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.

Related News

UFC Fight Night: Holloway vs. Oliveira Weigh-in Video Replay

  • 10 days ago
  • 0 views

The 24 fighters competing on Sunday's UFC Fight Night: Holloway vs. Oliveira fight card officially weighed in on Saturday in Saskatoon. read news >>

Jose Aldo hopes for quick win over Conor McGregor at UFC 194

  • 14 days ago
  • 6 views

The epic battle between Jose Aldo and Conor McGregor has officially been set for UFC 194 in Vegas, and Aldo looks to make it a quick night by beating Conor early. read news >>

Ronda Rousey Would 'Armbar the Hell' out of Floyd Mayweather, Says Miesha Tate

  • 18 days ago
  • 18 views

There are a select group of women unfortunate enough to have been across the Octagon from Ronda Rousey. Miesha Tate is one, having lost to the undefeated star on two occasions, and she thinks the UFC read news >>

Rousimar Palhares and Jake Shields Issued Temporary Suspensions in Nevada

  • 19 days ago
  • 3 views

Rousimar Palhares and Jake Shields, the WSOF 22 main event fighters, have been officially placed under temporary suspension by the Nevada Athletic Commission. read news >>

Ronda Rousey is the 8th highest paid female athlete in the world, according to Forbes.

  • 19 days ago
  • 2 views

The female UFC superstar ist now officially among the ten top-earning women on the world. According to a new study of business magazine Forbes, UFC women's bantamweight champion Ronda Rousey is the e read news >>

Josh Thomson excited to sign 'fighter-friendly contract' with Bellator MMA

  • 20 days ago
  • 3 views

Former Strikeforce champion and ex-UFC lightweight Josh Thomson has officially signed with Bellator MMA. Check out what he has to say about his new home, which reunites him with Scott Coker. Bellator read news >>

Dana White: UFC released Josh Thomson

  • 20 days ago
  • 194 views

Bellator officially announced Tuesday evening that it had inked MMA veteran Josh Thomson to a new multi-fight contract. In a press release to announce the move, Thomson appeared to take exception wit read news >>

UFC Fight Night: Teixeira vs. Saint Preux Weigh-in Video Replay

  • 25 days ago
  • 7 views

Check out the 26 fighters competing on the UFC Fight Night: Teixeira vs. Saint Preux fight card officially weigh-in and face off with their opponents. read news >>

Twitter Mailbag: How many chances should Rousimar Palhares get, exactly?

  • 26 days ago
  • 12 views

In this week’s Twitter Mailbag, has Rousimar Palhares officially become MMA’s greatest breaker of rules? How did Ronda Rousey go from boos to cheers so fast? And are we really going to forego a “Cybo read news >>

Myles Jury, Michael Chandler among group of fighters leaving Alliance MMA

  • 26 days ago
  • 73 views

Several fighters are leaving one of the most high-profile MMA camps in the country. Myles Jury and Michael Chandler are among five fighters departing Alliance in San Diego for Power MMA in Gilbert, A read news >>