According to Dutch journalist Giovanni Tjin, Glory Kickboxing has filed for bankruptcy. Aaron Bronster of TSN also confirmed that it has filed for bankruptcy.
Tjin had posted on twitter a letter which indicates that the company has filed for bankruptcy and is notifying potential creditors.
*BREAKING*: Volgens meerdere betrouwbare bronnen dichtbij Glory heb ik het volgende gehoord:
— Giovanni Tjin
– Cor Hemmers is ontslagen;
– Remon Daalder is ontslagen;
– Het kantoor is gesloten;
Het blijkt niet goed te gaan met de organisatie. Meer info hopelijk binnenkort. pic.twitter.com/jQmmQG3oq6(@TjinMMA) July 3, 2020
Glory’s CEO, Marshall Zelaznik resigned in May which may have been a harbinger of things to come.
John Nash of Bloody Elbow added that the company may be in receivership which is slightly different from Bankruptcy. A receiver is in charge of the assets of a company and determines which creditors will be given what. A Bankruptcy Court does the same thing and in some cases appoints a receiver. Bear in mind that this action is likely happening in the Netherlands and I am not up on their laws.
Payout Perspective:
Receivership or Bankruptcy, this is the sad end to Glory Kickboxing. The lack of live events and the uncertainty of when the company could return probably spelled the end to the promotion. There’s no saying that another organization may rise again but Glory was the most visible kickboxing promotion out there and although a niche, there will be a void for kickboxing fans.
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