DREAM In Financial Troubles: Is The End Near?
by Justin Faux on Sep 1, 2010 9:50 AM EDT
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The state of mixed martial arts in Japan has been questioned amongst keyboard warriors for several years since the fall of the revolutionary Pride FC organization.
Fighting and Entertainment Group (FEG) are the leading provider of combat sports in the land of the rising sun—they are the parent company behind the largest kick boxing organization in the world, K-1, as well as DREAM.
It has been apparent for quite some time that financial difficulties have been a big problem for FEG.
Gary Goodridge, Andy Souwer, and current DREAM Bantamweight champion Bibiano Fernandes are just a few who have stepped up to the plate and told the fight media that they have not been paid for their past performances.
The signs continued to add up when FEG cancelled their DREAM 17 event that was scheduled to take place on October 25 in South Korea—also no dates have been announced for the K-1 MAX events rumoured for 2010.
At this point and time FEG only has two upcoming events—DREAM 16 on September 25 and their annual Dynamite event schedule for New Year's Eve.
Mike Kogan, the United States representative for FEG, conducted an interview with MMAJunkie.
After months of denial on the part of FEG management, Kogan is the first to step up and admit that the organization is in a large hole of financial problems and the future of the company rests on a deal with PUJI Capital.
According to Kogan, PUJI Capital are attempting to provide $230 million for the fight organization, which would allow them to pay back the hundreds of thousands of dollars owed to fighters and have them back in business for 2011.
For the investors to accumulate the cash total suggested it could take quite some time, and if the deal falls through, well I can let you figure out the outcome there.
As a fan of DREAM since its inception I would be incredibly disappointed to see it disappear, especially with organizations like World Victory Road who bring us Sengoku rumoured to be in a financial bind as well.
It seems the state of the sport in Japan is at its worst.
DREAM will close the year with only two titles remaining and pray that PUJI Capital are able to summon the large amount of money to pull them out of their current hole, but for now I suggest not holding your breath.
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D.17 was never canceled
They announced in January they wanted to do an October show and HDNet had some FEG show scheduled for the 25th, which led many to believe D.17 was then.
If anything it just isn’t happening, since it was never formally announced it can’t be canceled.
Head Kick Legend
Twitter @HeadKickLegend
I keep wondering what would happen if Zuffa put some money up for FEG. They’ve been wanting to get a foot in the door in Japan, and that would be a beginning. I know, it’s not gonna happen. Just wishful thinking. But what if it did? :)
"We don't need no water, let the Badr Hari burn!" - Michael Schiavello
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Twitter - @satarma42
I'll play
As long as Zuffa doesent mess with the production, and Mixed WEC/ UFC fighters up in the promotion it could be the best thing that happened to MMA.
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by Thats It For you! on Sep 1, 2010 3:14 PM EDT up reply actions
The biggest problem with this is that FEG is run by the same group as
PRIDE was. It’s essentially the same executives, and those guys absolutely torched Zuffa when they purchased PRIDE in 2007. Generally speaking, the entire goal of the PRIDE executives was to ensure that Zuffa never established a foothold in Japan’s MMA scene, so there is simply no way that a repeat would go any other way.
Which sucks, because Zuffa had it right the first time. They agreed with you.
If I was a hungry man with a gun in my hand and some promises to keep...
I have a feeling
that if Zuffa dangled some cash in front of them, they might give in. But again, it’s not going to happen. I know the PRIDE history, and that’s why I’m figuring Dana et al would never deal with FEG. I just find it an interesting mental exercise – FEG needs money, Zuffa has money, Dana wants to get the UFC into Japan – in theory, it sounds perfect lol. Ah, well, we can dream. No pun intended. :)
"We don't need no water, let the Badr Hari burn!" - Michael Schiavello
www.galsguidetomma.com
Twitter - @satarma42
by Jackie Maden on Sep 1, 2010 11:38 PM EDT up reply actions
Oh, I'm with you 100% in thinking it would be a good move for all sides.
There’s just no hope of it actually working out. If it was another group involved, rather than FEG, there’d be a good chance of some dialog on the subject.
Those guys are just crooked.
If I was a hungry man with a gun in my hand and some promises to keep...
Agreed 100%
DREAM hasn’t managed to add much to the MMA scene at all. FEG should have focused fully on K-1 from the start.
Just to clarify, MAX has indeed announced a date for the Grand Prix finals, and there is a rumored date for the MAX Final 16. There are also confirmed dates for Koshien, the GP Final 16, and the GP Finals. Finally, they seem to have at least worked out a bit of their payment issues, as Petrosyan said he would not compete until he was paid, and he will be taking part in MAX again, which probably means he was indeed paid.
So while it’s accurate to say Dream may be in some trouble, the future is looking less bleak for K-1 at the moment.
HeadKickLegend.com
Small correction to the article: Bibiano Fernandes is the DREAM featherweight champion, not bantamweight. :)
At this point I would be willing to give up on DREAM if it just means K-1 could continue without trouble (and preferably expand). I like DREAM too of course, but we have several other MMA orgs to fall back on, whereas a world without K-1 would seem very bleak and unfriendly.
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