Jackson is listed as sole manager of SMS Promotions, and claims the boxing company is reportedly $100,000-500,000 in debt.
An attorney for SMS Promotions says 50 — aka Curtis Jackson — made the decision to file so the business could reorganize and emerge as a stronger company. “Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”
In a statement released to Billboard, 50’s rep explained the financial knockout is an opportunity for the company to “reorganize in an effort to protect its investment in worldwide boxing promotion and a promising stable of talented, young fighters.”
SMS signed some big names in the sport, including then-undefeated champion Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.
Floyd Mayweather Jr. joined Jackson for a brief time in 2012 with the goal of co-promoting fights. However, the two had a very public, and contentious split, over numerous issues, with 50 at one point challenging Mayweather to prove his literacy by reading “A Cat in The Hat.”
Although SMS put on a fight in Connecticut on May 15, it wasn’t enough to turn the company around.
No word on how this will affect the deals of the fighters currently on the roster.
In related news, 50 recently talked about his hit dramatic cable series “Power,” addressing its constant comparisons to revival hit series “Empire.”
“Yeah, and it’s become something completely different,” he told Salon. It’s almost like they cast people who were musically talented, who they could turn into stars in the process—and also create another revenue space for the television show, to profit on the sales of the actual records that they sell. They’re doing a push like that. Like at the Billboard Awards they had that guy [Jussie Smollett] perform. That’s what I identify with, him actually being a vocalist, because he was good. Then you go: OK, that casting was, “Can you sing? OK. Now, can you act?””