One Championship, a leading mixed martial arts (MMA) organization, has laid off several employees across its global offices, including in its Singapore headquarters, on October 16. This move comes as part of the company’s broader strategy to achieve profitability in the coming months.
One Championship acknowledged the layoffs, which impacted “a few dozen employees” across departments such as broadcast, e-sports, finance, marketing, and public relations. According to a source, over 20 employees from the Singapore office were affected.
The layoffs followed a virtual company-wide meeting led by One Championship’s CEO, Chatri Sityodtong, who announced the cuts. Sityodtong later sent an internal email, stating that the decision, though difficult, was necessary to streamline operations and focus on long-term sustainability amid a challenging global economic environment. The email emphasized that the move was driven by the need to balance record revenues with cost efficiencies, especially as capital markets demand immediate profitability.
Laid-off employees will receive severance packages, with benefits such as extended corporate health insurance and Evolve gym memberships until the end of the year. Additionally, affected staff will have 24 months to exercise their stock options.
The layoffs come despite recent reports of positive financial progress. In June, Chatri had publicly stated that One Championship was on track to achieve profitability and positive cash flow by the third or fourth quarter of 2024. Furthermore, just a day before the layoffs, Bloomberg reported that Group One Holdings, the parent company of One Championship, had raised at least US$50 million from investors, including the Qatar Investment Authority.
Founded in 2011, One Championship has grown into Asia’s largest sports media platform, hosting nearly 300 events across 13 countries. The organization has been home to prominent MMA athletes like Demetrious Johnson and Eddie Alvarez and has produced homegrown talents such as the Lee siblings, Angela and Christian Lee, who represent Singapore on the global stage. Despite its recent challenges, the company remains a significant player in the global MMA landscape.
Source : The Straits Times
Credit Photo : X/Chatri Sityodtong
