Curtis “50 Cent” Jackson‘s boxing company SMS Promotions has been sacked with financial woes as evidenced by the ongoing developments regarding its Chapter 11 bankruptcy filing. Despite signing top boxing talent, the company struggled to turn a profit and Jackson is blaming SMS Promotions’ flop on Floyd Mayweather’s 2012 prison sentence.
TheJasmineBRAND.com released an exclusive report regarding the latest bit of news to emerge from the ongoing legal matter. As we shared earlier this month, 50 Cent claimed that SMS Promotions owed him $2.3 million with attorneys stating the Chapter 11 filing was to reorganize the company. However, it appears that big number Jackson says that he’s owed is precisely the amount of money SMS Promotions is in the hole for.
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On June 26th, new documents were filed in the bankruptcy.
50 Cent says that he boxed competitively as a young man and has a long history of involvement in the boxing profession. He says his company has promoted boxing events across the states. The rapper states that when he was launching the company it was to be a joint venture with Floyd Mayweather. However, he says right before he launched SMS Promotions Mayweather was locked up in Nevada. 50 says he had no choice but to move forward with his business without Mayweather.
In 2012, Mayweather served 87 days in jail after pleading guilty to domestic violence charges related to his then-girlfriend Josie Harris.
SMS Promotions has kept the gyms opens for the fighters on the roster but says the decision to close them looms as funds are extremely limited to keep them open. SMS Promotions signed rising boxers Yuriorkis Gamboa and Andre Dirrell along with promoting fights with the likes of Luis Olivares, Chris Galeano among others.
SMS Promotions held its last promotion on May 15 of this year at the Connecticut Convention Center. Olivares and Galeano were also featured on that card.