In November, there were concerns raised about potential funding issues for ONE Championship. A source within the company revealed that the promotion might run out of operating funds by the third quarter.
ONE is seeking a new round of investment, particularly from the Qatari government. However, the company’s struggle to turn a profit since its establishment in 2011 could make securing this deal challenging.
The promotion has previously implemented cost-cutting measures, and it is now focusing on its long-planned international expansion. In addition to holding an event in Broomfield, Colorado in May, ONE is also aiming to open in 2024 and is planning an event in Qatar. Despite these efforts, several factors could hinder ONE’s progress.
ONE Championship lacks deliverables
A report from Deal Street Asia pointed out the challenges ONE Championship could face in securing additional funding from the Middle East. An executive from ONE revealed that the investment in Qatar in 2021 was expected to bring a series of shows to the country, similar to UFC’s Apex in Las Vegas. However, the Qatari government reportedly received a streaming series, “The Apprentice: ONE Championship Edition,” instead. This discrepancy in deliverables may have contributed to some sponsors withdrawing their funding for the project.
ONE denied that its investment in promoting the match in Qatar included any “specific deliverables.” Despite this, the promotion announced that the first ONE Show in Japan will be held on March 1st at the Lusail Sports Arena, possibly as an effort to strengthen the relationship with Qatari investors.
Is Qatar losing its sport-wash image?
Besides potential embarrassment over the investment, ONE Championship faces a broader issue with Qatar’s role in promoting sporting events in the Middle East. Other countries in the region, such as Abu Dhabi, Bahrain, and Saudi Arabia, have established partnerships with various international sports organizations, indicating a shift in focus from Qatar to these nations. This trend could potentially impact ONE’s future funding prospects in the region.
Despite Qatar’s ongoing sporting commitments, the focus appears to be shifting to other nations. If Qatar redirects its funding away from ONE, it could face challenges in securing support from other countries in the region, which could significantly impact its prospects in 2024.
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About the author
Zane Simon is a senior editor, writer, and podcaster at Bloody Elbow. He has been working on this website since his 2013 and has held various roles. A longtime martial arts fan, Zane has trained in both boxing and Muay Thai on and off. He currently hosts the long-running MMA Vivisection podcast, which he took over from Nate Wilcox & Dallas Winston in 2015, and the 6th Round podcast, which was launched in 2014. Zane is also responsible for creating and maintaining the “Current UFC Listings.” Fighter article on Bloody His Elbow, a resource he originally developed for Wikipedia in 2010.
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