50 Cent takes an L in the ring.
50 Cent launched his boxing promotion company SMS Promotions back in 2012 and signed on some of the sports rising young stars in Yuriorkis Gamboa, Andre Dirrell and James Kirkland. Always one to promote, Fif’s new venture seemed to be taking off well, that is until today. TMZ recently obtained court documents which show that SMS Promotions filed for Chapter 11 bankruptcy on May 25th in a Connecticut court.
According to the docs, SMS has anywhere from $100K to $500K in debts. With that said, the company fully intends on continuing business.
An attorney for SMS Promotions says 50 — aka Curtis Jackson — made the decision to file so the business could reorganize and emerge as a stronger company. “Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”
Surely this move was done in order to rid themselves of the liabilities accrued. No word on whether this will effect the deals of the fighters currently on the roster.
