PUJI Capital is conducting an internal review of Fighting and Entertainment Group's (FEG) assets and liabilities in advance of a push to attract investors to the struggling fight promotion.
"The actions they're taking are similar to an audit," FEG's U.S. representative, Mike Kogan, told MMAjunkie.com on Monday.
Kogan said the Japanese investment bank hopes to raise $230 million for FEG, which operates MMA's DREAM promotion and the K-1 kickboxing organization, over the next five years. But with the company's current financial condition, that timeline may need to be shortened.
On cancelling an event In Korea:
"Basically, it's very simple; we don't have any Korean stars – nobody who's enough to attract super strong ticket sales. So what's the point of going into Korea?"
On financial stability:
"Are you asking me if we're going to be in business after Dynamite? I don't know. It's very difficult. Obviously, we're short on revenues, and we need to – besides restructuring – we need to be able to find new sources of revenue. You need money to make money, so to speak. I don't sit in on the financial meetings. But it's very challenging. We need investment money. That's the bottom line."
"I know that there are various companies that PUJI has already spoken to that have shown tremendous interest, and there's been ongoing conversations. There have been a few near misses where we were almost heavily invested (in) by some companies over the years. I think there's interest, but I don't know 100 percent what's going on."
"FEG is a complicated company and machine that comes together by a lot of different pieces coming together, and the biggest piece of it is that we'll never understand is the way that Japanese culture works, and the way they do things. Where I have no problem telling somebody to go f--- themselves, they wouldn't, and end up spending money on something we really shouldn't be. You know what I mean? It's just a different culture. They don't operate necessarily how we do. That's just my opinion."
On the future:
"If this is our last year, then I need to go look for another job."
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