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IFL cancels August show, indicates bankruptcy is possible
IFL cancels August show, indicates bankruptcy is possible | MMAjunkie.com
by Steve Sievert on Jun 10, 2008 at 9:19 pm ET
The International Fight League has canceled its Aug. 15 event at the IZOD Center in East Rutherford, N.J., and warned investors that the company might be forced to protect itself from creditors.
In an announcement today, the struggling league blamed the cancellation on its weakening financial condition and said it is continuing to seek ways of remaining in business.
The league also stated that it is:
"… working with other top MMA organizations to keep its top fighters active in the sport and showcase their talent, while it pursues options that may enable it to continue its MMA operations. Several IFL athletes will compete on the Adrenaline MMA card in Chicago, Illinois on June 14, and announcements with other promoters working with IFL athletes are expected in the near future. The IFL will also continue to downsize its staff to reduce costs."
While the IFL has drawn tepid interest from fans, official acknowledgment by the company that it potentially faces bankruptcy if it can't stop the financial bleeding is worth noting. Despite a presence on TV, a handful of talented fighters and a retooling of the brand under former Showtime executive Jay Larkin, the IFL just hasn't connected with a large enough fan base, and its stock has taken a beating as a result.
Back on Jan. 25, 2007, IFL's stock hit an intraday high of $17 a share. Today, you can buy a share for a nickel.
Given the league's prospects, even that price seems steep.
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