Earlier this week, it was announced that GLORY Kickboxing could be in financial trouble. Rumors were spreading of the promotion filing for bankruptcy. GLORY may not be done just yet.
Following an initial report of the bankruptcy, TSN’s Aaron Bronsteter went on to say that GLORY has gone into receivership. This is after Giovanni Tjin stated the same, compared to initial reports. A judicial administration process, a receiver will look to restructure and manage any affairs to avoid closure. An announcement should be made soon regarding its future.
Additionally, GLORY would send a letter out to its athletes, who found out about the news as it happened, ensuring to everyone that everything would be OK. Via Vechtsport Info, the letter was meant to ease tensions. The letter stated:
“We’re aware of the rumors circulating on social media and some digital news sites regarding the current status and future of GLORY. GLORY, like every other sports organization, has been impacted by COVID-19. Our events require bringing together athletes, crew, officials, judges, and fight camps from all over the world into one location for a week – a logistical and legal impossibility in the recent months, as well as fraught with tremendous health risks. We have used this time to streamline the company and make some changes that will ensure that GLORY may emerge from the coronavirus times stronger than ever before.
“GLORY remains committed to our mission of bringing the world’s stand-up combat to fans around the world… There will be some official news about the future activities in the coming days. We expect the announcements will include plans for events in 2020 and some exciting new partnerships… We ask that you please remain patient a bit longer… All fighter contracts remain intact and in force. We’ll update you again in a week or so with official news.”
Earlier reports stated that Cor Hemmers (Managing Director of Glory Sports International) and Remon Daalder (Glory Scouting Officer) have been fired from their roles with GLORY. It was also rumored that GLORY has closed down its Amsterdam offices. This comes after Chief Executive Officer Marshall Zelaznik, who was instrumental in creating UFC FIGHT PASS, which was eventually the home of GLORY, handed in his resignation this past May.
Founded in 2012, GLORY has been shown on Spike (now Paramount Network), ESPN, and FIGHT SPORTS to gain a following in the United States. The promotion had to postpone several events due to the coronavirus pandemic. Its last big planned event, GLORY 78: Badr v. Benny, was meant for June 20.
Stay tuned as more information should be revealed regarding GLORY’s future.