The IFL has been in trouble for awhile. It was no more evident than earlier this week when the IFL cancelled its August 15 show to buy time to sell the company or form a strategic partnership before they are forced to go bankrupt. Jay Larkin, IFL CEO, has been candid about the IFL’s intentions to sell as of late, but the asking price was not known until now.
MMAPayout.com was able to hunt down the amount they are asking.
Conde Nast Portfolio does a quick synopsis of the IFL’s recent announcement that it was going into suspended animation while trying to partner up. There were some interesting tidbits contained within the article. The IFL has been on the block but this article is the first to actually throw out a figure being asked for the company, $1 million.
In case you were wondering, as I’m sure you were, the remaining executives, including Larkin, will be OK while the spend the summer trying to off load the promotion.
The article does let us now that the IFL has about $2 million in cash on hand, which will mainly be used to tide over the executive level through the third quarter as they still actively look to sell or merge with another company.
I’ve always been such a huge fan of corporate executives still making the loot when times are tough, while the little guys get let go.
It’s even better when the company’s top dog doesn’t even like the product they’re selling.
Jay Larkin surveys the inaction with a weary, seen-it-all expression. “This isn’t my idea of fighting,” he says of the world’s fastest-growing spectator sport. “To me, two guys rolling around on the floor is tedious, like watching gay foreplay.”
Some will point to the IFL as another example of why other startup MMA promotions will fail. I disagree. The IFL, from day one, has essentially put on a clinic demonstrating the exact steps you should take to fail in mixed martial arts. Other promotions may fail, but it won’t be for the same reasons. I can’t imagine anyone being dumb enough to make all the mistakes the IFL did.
It’s shame because they were beginning to deliver a good product. It was just too late for anyone to care.