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Despite all of their big claims, ONE Championship's losses are increasing at an alarming rate.
ONE Championship's annual financial filings with ACRA, obtained by BloodyElbow.com, show a loss of $ 111 million, in stark contrast to the company's frequently bullish claims about its own successes — both financial and otherwise.
According to the report, ONE spent approximately $56 million on "marketing expenses," $50 million on "administration and other expenses," and $36 million on "other."
Despite the news, the promotion maintained that their business plan will result in a return on investment and, eventually, profitability.
“We continue to grow our revenue year-on-year and enhance our cost efficiencies. We’re confident that we’re on a clear path to build a sustainable and profitable business in the long term,” a Group ONE Holdings (parent company to ONE Championship) spokesperson said in a statement to Bloody Elbow.
“2020 was an anomaly due to the restrictions imposed upon us by the global pandemic as we were unable to host any live events for several months. In 2021 as restrictions started to lift, we were able to resume investment in our core product of live events.
“We’ve gone from strength to strength in 2022 with multiple partnerships launched across the world that will have a significant impact on our future revenue and profitability as we continue to grow our brand globally.”
That statement's tone is consistent with previous remarks made by ONE Championship CEO Chatri Sityodtong.
“I’ll just say like look, the internet is a dangerous place if you believe everything you read,” Sityodtong said, speaking in September of last year. “There was tons of inaccuracies, tons of errors, it’s not even like one or two, if it were just like one or two I would point it out. I mean like, it’s not worth addressing. Again, it’s like I said, um, like, I like to let the truth speak over time.”