BKFC Sued For 40% Ownership Stake
Bare Knuckle Fighting Championship (BKFC) is reportedly being sued for a 40 percent ownership by an early investor in the promotion.
That’s according to Forbes which states that the lawsuit in a Philadelphia court was launched last week by Edward Stewart who claims he discussed the creation of a bare knuckle boxing promotion with BKFC president David Feldman in 2012.
The pair had supposedly agreed to each own 40 percent of the business with Stewart financing the promotion while the remaining 20 percent going to a third party. However, there is no copy of this agreement.
Regardless, Stewart claims to have invested a total of $250,500 between December 2013 and the first BKFC event in the summer of 2018. Payments ranged from $3,500 to $50,000.
Although there is no copy of a written agreement, Stewart adds that Feldman “sent a ‘Bare Knuckle, LLC., Event Partnership Agreement’ identifying Stewart as a Member in advance of BKFC’s inaugural event in Wyoming.”
Stewart did receive $26,500 worth of payments from Feldman allegedly for a return on his 40 percent ownership stake. However, Feldman now holds BKFC events through a different business entity, which Stewart claims is a supposed attempt to defraud him of his ownership.
Forbes contacted Feldman for comment who had no idea about the lawsuit at the time.
“I have no other information at this moment,” Feldman said.
BKFC has held 10 pay-per-view events so far and boast a number of names from the mixed martial arts world such as Artem Lobov, Hector Lombard and Jason Knight among others.
What do you make of this news?
