[div class=”notice” class2=”icon”]The following is from an article on LiverKick.com, part of the MiddleEasy Network.[/div]
In a way, it feels like a victory, although a small victory at that, when FEG President Sadaharu Tanikawa finally broke his silence on what has been going on with FEG. FEG is broke and Tanikawa has formally announced that they no longer have control over K-1. If you have been privy to what has been happening behind the scenes, this is no giant surprise, but for Tanikawa to come out and yield like this is a pretty big deal.
Fighting Entertainment Group (FEG) took over K-1 when Kazuyoshi Ishii was forced to resign from K-1 due to a tax evasion scandal. The company was completely re-organized, with FEG as the parent company and K-1 becoming a brand, but to many on the outside it was seamless. Things continued on, K-1 shows kept going and it seemed like business as usual. The problems were that FEG and Tanikawa were still at the mercy of Kazuyoshi Ishii and money was being lost on a regular basis. Eventually, this began to come out to the public when fighters began speaking out, and it flowed like cheap wine at a party. Tanikawa and FEG did damage control, but never really faced the problems head-on, which only made things worse.