Fighting and Entertainment Group, the company that brought us K-1 and DREAM, may have some new owners:
Yesterday FEG held a press conference in Japan to announce that it had been bought out by an investment company, although the company was not named and FEG said further details will not be released until next month.
FEG also said that large-scale events are off the menu for the time being and that both the K-1 and DREAM brands would be staging smaller-scale shows for the forseeable future.
Oh, FEG. Is there anything you can do that’s not sketchy? We’ve been bought! But we won’t tell you by who. And our shows will continue to be shells of their former selves! Speaking of those shells, FEG also just announced it will hold a K-1 Max 63kg tournament on June 25th. The event will be a mostly Japanese affair since they’ve burned their bridges with pretty much every foreign kickboxer out there, and will be streamed on the internet because they mismanaged themselves right off television.
With the return of K-1 events, FEG president Sadaharu Tanikawa also fired a broadside shot at European promotion It’s Showtime, who are venturing to Japan for a show on July 18th. He basically said any fighters who compete for It’s Showtime in Japan can forget about fighting for K-1. It’s Showtime reacted by taking off the kid gloves and giving FEG a slap upside the head in the form of a lawsuit:
For more than half a year K-1 owes us more than 400,000 US dollars in total because several fighters which we represent have not been paid. Every time we were asked to have more patience because a potential investor would be interested to take over K-1.
Until now, we have never contacted a lawyer to claim our credits because we granted K-1 the time they need to financially recover. However, we were very surprised to hear that DREAM and K-1 want to organize a number of smaller events. In our opinion that isn’t possible before K-1 first pays its debts to fighters which already have fought. Therefore, now is the time for us to hire a lawyer.
Also, fighters are even receiving phone calls from Mr. Tanikawa with a threat to not fight for IT’S SHOWTIME JAPAN. If fighters would fight for IT’S SHOWTIME JAPAN, they can wave their money goodbye. Mr. Tanikawa is not in the position to act this way, and subservience would fit him a lot better. Mr. Tanikawa doesn’t understand that K-1 has to pay their debts because the fighters have already delivered their service to K-1.
The sooner FEG goes away, the better. I can only hope the first thing this mystery investment company does as new owners is flush the management team and replace them with non-retards. Of course that’s if the sale is actually real and not just a ploy to buy some more time to pay off angry creditors.