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, 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. 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 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

Report: FTC closes second investigation into UFC parent company Zuffa

  • 6 days ago

A second Federal Trade Commission investigation into the business practices of UFC parent Zuffa was closed this week, according to a report today from the Las Vegas Review Journal.Filed under: News, read news >>

24 hours after weighing 145 pounds, UFC's Diego Sanchez now at 171.2

  • 9 days ago

Less than 24 hours after officially weighing in at 145 pounds for his first UFC featherweight fight, Diego Sanchez is apparently now 26.2 pounds heavier.Filed under: News, UFC read news >>

UFC Monterrey: Magny vs. Gastelum Weigh-In Video Replay

  • 10 days ago

The 26 fighters competing on Saturday's UFC Fight Night Monterrey: Magny vs. Gastelum fight card officially weighed in on Friday. Check out the weigh-in video replay. read news >>

ISIS Threat on Phoenix Won’t Deter World Series of Fighting

  • 10 days ago

One of the potential U.S. target cities for the terrorist group ISIS is Phoenix, but World Series of Fighting isn't going to let that interfere with WSOF 25. read news >>

UFC parent company’s credit rating improves with successful 2015 events

  • 11 days ago

Apparently Ronda Rousey’s upset is not bad for the UFC’s business. Hot on the heels of the hugely successful and shocking UFC 193 event, Standard and Poor’s reported Zuffa’s business outlook is bette read news >>

Ben Askren officially scratched from ONE Championship 32 after opponent misses weight

  • 17 days ago

Ben Askren waited seven months for his welterweight rematch with Luis Santos. Just hours before the fight, however, he found out it’s not going to happen.Filed under: News read news >>

Officials: Recently retired 'Cro Cop' first UFC fighter to fail USADA drug test

  • 19 days ago

Mirko Filipovic might be officially retired from MMA, but it appears “Cro Cop” will soon be suspended from competing in the sport, as well.Filed under: Featured, News, UFC read news >>

Why UFC vet Alan Belcher decided to officially call it quits

  • 21 days ago

Middleweight Alan Belcher said he didn’t retire for the usual reasons. It was his business aspirations and the reality of a career in fighting that prompted a realization that continuing in the UFC w read news >>

With Matt Brown officially out, UFC seeks replacement (but it won't be Tyron Woodley)

  • 27 days ago

Matt Brown is officially out of this month’s UFC Fight Night 78 headliner, and a replacement search is underway. But one notable has already taken his name off the list of candidates.Filed under: New read news >>