was seeking one more term. But at the start of the event, Valcarcel let the attendees that he was withdrawing his candidacy and retiring.

“One has to accept the reality,” Valcarcel said of his future with the WBO as President. He then commented on many of his close friends in the WBO who retired at their peak, something that influenced his decision. Citing Russell Mora, Gino Rodriguez, and Michael Pernick retired in their primes. Valcarcel admitted that had an influence in his decision today. “They taught me there comes a time that you have to open the door to the new generation,” Valcarcel added.

In a heartfelt moment that led to a standing ovation from all of the attendees, Valcarcel then formally announced his resignation and withdrawal from the upcoming election.

“I am 76 years old, I am entitled to a few extra golf games with my friends,” Valcarcel said. “I have decided that I am not going to run for President. I am telling you goodbye. At this moment I am resigning my candidacy. I am asking you at this time to please accept my retirement and resignation and to vote for Gustavo Olivieri, our attorney.”

Valcarcel got his start in boxing as the attorney for the legendary Puerto Rican boxer Wilfredo Gomez in the 1980s. In 1996 he was elected President of the WBO and has held that position for the last 28 years. It was under his leadership that the WBO emerged as one of the four “major” sanctioning organizations, and during his time as President of the WBO Valcarcel remained committed to both the safety of fighters and the integrity of the sport.

After his retirement, WBO Vice President John Duggan proposed that “Paco” be named “senior consultant” to allow him to continue to assist the WBO as it transitions into the Olivieri administration. The motion was passed unanimously Valcarcel has indicated that he will continue to work with the WBO despite his retirement as President. The new WBO President will be attorney Gustavo Olivieri Miranda, who has worked as in-house counsel for the WBO for the last seven years and also worked as Paco’s assistant over the last few years.