50 Cent’s Boxing Company Is Bankrupt
50 Cent is so accustomed to winning. His musical opus, Get Rich or Die Tryin', cemented his iconic stature in the rap game and he's proven that his business acumen is beyond stellar over the years. You can almost expect him to be on a Forbes list every year. But, just like every great rapper, sometimes you have to take a loss, even if it means filing for bankruptcy.
In 2012, Fif launched SMS Promotions and was able to nab several notable names in the boxing world: Yuriokis Gamboa, James Kirkland and Olympic Medalist Andre Dirrell. Despite bolstering his resume with SMS, things quickly went downhill for the company. Court documents veal company is between $100,000 and $500,000 in debt.
The increasing debt resulted in the company filing for Chapter 11 Bankruptcy. Despite 50 taking a major loss, he plans to rebuild SMS Promotions. What is most interesting about the move is that SMS Promotions recently held a boxing match almost two weeks ago in Connecticut.
"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,” an SMS Promotions attorney said.
Even though things collapsed with SMS, 50 still has a reason to smile. On June 6, the second season of Power will return to Starz after a scintillating debut last year. Never count 50 out because he always has something up his sleeve.
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