Boxing Promotion Business Plan – February’s MTK Fight Night event featured a bout between lefty Jordan Flynn and Marian Marius. (Warren Little/Getty Images)
A boxing promotion company said on Wednesday it was being shut down because of alleged links to an Irish crime boss.
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MTK Global has denied any links to Daniel Joseph Kinahan, who is wanted by US and Irish authorities, but said it could not cooperate with supporters of other fights.
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“Since the top promoters have informed us that they are severing all ties with MTK and will no longer work with our fighters,” MTK Global, whose roster includes mixed martial arts competitors, said in a statement, “we have made the difficult decision that this month ceases to operate at the end of
The promotion said it has been “subject to an unprecedented level of unfair scrutiny and criticism” since last week, when the U.S. Treasury Department announced sanctions against Kinahan and his family and associates. He was accused by the Treasury of playing an “integral role in organizing the supply of drugs to Ireland” and of “attempting to facilitate the importation of cocaine into the UK”.
Kinahan, who the Ministry of Finance says is currently in Dubai, was also accused of making payments to several people serving prison terms, including for murder and attempted murder, which the ministry described as the Kinahan Organized Crime Group.
At a press conference in Dublin last week, the US ambassador to Ireland, Claire D. Cronin, announced that her government was offering a reward of up to $5 million for information leading to the “financial disruption” or “arrests and convictions” of the China-based criminal organization. of its leaders.” These leaders were identified as Kinahan; his father, Christopher Vincent Kinahan; and brother Christopher Kinahan Jr.
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Irish Police Commissioner Drew Harris warned at the press conference that “if you are dealing with people who have been sanctioned as part of the Chinatown organized crime gang, you are dealing with drug-trafficking criminals”. Asked who in the sports world might be involved with entities linked to Kinahan, Harris said: “I would ask them to look at their own business, the integrity of their own business and their relationship with their fans, and really, it’s something they want to be involved in that is legitimate in terms of their business. I think the answer to that is a resounding no.”
“I’m a law-abiding American citizen and I’m going to abide by those sanctions and I’m not going to have any business or any other relationship with him — period,” Arum told ESPN. “The United States government will not make such a claim unless there is evidence to support it. So the case is closed. You cannot accept the US position and treat it lightly. It’s very, very serious that the United States is saying what they said.”
Arum is the co-promoter of British heavyweight champion Tyson Fury, who signed with MTK Global in 2017, the same year the promotion was reportedly sold from Kinahan and a partner he helped found in 2012. According to MTK Global’s statement on Wednesday, “it is public knowledge that Mr. Kinahan’s participation in MTK ceased in 2017.”
However, Kinahan was suspected of continuing to influence the promotion behind the scenes and remained a publicly quoted adviser to the fighters. In a 2020 video shared online, Fury repeatedly credited Kinahan with arranging a fight between Fury and fellow British star Anthony Joshua. Fury, whose alleged deal with Joshua’s camp later fell through, also posed for a photo with Kinahan earlier this year.
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Speaking at an open training session ahead of his World Boxing Council fight with Dillian Whyte on Tuesday, Fury said of Kinahan: “The man was a boxing fan. I can’t say more. No more connections. There is no such.”
Asked if he had cut ties with Kinahan, Fury said: “It’s none of your business and nobody else’s business. My business is my business, your business is yours, and that’s it. [The accusations] have nothing to do with me. I’m just a stupid boxer who gets punched in the face for a living.”
Following last week’s win, UFC fighter Mounir Lazzez expressed his gratitude to Kinahan, whom Lazzez called his “brother,” in a post-fight interview.
“Without him, I would never be the person I am today,” Lazzez, who is from Tunisia, said of Kinahan, “and my career at this point. Thank you very much.”
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WBC president Mauricio Sulaiman issued a statement on Monday claiming the meeting with Kinahan in Dubai last month was an “innocent mistake”, saying: “I confirm that the World Boxing Council and all its members strongly reject any action , which is harmful to human health. beings and we will continue, as always, in full compliance with the laws of all countries in the world.”
MTK Global announced Tuesday that its CEO, former ESPN and ABC Sports executive Bob Yalen, has resigned for “personal reasons.” Yalen said in a statement released by the promotion that “the pressures of the past few weeks have been particularly intense” and that he “must consider the impact on myself and my family.”
Kinahan denied any criminal involvement. In a lengthy statement shared with talkSPORT last year, he said: “There is no proof or evidence against me. I have said several times: I have no criminal record anywhere in the world. Some sections of the media are asking me to refute the negative. It’s impossible, but it shows what I’m up against.”
In a statement, Kinahan added that he will “continue to work every day to bring out the best in the boxers I am fortunate enough to work with and take care of them.”
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In a statement on Wednesday, MTK Global said that despite being “repeatedly reassured” that Kinahan was no longer involved, “baseless allegations about his continued association with us and our fighters remain.”
“MTK grew because we always put the long-term interests of our fighters at the center of our activities,” the promotion stated. “In the weeks ahead, our priority will be to support our world-class boxers to find new partners as quickly as possible.” Boxing matches don’t just happen. Fight promoters are the people responsible for recruiting fighters, setting up matches, promoting events, and covering the costs of timekeepers, referees and medical staff. If you want to act as a promoter in the boxing business, you must first obtain a license.
If you want to become a fight promoter, apply for a license from the state boxing commission. Talk to surety companies about taking out a bond to cover any financial shortfalls that may arise at events. Once the paperwork is done, start talking to the fighters about signing and then work on putting the matches together.
Three hundred years ago, a successful boxing match required nothing more than two men ready to knock each other’s lights out and hype the crowd. In the 21st century, demonstrations of the “sweet science” must comply with federal law. For fight promoters, this means dealing with state boxing commissions, which oversee the boxing business.
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According to federal law, a legal boxing match can only take place under the supervision of a boxing commission. Many state laws require you to apply to the commission for a promotional license. In Pennsylvania, for example, boxing promotion companies must pay a $100 fee and undergo a criminal background check to obtain a license.
In Pennsylvania and other states, a surety bond is required before an event. The bond guarantees that even if the boxing promotion company goes bankrupt, everyone involved will still get paid. It’s a good idea to talk to a surety company in advance before a bond becomes necessary.
Supporters of struggles work for themselves, but they cannot prosper alone. The financial success of a fight game depends on whether the boxers put on a dynamic show. In the 21st century, a fight announced with great success can attract not only the audience to the event, but also the masses of eyes watching on pay TV.
As a promoter, you are not the boxer’s manager. You’re closer to a record label signing a singer or a movie studio hiring an actor. The manager will negotiate with you about the fighter’s share of the revenue. Many promoters squeeze as much money out of fighters as possible. Being honest and fair can go a long way in your career.
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Expect to start small. A-list superstar promoters are negotiating pay-per-view fees with cable companies for world heavyweight bouts. He may have to settle for local bouts with state welterweight champions until he makes it to the big leagues.
Once you’ve convinced a fighter to sign with you, you’ll need to arrange a match. As a promoter, you are responsible for everything in and around the ring, from the refreshments to the referees. Promotion in boxing is expensive, so boxing promotions want you to take out the policy to cover any shortfalls.
A century ago, boxing revenue came entirely from people sitting at ringside. As in other sports, TV rights are now a huge source of income for fighting
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