Ready To Tap? IFL Facing Last Days Unless Backing Found
The Int'l Fight League (IFL), a company that two years ago "appeared ready to ride the growing interest in mixed martial arts all the way to the bank," now finds itself "on its knees," according to Hugh Morley of the Bergen RECORD. IFL CEO Jay Larkin said that the company "has enough money to remain open until the end of the summer, by which time it must find a buyer or partner ... or close." Larkin also said $1M is "in the neighborhood" of the correct sales price. Larkin: "The company at this moment is functioning better than it has before. It's just running out of money." Larkin said that since taking the helm of the IFL in November, he "has cut costs by [50-60%], reduced the number of fights each year from about a dozen to eight, and ... the IFL staff is now seven, compared to 32 at the peak." Larkin added that "the story of IFL's decline is not that of an early mover that missed the boat, but of the difficulties of creating a new sport from the ground up." Larkin: "The sport is not as popular as people think it is. There is a very strong loyal core audience, but that does not translate into a mainstream sport. ... In many ways, the company grew to fast." FSN and HDNet air IFL programming, and FSN pays the league $20,000 per show. While Larkin said that TV deals "are key to the company," he added that the "contracts are too small to support the company" (Bergen RECORD, 6/27).
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