ONE Championship is making a brand new pitch to the Qatar Funding Authority in hopes of securing one other spherical of investor funding.
Per a report from DealStreetAsia, the Singapore-based promotion has raised over $500 million in funding up to now, together with $150 million in ONE’s final spherical of investments led by Qatar Funding Authority. With that cash now operating out, ONE is making a brand new fundraising pitch to the QIA as “ONE’s runway is predicted to run out by Q3 of subsequent 12 months.”
It stays to be seen if ONE Championship can safe extra funding, however in response to the report, “the Qataris have been more and more embarrassed about their involvement with ONE, which has been below the highlight for its weak financials amongst different issues.
It is usually being reported that a minimum of two native companions the QIA has introduced in, Qatar Airways and Ooredoo, have stopped supporting the promotion financially.
ONE Championship deliberate to make its debut in Qatar earlier than the tip of 2023 with a “mega-sized” occasion boasting 5 world title fights. That card has since been pushed again to March.
ONE Championship’s Monetary Stay a Steady Supply of Confusion
All of this brings into query ONE Championship’s overall financial status, although there appears to be no clear reply. ONE usually recordsdata financials with Singapore’s Accounting and Company Regulatory Authority, and people have proven rising income figures of $67.7 million for 2021 and a reported $80 million estimate for 2022. Nevertheless, DealStreetAsia claims that the figures embrace ‘non-cash elements,’ and “ONE’s true money income in FY2022 is more likely to be simply $5-8 million.”
“What you’ll see is income truly… this 12 months we are going to cross north of, slightly over 100 million {dollars} in income,” ONE CEO Chatri Sityodtong instructed CNBC following DealStreetAsia’s report. “And subsequent 12 months, approaching 200 million {dollars} if not slightly bit greater than 200 million. That might be our largest incremental bounce in revenues I believe within the historical past of the corporate” (h/t BloodyElbow).
“Extra importantly, we anticipate core enterprise profitability by the second half of subsequent 12 months,” Sityodtong added.
Regardless of Sityodtong’s routinely optimistic commentaries and bombastic claims, ONE’s monetary filings by means of the years present losses rising at an astronomical charge. ONE’s paperwork point out that they misplaced $111 million in a single 12 months, with accrued losses of $383 million as of 2021.
With the promotion gearing up for an additional pitch to traders, we are able to solely assume that ONE’s monetary woes have continued into the final two years.
