IFL Promotes Jay Larkin to CEO, Releases Q3 Numbers
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| IFL Promotes Larkin To CEO |
The Int’l Fight League (IFL) has named Jay Larkin acting CEO, replacing IFL co-Founder Gareb Shamus. Larkin joined the company in September as President & COO. Shamus will remain with the company as a consultant. Larkin said, "Taking a sports and entertainment entity from an idea to an established brand in 14 months is nothing short of amazing. Gareb should be commended for his vision and leadership during that period" (IFL). SHERDOG.com's Adam Swift notes the change comes as the IFL has cut the size of its staff and "will be moving into less expensive office space in addition to exploring outsourcing of some functions of the company." Larkin indicated that the IFL “plans to significantly reduce its selling, general and administrative expenses such as salaries, office space and supplies, travel expenses, advertising costs and payroll expenses.” The company is already "in the process of reducing its television production expenses 25[%] with the goal of reducing them by another 25[%]" in '08. Larkin said that the IFL “has not ruled out pay-per-view.” But he said, “We will only do pay-per-view when it makes good business sense. It is not a golden answer to all business problems.” Larkin said that the IFL “hopes to announce soon a television partner for its December 29 Grand Prix show as well as a partner for its 2008 season.” Larkin indicated that the IFL’s current focus "centers on increasing revenue. The IFL reported Q3 revenues of $1.9M, up 150% over the year ago period and up 12% from Q2 “despite holding only two live events in the third quarter compared to five in the second” (SHERDOG.com, 11/21).
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