50 Cent’s boxing company SMS Promotions, has just filed for bankruptcy, but promises to stay in business. Since 2012, the company has gotten itself between 100k-500k in debt.
Even with big names on their roster, SMS just could not seem to turn the finances around. They put on a fight in Connecticut on May 15th, but the income from that was not enough.
On May 25th, 50 decided to file for a Chapter 11 bankruptcy. According to their attorney, 50 decided it would be best for business.
“Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”
Strategically it was the smartest thing to do. Wipe the debt clean and start over. Hopefully it doesn’t affect the boxers.
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