ONE Championship Receives $70 Million Through Latest Round of Funding
By FCF Staff
ONE Championship has announced that the Asia based promotion has secured $70 million dollars in its latest round of funding.
The company, which promotes various types of combat sports under its banner, recently announced the funding via a press release.
Hua Fung Teh, the Group President of ONE Championship, was quoted saying the following.
“I am thrilled to announce that ONE Championship closed another round of funding a few weeks ago with existing institutional investors as well as a new institutional investor. I am full of gratitude for this strong vote of confidence amidst the worst global economic crisis in 100 years. With 9 figures of cash on the balance sheet and a streamlined organization, ONE Championship looks forward to continuing to delight our fans around the world with more heroes and new experiences for many years to come.”
With the additional $70 million, ONE reportedly has a total capital balance of US$346 million. The company has also announced that it has laid off 20% of its workforce on account of financial hits ONE has taken via the coronavirus pandemic. The promotion has not held an event now since February.