The IFL announced today, through an official press release, that it will be canceling a scheduled event set for August 15 at the Izod Center in East Rutherford, N.J.
The company has struggled financially, and according to the following prepared statement may look to bankruptcy for help.
“The IFL continues to explore options for maximizing shareholder value, However, if the IFL is unable to successfully leverage any of those options, the company may seek protection from its creditors through a court proceeding.”
IFL CEO Jay Larkin held a press conference this afternoon in order to discuss the company’s future and give fans and shareholders an idea of what they can expect.
“Something could come into place tomorrow morning, something may not come into place at all,” said Larkin. “We’re talking to people and we’ve managed to generate a good deal of interest, but I couldn’t tell you that any one of them is ready to come riding in on a white horse. We’re going to stay around as long as we possibly can, and that’s the major reason for canceling the August show.”
Larkin also placed some of the blame for his struggling promotion at the feet of UFC fanboy’s.
“I think there is a halo effect over the UFC and there are fans of the UFC who are not necessarily fans of MMA, but they appreciate the UFC product, and not necessarily the quality of the fights. They certainly have good nights and they have bad nights, just like anybody else. But I do believe there is an element of the MMA fan base that believes if it’s not UFC, it’s crap. And that makes it very difficult for anybody to operate a business in that environment.”
As for the IFL athletes, Larkin stated that he didn’t want to hold anyone back from pursuing other opportunities, but that the company wasn’t looking to sell off it’s fighters.
“We’ll treat everyone on a case by case basis. The fighters are certainly a priority of ours,” said Larkin. “We certainly would never hold anybody back from an opportunity.”