K-1 cancels 2011 event and may declare bankruptcy

The biggest stand-up fighting tournament in the world is nearing its end! K-1 announced this Monday that it will not hold the traditional heavyweight GP in 2011, which was scheduled to start on the 29th. With financial difficulties, FEG, the company that promotes the event, is unable to settle outstanding issues salaries with several fighters, a fact that made it difficult to reach an agreement for this year.

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The information was initially disclosed by Anil Dubar, manager of fighter Daniel Ghita. However, a few hours later, the FEG released a note on its official website confirming the cancellation.

“This year there will be no K-1 Elimination (first phase of the GP) and K-1 World Grand Prix Final (grand final with eight fighters),” the statement said.

The K-1 World GP has been taking place annually since 1993 and has already won titles such as: Peter Aerts, Ernesto Hoost, Semmy Schilt and alistair overeem