Zane ♠️

One Championship has been the most obvious fraud I’ve witnessed in 20 years of following markets. Any market. Private. Public. Chatri has done nothing but lie to fighters and investors. He has ruined careers to enrich himself. One pays all of his personal living expenses.

Here are my takeaways from the Group One Holdings (parent of One Championship) financial statements from 2024- TLDR - Fake revenue that technically IFRS/GAAP compliant. - Just 7% of media rights revenue is actual cash. - they've burned all the cash they've ever raised. - only solvent because of cash injections from parent. ⏹️ Revenue: $93.2M (up 37% from $68.0M) Gross profit: $68.2M (73% margin, up from 52% in 2023) Net loss: ($47.1M) On the surface, there is meaningful top line acceleration and gross margin expansion. But dig deeper and the picture gets complicated fast with many red flags. ⏹️ Note 4 discloses that 93% of broadcasting revenue (their largest segment at $75.9M) is non-cash consideration — promotional plugs from broadcast partners valued using rate cards and management estimates. Only ~7% of broadcasting revenue is actual cash. Sponsorship is better but still 22% non-cash. ⏹️ So of that $93.2M topline, real cash revenue is probably somewhere in the $20-25M range. The corresponding non-cash "marketing expenses" ($70.9M) are essentially the offset — they recognize the promo plugs as both revenue AND expense simultaneously. This is a barter economy dressed up as a P&L. It's GAAP-compliant (FRS 15 allows it), but it massively inflates the reported top line. ⏹️ Operating cash burn: ($28.4M) in 2024, improved from ($56.3M) in 2023. But investing activities consumed another ($26.5M), mostly from parking $19.7M into short-term bond funds and advancing $12.9M to related corporations (offset partially by fixed deposit maturities). ⏹️They raised $50.5M from new share issuance to fund this. Without that equity injection, the business was deeply cash-flow negative. End-of-year cash + short-term investments = $36.6M. At the current operating burn rate (~$28M/year), they have roughly 12-15 months of runway before needing another raise, and the subsequent event (Note 30) shows Group One Holdings already bought another 9M shares of One Championship Pte. Ltd. at $1.00/share in March 2026 — so the parent is already plugging the gap again. ⏹️ $11.8M impairment on amounts due from related corporations in 2024 (on top of $23.6M in 2023). Cumulative allowance is now $35.6M at group level and $58.1M at company level. This tells you other entities in the Group One Holdings structure are not repaying what they owe the Singapore entity. The Singapore OpCo is essentially funding sibling/parent entities that can't pay it back. ⏹️The Corporate Restructuring Story - In September 2023, the Singapore entity distributed its interests in One China Pte Ltd, One Championship Inc (US), and One Championship Ltd (Thailand) to the Cayman parent. This stripped out significant operations and created a ($204.5M) hit to the Company's capital reserves. The Singapore entity is now a slimmer, Southeast Asia-focused operating subsidiary. Then in 2024: all preference shares converted to ordinary shares, 50.5M new ordinary shares issued, and the One Esports minority was bought out. Plus the share option plan was migrated up to the Cayman HoldCo. All of this looks like pre-transaction housekeeping — simplifying the cap table, consolidating ownership, cleaning up the structure. ⏹️Group accumulated losses: ($576.6M) against $586.6M of share capital. The Company standalone is ($368.8M) in accumulated losses. They've burned through essentially all the capital ever invested. The $431.5M in unutilized tax losses (for which no DTA has been recognized) tells the same story — this business has never been profitable in aggregate.

😂😂😂 Yes, I am very busy with other stuff. Thank God my country is safe and we are happy, even when we are close to war. Thank you for asking. Missile and drones coming to my country each day. And to prove your point that I am too busy and not interested in boxing anymore, we just did Shakur-Teo, the biggest fight in MSG history, Garcia-Barrios in Vegas, one of the biggest fights this year. Next week I will be in London for the legend Tyson Fury vs. Makhmudov at Tottenham Stadium. And we have Usyk-Rico heavyweight title fight at the Pyramids. And that’s just the first half of 2026. We are finalizing Canelo in Riyadh Season for September, planning to do two fights for Joshua, another for Tyson and another for Garcia in the second half. This is my schedule this year when I am busy and not interesting🤷🏻‍♂️ imagine if I not😎

The Bible spends far more time on poverty, greed, and personal conduct than it does on homosexuality. Yet some people center everything on that one topic because punching down on marginalized people doesn't take courage. It's actually cowardice.

Today's ruling by the IOC means a welcome return to fair sport for women and girls, but I'll never forget the scandal of Paris 2024, when people who consider themselves supremely virtuous and progressive publicly cheered on men punching women.

The partnership Dana White, Ari Emmanuel and TKO have cultivated and developed with the White House is now bearing fruit ... bad day for the workers' rights of pugilists in this country.