Monday, December 5, 2022

ONE Championship Gets Hit With Bad Financial News

ONE Championship’s most recent annual financial statement shows that the promotion may be in significant long-term financial trouble.

Recent financial filings obtained by Bloody Elbow show an excess of $110 million in losses in 2021 for ONE. The promotion’s 2020 report showed $48 million in losses, with ONE founder Chatri Sityodtong downplaying the report last September in an interview with Ariel Helwani.

“I will say that the internet is a dangerous place and you shouldn’t uh believe everything you read, and there is a lot of factual errors and inaccuracies you know? Uh, but that I mean, um, I’ll just say that we have some big news that I’m announcing and um, that’s, I’ll leave it at that,” Sityodtong said. “Some exciting news and yeah, I mean uh I’ll leave it at that. I’ll just say like look, the internet is a dangerous place if you believe everything you read, especially from less than uh… How can I say it politely? I would yeah, I would just leave it at that.”

In total, ONE has accumulated $383 million in losses as of last December. The 2021 filing showed $56 million in marketing costs along with an additional $50 million in administration expenses.

ONE Championship’s Recent Filings Show $111 Million In Losses

ONE Championship

The recent report doesn’t show entirely bad news for ONE’s financial future. The promotion reported $67.7 million in total revenue in 2021, a 19% increase from the revenue accumulated in 2020.

ONE recently parted ways with one of its biggest names, former UFC lightweight champion Eddie Alvarez, following Alvarez’s recent loss to Ok Rae Yoon via a unanimous decision at ONE on TNT 4. The promotion made headlines with an unprecedented trade for Demetrious Johnson in exchange for Ben Askren, with Johnson recently reclaiming the ONE bantamweight title.

Sityodtong and ONE have yet to publicly address the recent financial filings and the concern surrounding the growing losses.

Is ONE in long-term financial trouble?