Cyrus Langhorne
G-Unit head 50 Cent‘s attempt at sports promotion may have come to a sudden end as reports claim his SMS Promotions company is now bankrupt.
According to reports, Fif’s high-profile company has debts up to $500,000.
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. (TMZ)
Fif’s legal muscle has confirmed the news and issued a statement.
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.” (TMZ)
Coincidentally, Fif has posted up boxing-themed pictures onto Instagram over the past few days.
In 2012, Fif officially received a boxing license in Nevada.
Sports Illustrated’s Chris Mannix reports that Curtis Jackson is now an officially licensed boxing promoter in New York State, with plans to get his license in Nevada as well. His company is called The Money Team Promotions (TMT) and will reportedly rep Yuri Gamboa and Andre Dirrell at the outset. There’s no word on whether 50 will ultimately work officially with Floyd. And while a Mayweather-Manny Pacquiao fight is still a longshot, if anybody can make it happen it’s a dude who survived nine gunshot wounds. (Complex)
gamboa dirrell and kirkland can fight, but they be gettin’ that jaw tapped too
That was a plot all the time to get pac man to sign with him so 50 could get paid from the big fight. Floyd Money Team VS 50 SMS Team. He has no need to continue dumping money in SMS now. This is Chess not Checkers..LOL
Maybe that was a plan, but not the only plan.
They gone reup bruh
another web site said it was also to avoid paying ross baby mama over some lawsuit about that porno she made.
50 never said he doesnt have money or his company sms doesn’t have money. I think 50 cent is pulling smart moves on IRS and that is why he filed for bankruptcy. If yll remember when they asked 50 how much he made from Mayweather bet. His answer was. I made nothing are you tax collector. That was his response.
its gonna be a while before boxing becomes king again