An alleged business partner of BKFC President David Feldman filed a lawsuit to claim 40% ownership in BKFC.
According to Forbes, plaintiff, Edward Stewart, and Feldman began discussing bare-knuckle events back in 2012. They agreed to a 40% stake each of the business and 20% would go to a third party.
Stewart provided financial backing and Feldman provided “sweat equity”. The third-party provided “a known and respected fighting personality.” The plaintiff claims the agreement is in writing,
However, he does not have a copy.
According to Stewart, he invested a total of $250,500 between December 2013 and the first BKFC event on June 2, 2018. Payments ranged in size from $3,500 to $50,000. Some of the money was earmarked for an event featuring street fighter Kimbo Slice.
Subsequently, Stewart says he received $26,500 worth of payments from Feldman, “allegedly for a return on Stewart’s ownership of 40% of BKFC.” He also claims to have been provided a profit and loss spreadsheet after BKFC’s first four events.
Stewart also claims Feldman sent a “Bare Knuckle, LLC., Event Partnership Agreement”. The document apparently identified Stewart as a Member in advance of BKFC’s inaugural event in Wyoming.
According to Stewart, Feldman now holds BKFC events through a different business entity than the original Wyoming events. “On information and belief, Feldman has transferred Bare Knuckle Fighting Championship to other entities in order to defraud Stewart of his forty percent interest in the business,” the complaint alleges.