K-1 Parent Company FEG Declares Bankruptcy in Tokyo Court


TOKYO -- Long-beleaguered combat sports giant Fighting and Entertainment Group (FEG) has officially declared bankruptcy, according to a report by private credit research firm Teikoku Databank.

First published Wednesday by Yahoo.co.jp, the Databank report claims that FEG began the process of declaring bankruptcy on May 7 in Tokyo District Court. No figures indicating the extent of FEG’s debts were revealed.

Sherdog.com has reached out to FEG representatives for an official statement; however, there has been no response as of publication time. FEG’s former partner in promoting Dream events, Real Entertainment, offered no official comment, but reiterated to Sherdog.com that they are in the process of scheduling Dream’s next show.

Founded in September 2003, FEG is best known as the parent company of the world’s largest kickboxing promotion, K-1, as well as K-1’s short-lived MMA series, Hero’s. Though K-1’s brand rights were transferred to Japanese real estate firm Barbizon, Inc. in January 2006, FEG continued to promote the event under their banner. After the purchase and closure of Pride Fighting Championships by Lorenzo and Frank Fertitta in 2007, FEG partnered with former Pride production staff in the form of Real Entertainment to produce the Dream series.

Due to waning popular interest and declining television ratings, K-1 and Dream programming was dropped from Japanese network television in 2011. In an attempt to rally fan support and attract corporate sponsorship, FEG announced in July 2010 a $230 million dollar partnership with Shanghai-based investment bank Puji Capital. However, allegations of non-payment by FEG-contracted fighters such as Gary Goodridge and former Dream featherweight champion Bibiano Fernandes in late 2010 and early 2011 cast doubt upon the deal.

November 2011 saw the creation of the Federation International K-1 Association (FIKA), an attempt to restructure the promotion which later gave way to the March 2012 announcement of K-1 Global Holdings, a Hong Kong-based company spearheading a renewed effort to promote the kickboxing event internationally. Despite these efforts, K-1 had scheduled only one event in the 2012 calendar year, a May 27 card to be held in Madrid, Spain; the fate of that event remains unclear given the company’s financial situation and the April resignation of FEG President and Event Producer Sadaharu Tanikawa.

Go Yamamoto contributed to this report.

view original article >>
Report here if this news is invalid.
From Around the Web

Related

Related News

  • 26 days ago
  • 39 views

World Wrestling Entertainment has invited former Ultimate Fighting Championship competitors Chael Sonnen and Wanderlei Silva to “talk” during its upcoming “WrestleMania” weeke read news >>

  • 25 days ago
  • 16 views

World Wrestling Entertainment has invited former Ultimate Fighting Championship competitors Chael Sonnen and Wanderlei Silva to “talk” during its upcoming “WrestleMania” weeke read news >>

  • 23 days ago
  • 7 views

In the aftermath of multiple class action lawsuits being filed against the UFC and their parent company firing back, Kid Nate brings in MMA business specialists John S. Nash and Brian D'Souza to disc read news >>

  • 20 days ago
  • 60 views

On Saturday night, World Series of Fighting 18 will be live on NBC Sports with an interesting card from Canada. In a WSOF Bantamweight Championship match, Marlon Moraes will be looking to defend his read news >>

  • 20 days ago
  • 0 views

Veteran combat sports broadcaster Mauro Ranallo discusses Anderson Silva and Nick Diaz's drug test failures and other news. read news >>

  • 13 days ago
  • 594 views

You know the interview is off to a bad start when host Tamara Holder introduces Chuck Liddell as a "former" UFC Hall of Famer, which suggests he was stripped of the honor. Anyway, the former UFC ligh read news >>

  • 13 days ago
  • 125 views

UFC Hall of Famer Chuck Liddell probably didn't expect to get grilled on the PED crisis in mixed martial arts when he agreed to appear on FOX News' Sports Court with Tamara Holder, but that's exactly read news >>

  • 13 days ago
  • 5 views

The UFC has continued to join the mainstream sports industry through a number of large-scale moves. Its recent partnership with Reebok has created special sponsorship deals for key fighters on its ro read news >>

  • 8 days ago
  • 2 views

For someone who started fighting with virtually no combat sports experience of any kind, Tiago Trator has done pretty well for himself. Filed under: News, UFC read news >>