50 Cent’s boxing promotional company has filed for bankruptcy, but that does not mean the rapper is exiting the business.
According to TMZ, legal papers show 50 Cent’s SMS Promotions filed for bankruptcy in Connecticut court on May 25. 50 Cent’s company recently put on a fight card in Connecticut on May 15. The papers showed the company had debts of between $100-500K.
An attorney for the company says this is part of a strategy to reorganize the business as a stronger corporation.
While it’s clear 50’s company isn’t taking off the way he envisioned, I don’t think this means he is done. Some companies file for bankruptcy as a strategy to have debts reorganized. This is probably his way of trying to hit the reset button.
50 Cent has been a boxing fan his whole life and used to be best friends with Floyd Mayweather, whose promotional company is thriving. In 2012, Fiddy signed boxers like Andre Dirrell and James Kirkland. Though his company may be in trouble, we doubt Fiddy’s overall finances are hurting, especially if he really placed that $1.6 million bet on Mayweather over Manny Pacquiao.
