Photo property of the Ultimate Fighting Championship.
Xyience officials have found a potential buyer that is interested in purchasing the company but first must out-bid any other interested parties at a court auction on April 1st.
The reported deal will have Manchester Consolidated pay over $15 million for the company. However they will also absorb $14.8 million in debt as well. First they will have to out-bid any other interested and qualified parties at a scheduled court auction on April 1st in Las Vegas.
One of those parties may be Lorenzo and Frank Fertitta, who are expected to bid for the company at the auction through one of their side companies, Zyen.
Xyience, one of the UFC’s main sponsors over the last few years, filed for bankruptcy protection amid claims of intimidation and death threats last 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.
The Fertitta brothers are reported to 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.