K-1 Grand Prix Cancelled - Parent Company Bankrupt

"FEG, the parent company of the former K-1 brand, is technically bankrupt," comes the message from IT'S SHOWTIME president Simon Rutz via a statement posted to the IT'S SHOWTIME website on Monday.

Adding to the crippling blow dealt to the sport of kickboxing, Rutz also confirmed the rumors that the 2011 K-1 World Grand Prix will not happen.

Bankruptcy has been long suspected of K-1 promoter and DREAM co-promoter Fighting and Entertainment Group, but Simon Rutz, who was set to play a major part in supporting this year's doomed K-1 World Grand Prix, is the first high-profile figure to come out with the truth on the record.

With the leading promoter reportedly bankrupt, the biggest event canceled and the biggest stars in Alistair Overeem, Badr Hari and Gokhan Saki all leaving the sport, it is tempting to declare the sport of kickboxing dead however the prominent Dutch promoter did reveal several possibilities for the future of K-1 in his detailed statement.

"The name K-1 lays now at the Japanese company Barbizon. There are two serious parties now, which try to pull the K-1 brand name towards themselves and place this in a new company," says Rutz in the statement.

Japanese real estate firm Barbizon Co,. Ltd., acquired rights to the vast majority of K-1 trademarks earlier in the year in an undisclosed deal. FEG officials never publicly admitted that Barbizon had acquired the rights although the Japanese trademark database did confirm the transfer.


Rest:
http://www.mmafighting.com/2011/10/17/simon-rutz-k-1-world-grand-prix-cancelled-feg-technically-bank/

Redeyedknight is committing suicide as we speak.

And my interest in combat sports drops even further.

I read a bunch of different stuff about this, it looks like their tryin to do what Zuffa did with the UFC years back. According to them there will be a Grand Prix next year and the organization will be revamped with a better product with more coverage and exposure. I need my K-1 !!!!!!!!

Facepalm..... heh ... maybe they should join up with M-1 heh ... heh.. .. .. sigh

Those damn fickle fans just wont pay the bills and dont recognize such an upstanding organization and its product...

ChokingVictim wrote:

I read a bunch of different stuff about this, it looks like their tryin to do what Zuffa did with the UFC years back. According to them there will be a Grand Prix next year and the organization will be revamped with a better product with more coverage and exposure. I need my K-1 !!!!!!!!

I miss my K1 already too.