For now at least, the K-1 kickboxing organization looks to be on the shelf.
Simon Rutz, founder of It’s Showtime, frequent cross-promoters with K-1, revealed today through the It’s Showtime website that Fighting and Entertainment Group (FEG), the parent company of K-1 and Dream, is bankrupt.
“FEG, the parent company of the former K-1 brand, is technically bankrupt,” wrote Rutz. “The name K-1 lays now at the Japanese company Barbizon. There are 2 serious parties now, which try to pull the K-1 brand name towards themselves and place this in a new company.”
Rutz went on to detail several potential investors looking to save the ailing company – which has been rumored to be floundering for some time, with many fighters claiming they’ve received partial or no compensation from FEG – but revealed that the big K-1 tournaments have been cancelled for this year.
“This year there will be no K-1 Final Elimination and K-1 World Grand Prix Final for the following reasons:
-It’s currently unknown which investor gets Mr. Ishii’s signature
-There’s not enough time left to organize such a big event
-The visas for the fighters to travel to China haven’t been arranged and these are essential to be able to fight there.”
Rutz closed by expressing his hope that the longtime leader in kickboxing will be resurrected soon by the interested investors.
“From next year there will be a new and healthy company that will work on the worldwide brand of K-1,” he wrote.
No word yet on how this will affect the Dream promotion or their upcoming shows.