Report: 50 Cent's SMS Promotions Boxing Goes Bankrupt
50 Cent stays making money, but apparently he's not making nearly enough of it with his SMS Promotions boxing company.
According to TMZ Sports, SMS Promotions filed for Chapter 11 bankruptcy Monday, citing debts between $100,000 and $500,000 in court documents filed in Connecticut.
It's a shocking revelation, considering Fif only founded SMS Promotions in 2012, quickly signing Yuriorkis Gamboa, Andre Direll and James Kirkland as some of his prize fighters.
Kirkland suffered a knockout at the hands of Canelo Alvarez just two weeks ago.
While speaking to BET.com last December, 50 warned fellow rap mogul Jay Z about Roc Nation Sports diving into the boxing promotion business.
“You can’t just buy your way into it by purchasing existing companies and stuff like that," he said at the time. "You look at the roster of fighters…you have to have experienced people around to run it. But boxing is like the fur coat business…we don’t know how much they actually sold the jacket for.”
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(Photo: Jemal Countess/Getty Images)
