Mixed martial arts brand ONE Championship has decided to lay off “a few dozen” employees including those in Singapore, it announced on 16 October.
It said that the move was part of its “overall strategic plan to bring the company to profitability in the coming months”.
This move apparently comes at the back of Group One Holdings, the company behind ONE Championship, seeking to raise at least US$50 million from investors, including Qatar Investment Authority.
This would give Group One a valuation of at least US$1.35 billion, according to a Bloomberg report.
In relation to its decision to lay off employees, the company said in a statement that “this decision was not made lightly and reflects our ongoing commitment to streamlining operations and focusing on long-term sustainability and growth.”
This is not the first time ONE Championship has laid off staff, according to a report in CNA.
In 2020, it cut 20 per cent of its staff worldwide amid the COVID-19 pandemic.
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