Man, as soon as I heard about GLORY talking about buying K-1's archive footage I had a feeling that it wouldn't be the last that we hear about it. It turns out, it isn't. K-1 Global just issued a press release on their official website that claims that FEG has sold footage that FEG no longer has the rights to, basically. K-1 is essentially saying that FEG sold the "use rights" to GLORY Sports International even though they no longer had the ability to do so, also that GLORY paid $140,000 USD for said video library.
K-1 also seems prepared to go to war over this one.
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.