One Championship trims staff, plans to stage bouts next month

SINGAPORE • Asia's largest mixed martial arts promotion, One Championship, yesterday said it was cutting 20 per cent of its staff worldwide after being unable to stage fight cards for almost four months because of the coronavirus pandemic.

The Singapore-based organisation, which also promotes Muay Thai and kickboxing cards, has from 201 to 500 employees, according to its LinkedIn profile.

One Championship said in a statement that it had raised an additional US$70 million (S$97.7 million) for its "war chest", bringing its total capital to US$346 million.

However, it added it had "streamlined operations, including a 20 percent reduction of total worldwide headcount".

Social distancing and other measures to contain the Covid-19 disease have forced the shutdown of sporting events worldwide.

One's last event was held behind closed doors in Singapore on Feb 28, said a spokesman.

Four events planned to be held without fans in Singapore in April and last month had to be shelved because these fell within the Government's circuit breaker period.

Another event on May 29 in Manila was also cancelled because of the lockdown in the Philippines.

However, One chairman and chief executive Chatri Sityodtong is hopeful of staging live fights as early as next month, with feeder events already scheduled for June 20-21 in Shanghai.

"Of course, this environment has made it trickier to operate but I'm always an optimist, and I believe that where there's a will, there's a way," he said.

"We are looking at next month already. Nothing has been formally announced, but I can tell you that we are working very hard to come back."

Events in Singapore and Manila shelved by One Championship.

On the job cuts, Chatri did not disclose the number of people who were let go, but claimed they were working in "non-essential" areas.

Insisting he had to shield the company from an expected recession resulting from the pandemic, the Thai said: 'Extraordinary times require very unusual prudence to protect the company and the longevity of many years to come.

"Our operating assumption is that the global economy will continue to suffer over the next 24 months, and potentially enter the worst global recession in history."

AGENCE FRANCE-PRESSE