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Xyience, one of the Ultimate Fighting Championship’s main sponsors over the last few years, has filed for bankruptcy protection amid claims of intimidation and death threats.
The news comes from a report by the Las Vegas Review-Journal.
Company founder Russell Pike filed an involuntary petition earlier this month. The bankruptcy was filed under Chapter 11, which gives the company some time to reorganize before they move forward with their claim. The bankruptcy became necessary when the company was unable to raise $7.5 million more from shareholders.
“We’re excited about the opportunity to reorganize the company,” Xyience President Omer Sattar said to the Journal, expressing a bit of optimism. “Xyience has a great brand name and has a strong affiliation with the UFC.”
Speaking of the UFC, owners Frank and Lorenzo Fertitta have close to $20 million invested in the Xyience brand.
Xyience signed a $15 million sponsorship agreement with the UFC for 2007 and has been a primary sponsor of the promotion since 2005.
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