By FCF Staff

One day after It’s Showtime owner, Simon Rutz, authored an open letter that was heavily critical of the kickboxing promotion K-1 Global, the organization’s President Michael Kim has responded.

In a statement that has been released by K-1, Kim has responded to Rutz’s allegations that the company is not meeting its financial obligations.

In addition, the K-1 President argues that his promotion was not properly informed of Rutz’s sale of It’s Showtime to Glory Sports International, which was announced Monday.

Here is Kim’s statement in its entirety.

STATEMENT FROM K-1 GLOBAL PRESIDENT MICHAEL KIM

Los Angeles, CA – K-1 Global President Michael Kim today issued the following statement:

“I would like to set the facts straight regarding the business practices of the K-1 organization.

First, regarding payment to the athletes who participated in the K-1 Rising Spain event on May 26, 2012, almost all the money for the fighters who participated in the event has been paid. A few did not get paid because the person who introduced these fighters to us, Simon Rutz, has yet to provide us their payment details and that has prevented us from wiring them their money. We have asked Mr. Rutz for the information on numerous occasions and continue to do so and we intended to pay them as soon as we are able to obtain the information.

Second, regarding the payments to the promoters in Spain:

We paid advance monies to the promoters for the event. After the event ended, we awaited the receipts and worked on reconciling the expenses. The period of reconciliation took an acceptable amount of time. Both parties agreed in writing on payment amounts and payment methodology on June 28, 2012.

Third, Mr. Simon Rutz signed a service agreement with K-1 Global and was paid a contract fee in February of this year. Despite having this agreement in place, K-1 was not provided its obligatory legal advance notice of his intent to partner or contract with a competitive organization.”