Last week, the Tokyo DIstrict Court declared the FEG, the former parent company to K-1, bankrupt and insolvent.
Golden Glory head Bas Boon, claims he is owed $2 million by FEG to pay fighters and trainers. It was Boon who pushed FEG into bankruptcy court in an attempt to force the company to pay off their creditors.
Sherdog ran an article titled "K-1 Parent Company FEG Declares Bankruptcy in Tokyo Court" and speculated that this may cause the May 27 event to be cancelled. Dave Meltzer also reported on it and described FEG as the parent company to K-1, going on to say "K-1... is virtually dead."
Articles are reporting that "K-1" is bankrupt, which is simply not true. The K-1 brand was sold last year to a company called EMCOM which has since branded itself K-1 Global.
FEG is not the parent company to K-1. They are the former parent company to K-1, which is a major distinction. There are no longer any ties between K-1 and FEG, and this bankruptcy should have no impact on the upcoming K-1 show or the company's future.
It's Showtime head Simon Rutz has very publicly stated that former FEG executives, including former K-1 head Sadaharu Tanikawa, are no longer involved. Once the sale was made, FEG was essentially dead - this ruling simply makes it official.
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