The future of ONE Championship is once again in question.
Reports from DealStreetAsia have revealed that the Singapore-based promotion has made a recent pitch to the Qatar Investment Authority aiming to raise further funding. One source claims that ONE’s runway is expected to expire by the third quarter of next year, and that Qataris are increasingly perplexed by their involvement with ONE, which has attracted attention for its financial weakness.
ONE Championship’s financial status has often been a source of confusion and controversy, with founder and CEO Chatri Sichhotong frequently releasing numbers that contradict filings with the Singapore Accounting and Corporate Regulatory Authority.
Could ONE Championship close in 2024?
Former Bellator executive Mike Cogan shared his thoughts on the situation at ONE Championship as he awaits news about his future following PFL’s acquisition of Bellator earlier this month. Cogan expressed skepticism about the future of ONE Championship and criticized the way the company has managed its funds. He stated that he believes the company is on the verge of going out of business.
Cogan expressed his doubts about the company’s future and stated that they have deceived many people, and now there’s no one left to scam.
He also questioned where the company would go next if it were to close, emphasizing that there are a limited number of options in the industry.
Cogan and the rest of Bellator’s staff will be given new roles at PFL, according to the promotion’s founder Don Davis. The Bellator brand is expected to remain an international product, but all signed athletes will be allowed to compete in PFL events, including regular season tournaments. Pay-per-view events featuring Bellator champions vs. PFL champions are expected to be scrapped in 2024.
