Financial woes at ONE Championship have deepened into a full-blown crisis, with the promotion reporting a record consolidated loss of $90 million in 2023 and cumulative deficits now exceeding $530 million against just $24.6 million in net assets at year-end.
Amid this turmoil, a steady exodus of talent, capped by public warnings from former champion and repeated release demands from fighters, has laid bare ONE Championship’s growing reputation for inactivity and contractual rigidity. Simultaneously, mounting executive departures, cancelled U.S. events, layoffs, and the collapse of high-profile broadcast deals with Amazon Prime Video and Turner Sports display a promotion struggling to deliver.
Financial Hemorrhaging Accelerates
According to recent reports, ONE Championship’s financial situation deteriorated significantly in 2023, with the martial arts promotion posting a consolidated loss of $90 million USD, a sharp increase from $61.7 million lost in 2022. The company has now accumulated losses exceeding $530 million since inception, while maintaining just $24.6 million in net assets at the group level by the end of 2023.
The promotion reported revenue growth of 25% year-over-year, from $54.3 million to $68 million in 2023. However, industry analysis reveals this growth is largely cosmetic. A substantial portion of ONE’s broadcasting revenue consists of non-cash consideration in the form of promotional plugs and marketing exposure from broadcast partners. The company assigns dollar values to these services using internal estimation models and broadcaster rate cards, creating what analysts describe as “a self-canceling loop of non-cash revenue and matched cost.”
The company is not profitable and continues to incur large operating losses, despite revenue growth.Cash reserves are running down quickly; the company is funding operations by drawing down cash and liquidating investments. One Championship remains a high-growth but high-loss business, with significant cash burn and a shrinking equity base. The company’s future depends on its ability to either achieve profitability, raise new capital, or both.
The reliance on continued investor funding to maintain operations has created a precarious situation where the organization must constantly seek new investment rounds to stay afloat. This dependency on external funding, combined with mounting losses, has led some industry observers to question the long-term viability of the organization’s business model.
Check out ONE Championship’s 2023 Finances: Only $26 million left in the bank from John S. Nash & Stephie Haynes.
Qatar Investment Authority Relationship Deteriorates
The Qatar Investment Authority’s relationship with ONE Championship has become increasingly strained, with multiple sources reporting embarrassment within Qatar’s sovereign wealth fund regarding its involvement with the promotion. The QIA led a $150 million funding round in 2021 alongside Guggenheim Investments, but sources indicate the Qataris “have been increasingly embarrassed about their involvement with ONE, which has been under the spotlight for its weak financials.”
Two major Qatari sponsors brought in through the QIA partnership, Qatar Airways and Ooredoo, have reportedly withdrawn their financial support from ONE Championship. The deterioration has been publicly acknowledged by Karate Combat President Asim Zaidi, who stated that “Qatar invested in ONE earlier but since has regretted partnering with them” and that “the Qatar Investment Authority is not happy with their investment.”
Despite these tensions, Qatar provided an additional $50 million investment in October 2024. Industry observers interpret this continued funding as Qatar attempting to protect its existing substantial investment rather than confidence in the promotion’s prospects.
Fighter Exodus and Public Warnings
Former ONE Championship two-division champion Reinier de Ridder issued stark warnings to fighters considering signing with the promotion after his departure to the UFC. Following his successful UFC debut in November 2024, de Ridder stated: “If you think of signing to One Championship, don’t. It’s just that simple. You should not. There’s nothing there. There’s no fights. You’re just wrong if you do this”
De Ridder’s criticism stems from extended periods of inactivity, fighting only once in 2023 after being highly active in 2022. He described the stress placed on his family and the difficulty in securing fights during his final years with the promotion
Australian bantamweight Reece McLaren has repeatedly requested his release from ONE Championship, publishing an open letter in January 2025 stating: “However, with the promotion shifting its focus towards Muay Thai and kickboxing, along with being ghosted by a matchmaker and a lack of communication, I feel it’s time for me to move on
McLaren’s frustration has persisted, with him making additional public requests for his release as recently as July 2025. The veteran fighter, who challenged for the ONE bantamweight title in 2016 and holds notable victories over current UFC fighter Muin Gafurov and former champion Jarred Brooks, has been particularly affected by the promotion’s shift in focus toward striking sports.
“I’ve stayed quiet out of respect for the martial arts and the values that ONE Championship claims to be built on. But silence has only led to more disrespect. @onechampionship @yodchatri — your Core Values are Integrity, Humility, Honor, Respect, Courage, Discipline, and Compassion. Yet I’ve been benched, ignored, and left without fights or communication — and still, you won’t release me.
“You pride yourselves on being different, on representing the spirit of martial arts… but this is not it. All I’ve ever asked for is a fair go — a chance to compete, provide for my family, or be released to do so elsewhere. I’ve given a decade to this game. My future is not a game to be played with. Honor your own values. Release me.”
