Back in 2012 when 50 Cent decided to start a boxing promotion company, SMS Promotions, it seemed like a slam dunk. High profile celebrities typically have success when they crossover into the sports world. Especially considering the fact that, at the time, 50 launched this under the direction of his friend Floyd Mayweather.
But the business hasn’t been kind to 50 as his company has filed for bankruptcy.
In court docs filed in Connecticut, SMS says it has between $100k and $500k in debts.
SMS just put on a fight in Connecticut on May 15th — though it clearly wasn’t enough to turn the company around.
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.”