17 May 2012 10:30:24 AM
The writing was on the wall when they couldn’t pay their fighters anymore, but it looks like Japanese kickboxing and MMA promoter FEG might be one step closer to officially closing up shop. Sherdog is reporting that the combat sports promoter best known for K-1, DREAM, and the now-defunct Hero’s brand has declared bankruptcy after eight-and-a-half years of operation:
“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‘s Tony Loiseleur writes.
“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.”Read More DIGG THIS