Dmitry Menshikov, a Russian kickboxer, served legal notice to ONE Championship in February 2025, citing contractual breaches after being offered only one fight in 2024 despite promises of a more active schedule. His statement read: “A single bout per year is not a sustainable calendar for a competitive athlete and is a clear breach of the understanding between the fighter and the organization.”
Other notable departures include longtime champion Bibiano Fernandes, who left in December 2023 after expressing frustration over inactivity and advised fighters to “think twice before you decide to go there”. Marcus Almeida Buchecha, the Brazilian jiu-jitsu legend turned MMA fighter, has also expressed frustration with his 15-month layoff between fights. In jiu-jitsu, I used to compete a lot, so to be sitting out for 15 months, for me, it was horrible. It’s a bad experience for my career, and I’m not getting any younger”.
Sage Northcutt departed the promotion in October 2024 after a contentious relationship that included a controversial fight withdrawal over visa issues for his coaches. Mikey Musumeci, the former ONE flyweight submission grappling champion, announced his departure in November 2024 after being stripped of his title due to weight-cutting issues. He subsequently signed with the UFC Rade Opacic, a Serbian heavyweight kickboxer, joined GLORY Kickboxing after expressing frustration with ONE’s lack of activity, stating: “As soon as 2023 came around, things changed, and I’ve had just two fights in the past two years.”
Executive Exodus and Leadership Instability
ONE Championship has experienced significant turnover in its executive ranks, with several key personnel departing the organization. In October 2024, Niharika Singh, who served as ONE Senior Vice President of Corporate Development and Strategy and was prominently featured as an advisor on “The Apprentice: ONE Championship Edition,” ended her 4.5-year tenure with the company. Singh’s departure was particularly notable given her high-profile role and close association with CEO Chatri Sityodtong.
The talent drain has extended beyond individual departures, with reports indicating that the organization has lost three senior team members in just a few months and may not have intentions of replacing them.
CEO Chatri Sityodtong’s Controversial Statements
CEO Chatri Sityodtong has become a lightning rod for controversy due to his frequent public statements and social media presence. His approach to fighter criticism has been particularly problematic, with several incidents highlighting his tendency to make inflammatory comments about athletes.
In March 2025, Sityodtong was forced to retract and apologize for comments he made about Japanese kickboxer Kaito Ono, whom he had accused of being “scared” and “running away” after Kaito declined to fight at a catchweight when his opponent missed weight. The incident required an official apology from Sityodtong, who admitted that his comments were “inappropriate” for a CEO to make in a press conference.
Similar controversies have emerged regarding other fighters, including his harsh criticism of a certain kickboxer who chose to remain anonymous, whom he accused of avoiding a rematch and dismissed the champion’s previous victory as a “fluke.” These public disputes have created an adversarial relationship between the CEO and some of his organization’s champions, further damaging the promotion’s reputation.
With Arjan Bhullar, Chatri publicly criticized Bhullar’s management team, calling the negotiations “combative and arrogant.” In a series of social media posts in June 2025, the former champion launched a blistering attack on Chatri, calling him “a bum car salesman who has burned thru well over half a billion dollars” and predicting he would be “remembered as the biggest failure in the history of sport”. Bhullar also revealed private communications with Chatri, stating: “He would always apologize to me on a private call after which I never understood. At least have some balls to stand by ur hate and lies.”
Anissa Meksen cited a family emergency for missing the weigh-ins for her mixed-rules fight against Stamp Fairtex. However, she later revealed deeper issues with the promotion, stating that she had been “unhappy since I signed with them and I have cried a lot about them.” Meksen accused ONE of making “a huge mistake in the contract and their communication” regarding the rules of her bout, claiming she was unaware the fight would be declared a draw if it went the distance.
Chatri frequently criticizes fighters during press conferences and media scrums, often while the athletes are present. This approach can be deeply embarrassing for professional fighters and damages their reputations. When criticism goes too far, Chatri has been forced to retract statements and apologize, suggesting these outbursts are often impulsive rather than strategic.
The cumulative effect of these incidents has created a climate where multiple fighters and managers have reportedly expressed dissatisfaction with ONE Championship’s leadership.
Shortly after Chatri Sityodtong detailed ONE’s failed bid to sign Francis Ngannou, Chatri publicly criticised Ngannou and claimed they withdrew their offer. Ngannou said of Chatri:
“He switched on his own. It went from ‘withdraw’ to ‘Francis was asking too much.’ How do you withdraw a deal that somebody was asking too much? Which one is it? Which one is the truth? It can’t be both together. I saw that and that’s when I thought, ‘Oh, this guy’s a performer’ … Before this, I was like, I like this guy, I like his story. Now I even question if that story is true.”
Japanese combat-sports leaders have consistently pushed back against ONE Championship CEO Chatri Sityodtong’s public disparagements of their organizations. RIZIN CEO Nobuyuki Sakakibara rebuked Chatri’s behavior, Sakakibara emphasized that any promoter seeking to operate in Japan must “properly respect Japan’s martial arts organizations,” learn Japanese etiquette. He added:
“If you feel like it’s not happening, it’s a promoter’s fault that’s not doing their job. They’re not picking up the right points, they’re not promoting it right. So, I think, as a promoter, they shouldn’t be saying that to specific sports. If they’ve tried, and if they can’t do it, it’s up to them, and it’s their fault. We know how to promote interesting fights, and we make it interesting.”
