ONE Championship announces USD $70 million investment injection, 20 per cent employee reduction
ONE Championship announced on Monday an injection of USD $70 million by institutional investors to bolster its capital balance sheet to USD $346 million.
The company also announced a 20 per cent reduction of employees worldwide.
“I am thrilled to announce that ONE Championship closed another round of funding a few weeks ago with existing institutional investors as well as a new institutional investor,” group president Hua Feng Teh said in a press release. “I am full of gratitude for this strong vote of confidence amidst the worst global economic crisis in 100 years. With 9 figures of cash on the balance sheet and a streamlined organization, ONE Championship looks forward to continuing to delight our fans around the world with more heroes and new experiences for many years to come.”
The company events schedule has been cancelled due to the COVID-19 pandemic.