Former K-1 champ and competitor Alistair Overeem

By FCF Staff

After months of speculation as to what the future holds for the financially struggling Fight Entertainment Group, reports are surfacing today that the company declared bankruptcy in a Tokyo Court on May 7^th.

According to a report from The Japan Times, the filing was relayed by Teikoku Databank Ltd, a private credit research firm.

No information regarding the company’s outstanding debts were released.

FEG was the parent company of the established K-1 kickboxing promotion; however, the promotion’s brand was sold to Barbizon, Inc. in 2006. More recently, K-1 was restructured into K-1 Global Holdings, which has an event scheduled for May 27^th in Madrid.

FEG was also involved with the Japanese based DREAM MMA organization, which included representatives from PRIDE. DREAM has yet to promote an event in 2012.

The news is the latest setback to hit the fighting community in Japan, which has seen television ratings for both kickboxing and MMA events decline in recent years.