K-1 Global Issues Statement in Regards to K-1 Archive Footage
Sep 21, 2013 Comments
(PRESS RELEASE) -- BEIJING, A statement was issued by GLORY Sports
International in regards to the purchase of certain parts of K-1’s
archive footage. K-1 Global insists that the copyright to this
footage does in fact belong to K-1 Global, as per the original
agreements in which the K-1 archives and trademarks were
transferred to K-1 Global in 2012.
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.
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.
Advertisement
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.
