Monday, 23 September 2013
K-1 Global Issues Statement in Regards to K-1 Archive Footage
In 2012 K-1 Global acquired the rights to the K-1 video library that FEG owned, as well as the Japanese K-1 trademark that was controlled by a third party for around $7 million. K-1 Global also purchased the trademarks for the rest of the world for an undisclosed price from K-1 founder Kazuyoshi Ishii and his group. These deals have all been finalized.
After the deal with Mr. Ishii was finalized, FEG declared bankruptcy in Japan and a lawyer was appointed as a controller for the bankrupted company. This new controller of FEG insisted that FEG still had the copyrights of the K-1 archive footage in their control and sold the “Use Right” of the K-1 archives for an approximate amount of $140,000. K-1 Global had warned FEG’s new controller that K-1 Global does indeed own the rights to this library, but FEG’s new controller refused to listen and went through with the sale.
Now the bankrupted FEG has sold the “Use Right” for $140,000, much less than what K-1 Global initially paid for it, as a nuisance to K-1 Global and to publicly embarrass the company. Essentially, FEG has sold the footage twice now, although it was initially to K-1 Global for a much higher sum. At this time, the bankrupted FEG has sold footage that it no longer owns to GLORY Sports International. K-1 Global has no option right now but to bring this matter to court.
About K-1 Global K-1, founded in 1993, is one of the most exciting and prestigious sports and entertainment brands in the world. The K-1 brand is synonymous with the sport of professional Kickboxing, known across the world for producing some of the most exciting events and memorable tournaments featuring some of the best athletes in the world. K-1 has presented professional live martial arts events in over 38 countries across the world and is one of the most recognizable names in the world of professional martial arts.
For more information about K-1 Global, please visit http://www.k-1.tv.