SINGAPORE: ONE Championship, the prominent Singapore-based mixed martial arts (MMA) organization, has announced a new round of layoffs, impacting dozens of employees. The decision is part of a broader strategic effort aimed at streamlining operations and achieving profitability in the near future.
In a statement issued yesterday (16 Oct), the company emphasized the difficult nature of the decision, saying, “This decision was not made lightly and reflects our commitment to simplifying operations and focusing on long-term sustainability and growth.”
The layoffs come after ONE Championship’s parent company, Group ONE Holdings, secured significant investment earlier this year. The company raised at least US$50 million (approximately S$65.5 million) from investors, including the Qatar Investment Authority. This injection of capital helped value Group ONE Holdings at around US$1.35 billion (S$1.77 billion), according to a Bloomberg report.
This marks the second time in recent years that ONE Championship has made staff reductions. In 2020, the company cut roughly 20% of its global workforce due to financial challenges brought on by the COVID-19 pandemic.
ONE Championship remains a key player in the international MMA scene, continuing to expand its footprint across Asia and beyond. However, the layoffs perhaps signal the organization’s shift towards a more cautious approach in its path to profitability.