Glory's debt in 2017: $ 97.8 million

Discussion in 'Muay Thai and Kickboxing' started by RedDawn, Jul 10, 2020.

  1. RedDawn Yellow Belt

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    K1Anoop managed to get its hands on Glory's 2017 financial balance sheet, which shows that Glory had a debt of $ 97.8 million at the time.

    No wonder Glory went into receivership. This debt is going to be a huge burden.
     
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  2. FokaiMuayThai MOO TAI LEGENDARY

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    This makes me think that they were running on a deficit since the beginning lol. Whoever was keeping glory alive had to be very rich and was just doing it for the love of the sport of Kickboxing.
     
  3. Shadess ...

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    It's not really debt. They've lost money yes, but doubt they exactly owe much of that back to anyone when it's been the money of the owners.

    Supposedly they haven't paid everyone from the last event or two or something like that though.

    In large part, Pierre Andurand.
     
    Last edited: Jul 10, 2020
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  4. strebitel86 Double Yellow Card Double Yellow Card

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    I hope K-1 Japan replace them, and make it big.
    This is the end for Glory.
     
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  5. KBE6EKCTAH_CCP Throwing my apanyent

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    A debt figure alone is not very telling tbh.
     
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  6. strebitel86 Double Yellow Card Double Yellow Card

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    Just leave the promotion into the dust, there's no way of saving it.

    Simon Rutz please bring back It's Showtime, and show these little guys how kickboxing is done.
     
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  7. Shadess ...

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    Wasn't It's Showtime losing money too?
     
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  8. Snubnoze707 High Level

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    He doesn't own it, he sold it to Glory...
     
  9. strebitel86 Double Yellow Card Double Yellow Card

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    Then he can create another kickboxing promotion, or a partnership with Enfusion.
     
  10. strebitel86 Double Yellow Card Double Yellow Card

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    This is such a bad year.
     
  11. Tayski Stand-up Fighting

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    It's probably easier for a solid promoter and manager to get Glory back on track with their brand name that is quite big in the Kickboxing circuit and also keep most of its signed fighters, rather than starting something from scratch with no known brand or signed fighters.
     
  12. onne1983 Orange Belt

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    Simon is happy to be out of the business. he has no interest in coming back
     
  13. kimocomplex Silver Belt

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    so yea 100 million is alot of money, that probably includes debt from It's Showtime and the rights to their footage

    its a shame GLORY is going under, hope someone buys them and revives the company
     
  14. Tayski Stand-up Fighting

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    https://mmadna.nl/glory-sports-international-overgenomen-onder-verdachte-omstandigheden/

    "GLORY Kickboxing has been acquired by a new owner. Today fighters received a letter with information about this takeover. Vechtsportinfo.nl reported this earlier today. MMA DNA has received the letter and has started further research into the new owner of GLORY. The company AAG, which put GLORY under guardianship, has found a buyer for the company. The new owner is GSUKCO Limited, founded on May 14, 2020. GLORY's new owner is based in London and has 1 active member named Erica Rhima. The same Erica Rhima also works for Nectar Nominees. Further investigation of GSUKCO Limited establishes that more than 75% of the company is managed by the same Nectar Nominees Limited. The owner of this company is Scott Rudman, who was vice chairman of GLORY Sports International. This implies that GLORY makes a restart with the same people on board and can start with a clean slate. When a company is under guardianship, the organization under guardianship must do everything in its power to save the company and bring down the debt burden. This could be done, for example, by offering fighters who are under contract to other promotions and thus generate extra income. This does not seem to have happened. With this takeover, it seems that an easy way to get out from among the creditors has been found. A salient detail is that both the owner of AAG and Scott Rudman studied at Harvard Business School. This can of course be a coincidence. GLORY was struggling with many millions of debts and seems to have gotten out of debt in this way. There are also outstanding items in the Netherlands. MMA DNA has attempted to contact the CEO of RES Events. This company is owned by GLORY Kickboxing and mainly organizes European events. Both RES Events ald GLORY Sports International were not available for comment."
     
  15. Snubnoze707 High Level

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    "Further investigation of GSUKCO Limited establishes that more than 75% of the company is managed by the same Nectar Nominees Limited. The owner of this company is Scott Rudman, who was vice chairman of GLORY Sports International."

    LOL, this seems fugazi. Just gonna be more of the same shit with Glory. Looks like they found a loophole to get out of their dept...
     

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