Contractual Restrictions and Business Practices
Beyond inactivity issues, ONE Championship has faced criticism for its restrictive contracts. Analysis of fighter agreements reveals some of the most restrictive terms in mixed martial arts. Key concerns include: Lifetime image rights: ONE retains rights to a fighter’s image even after death for commercial purposes. Champion’s clause: Automatic contract extensions of 24 months or four fights upon winning a title. Non-compete clauses: Highly restrictive terms that limit fighters’ ability to compete elsewhere.
Cancelled US Events Signal Market Retreat
ONE Championship has cancelled multiple planned US events, dealing a significant blow to its American expansion strategy. The promotion cancelled its August 2025 Denver event, originally scheduled as ONE 173, after planned main event participant Stamp Fairtex withdrew due to injury. The event has been rescheduled to June 26, 2026, more than a year later.
Earlier, ONE 169 was moved from Atlanta to Bangkok due to “partner obligations in Thailand”. The company had originally planned to hold two US events in 2025, but has effectively reduced this to a minimal US presence.
Reports indicate Amazon Prime Video will not renew its broadcasting deal with ONE Championship when it expires at the end of 2025. Sources confirm this represents a calculated exit as Amazon shifts focus toward potential UFC pay-per-view rights. The loss of this major US distribution platform severely limits ONE’s American market prospects.
Broadcasting Partners Lost
ONE Championship’s difficulties extend beyond financial troubles and fighter dissatisfaction to include the systematic loss of major broadcasting partners, effectively closing doors to key global markets and revenue streams.
Amazon Prime Video Exit: The End of US Expansion
The most significant broadcasting blow came with Amazon Prime Video’s decision not to renew its deal with ONE Championship when it expires at the end of 2025. Sources confirm this calculated exit represents Amazon’s strategic shift toward proven properties rather than experimental ventures. The five-year agreement, announced in 2022 with great fanfare as a major breakthrough for ONE’s North American expansion, was designed to feature up to 12 live events annually on the streaming platform.
Amazon’s withdrawal stems from ONE’s failure to deliver scale, star power, or meaningful traction in the US market since the partnership began. The promotion struggled to build a consistent audience despite Amazon’s massive reach, with industry observers noting that ONE events on Prime Video failed to generate significant viewer engagement.
Turner Sports Partnership Collapse
ONE Championship’s relationship with Turner Sports ended after a three-year deal that ran from 2019 to 2021. The partnership, which initially appeared promising, saw ONE events broadcast on B/R Live and TNT, with 24 live events scheduled annually. Turner Sports had positioned the deal as targeting millennial audiences and leveraging ONE’s Asian market presence.
However, the Turner relationship failed to deliver expected results. The promotion’s “TNT Series” in April 2021, featuring four consecutive events aired in primetime on TNT, received lukewarm reception despite featuring high-profile fights. CEO Chatri Sityodtong later acknowledged being “not satisfied” with US television ratings from the TNT broadcasts.
The end of the Turner partnership coincided with the broadcaster’s broader strategic shifts in sports programming. Turner opted out of its UEFA Champions League contract in 2020, demonstrating a pattern of exiting underperforming sports properties.
While ONE Championship has maintained some international broadcasting relationships, several partnerships have shown strain or limited scope. The promotion secured a deal with Sky Sports for UK and Ireland coverage in late 2023.
Mass Layoffs Amid Funding Announcements
ONE Championship conducted layoffs affecting approximately 30-40 employees at its Singapore office in October 2024, occurring on the same day the company announced securing $50 million in new funding. The layoffs affected departments including broadcast, esports, finance, marketing, and public relations. An additional round of layoffs occurred at the end of June 2025.
CEO Chatri Sityodtong announced the cuts in a virtual meeting, describing them as “part of the overall strategic plan to bring the company to profitability in the coming months.”
This represents the second major round of layoffs for ONE Championship, following a 20% global workforce reduction during the COVID-19 pandemic in 2020.
Esports and Gaming Ventures: Underwhelming Performance
ONE Championship’s expansion into esports and gaming has failed to generate the anticipated impact or revenue. The organization launched ONE Esports as part of its diversification strategy, but the venture has struggled to gain significant traction in the competitive gaming landscape.
The promotion’s mobile game, ONE Fight Arena, launched in 2025 with significant fanfare and Web3 integration through the Sui blockchain. However, the game has received lukewarm reception. Despite ambitious plans for esports integration, the venture has not provided the expected revenue diversification or audience expansion that ONE Championship had hoped for when it initially announced its gaming initiatives.
ONE Championship’s confluence of financial losses, investor dissatisfaction, fighter departures, cancelled events, operational relocations, and transparency questions presents a challenging landscape for the once-promising martial arts organization as it attempts to achieve long-promised profitability.
