Boxing management company MTK Global has announced it will halt global operations and said it has faced “unprecedented” scrutiny since the United States’ decision to sanction alleged crime boss Daniel Kinahan.
MTK Global was founded in 2012 by Kinahan — then called MGM — but he said he sold it in 2017. Authorities in Ireland and the US have claimed he is the leader of the Kinahan crime cartel.
The US government announced on April 12 that the Treasury Department would offer a $5 million reward for information leading to the “financial destruction” of the Kinahan crime gang or the arrest and conviction of their leaders.
“As a company, we have faced an unprecedented level of unfair scrutiny and criticism since the US government sanctioned Daniel Joseph Kinahan,” MTK said in a statement released Wednesday.
“It is public knowledge that Mr. Kinahan’s involvement in MTK ceased in 2017 and despite repeated assurances in this regard, unfounded allegations of his continued association with us and our fighters persist.
“As leading promoters have now informed us that they are cutting all ties with MTK and will no longer be working with our fighters, we have made the difficult decision to cease operations at the end of this month.”
Kinahan has been pictured with many high profile boxing figures in recent years, including world heavyweight champion Tyson Fury. He has tried to set up fights for Fury, including an all-British fight against Anthony Joshua that didn’t materialize.
The company has been forced to distance itself from Kinahan over the years, with the Kinahan saying it simply advised fighters who happened to be represented by MTK Global.
He was placed on the US sanctions list along with his father Christy and brother Christopher.
MTK Global CEO Bob Yalen resigned on Tuesday, citing “the pressure of the past few weeks.” Yalen has served as the company’s President and CEO since 2018.
“MTK thrived because we have always put the long-term interests of our fighters at the heart of everything we do,” MTK’s statement added.
“Our priority in the coming weeks will be to ensure our world class boxers are supported to find new partnerships as soon as possible.
“MTK Gyms are independently operated and as such will remain open for the foreseeable future. More announcements will be made in due course. Thank you to all the fans who have supported us over the past decade.”