Is ONE Championship Going Bust? A Closer Look at the Financial Turmoil Behind the Fights
ONE Championship has become one of the biggest names in global martial arts, boasting a loyal fanbase, slick production, and a dominant presence in Asia. But behind the high-octane action lies a question that’s becoming harder to ignore—is ONE Championship in financial trouble?
On the surface, the company appears to be thriving. In 2024, ONE reported record revenue figures approaching $200 million, with its weekly “Friday Fights” from Lumpinee Stadium gaining massive viewership across Asia. Its expansion into global markets and digital platforms has also helped solidify its presence outside of Thailand and Singapore. CEO Chatri Sityodtong has even stated that the company is aiming to reach profitability by the end of 2024.
But the financial underbelly tells a different story. According to recent reports, ONE Championship posted a $90 million loss in 2023, bringing its cumulative losses to over $530 million. While the company touts growing revenues, a significant portion of that includes non-cash barter deals—like free broadcasts in exchange for advertising—which don’t actually bring in cash flow. Meanwhile, their net assets have dwindled to under $25 million.
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The strain is showing. ONE has conducted multiple rounds of layoffs over the past year and has reportedly seen partners like Qatar Airways pull back. Investors, including major backers like the Qatar Investment Authority, are said to be applying pressure as losses continue to mount. Fan discussions on Reddit and forums reveal rising skepticism, with many pointing out the company’s reliance on fresh funding rounds to stay afloat.
So, is ONE Championship going bust? Not just yet—but the warning signs are real. If the promotion fails to transition from high-spending growth mode to genuine profitability, the runway could shorten quickly. A successful pivot in 2025 will depend on converting viewership into revenue, securing stable sponsorships, and producing cash-positive events. Otherwise, the fights we’re watching could come at a much higher cost behind the scenes.
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