Yesterday we reported that GLORY had bought the K-1 fight library out from under them. Now K-1 is coming out and saying whoever sold GLORY the rights … didn’t have the right to the rights.
After the deal with Mr. Ishii was finalized, FEG declared bankruptcy in Japan and a lawyer was appointed as a controller for the bankrupted company. This new controller of FEG insisted that FEG still had the copyrights of the K-1 archive footage in their control and sold the “Use Right” of the K-1 archives for an approximate amount of $140,000. K-1 Global had warned FEG’s new controller that K-1 Global does indeed own the rights to this library, but FEG’s new controller refused to listen and went through with the sale.
Now the bankrupted FEG has sold the “Use Right” for $140,000, much less than what K-1 Global initially paid for it, as a nuisance to K-1 Global and to publicly embarrass the company. Essentially, FEG has sold the footage twice now, although it was initially to K-1 Global for a much higher sum. At this time, the bankrupted FEG has sold footage that it no longer owns to GLORY Sports International. K-1 Global has no option right now but to bring this matter to court.
To a certain degree I feel bad for the guys at K-1 Global. It’s become clear that they aren’t just a shell company FEG sold K-1 to in order to duck Japanese bankruptcy courts, so they aren’t responsible for all that super sketchy fighter non-payment that went on at the end of FEG’s reign. But by most accounts they are a poorly organized bunch that doesn’t properly understand combat sports. And everything they’ve done so far backs up those accounts.
Considering K-1 is one of the most important combat sports brands on earth, it’s a travesty that it has ended up in such uncapable hands. FEG screwed everyone over yet again when they sold the name to these guys instead of GLORY. So anything that helps GLORY finish picking up the pieces and unifying kickboxing under one name is good by me. Sorry, K-1 Global.