Huge blow for 50 Cent’s boxing company SMS Promotions because the rapper’s company has just filed for bankruptcy.
50 started SMS Promotions back in 2012 and signed some pretty big names in the sport, including then-undefeated champion Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.
But apparently, the boxing biz hasn’t been as kind to 50 as it has been to others like his pal Floyd Mayweather because according to court docs obtained by TMZ Sports, the company filed for Chapter 11 on May 25th.
In court docs filed in Connecticut, SMS says it has between $100k and $500k in debts.
SMS just put on a fight in Connecticut on May 15th — though it clearly wasn’t enough to turn the company around.
50 Cent and Floyd Mayweather were initially supposed to go into the business together and create TMT Promotions but Floyd never got on board and that’s when their beef began. 50 reportedly wanted Floyd to drop Al Haymon which Floyd wisely didn’t do. Everyone knows Haymon is one of the best in the business.
The boxing business isn’t an easy one; that’s why Golden Boy and Top Rank currently have a chokehold on the business. We’ll have to wait and see how newby Roc Nation Sports fares out.
