ONE Championship is facing what has been described as a full-scale crisis, following a comprehensive financial report by Timothy Wheaton of LowKickMMA. The organization posted a record $90 million consolidated loss in 2023, bringing total accumulated losses to over $530 million since its inception. Net assets at the end of 2023 stood at just $24.6 million.
Despite reporting a 25% year-over-year revenue increase to $68 million, analysts note that a lot of this revenue is non-cash, attributed to promotional value assigned by internal estimates and partner rate cards. The organization continues to operate at a significant loss and is increasingly reliant on investor funding, liquidating assets to cover operating costs. Its long-term viability has been openly questioned by industry observers.
Relations with the Qatar Investment Authority, a major investor since a $150 million round in 2021, have reportedly deteriorated. Sources claim QIA officials are embarrassed by their involvement. While Qatar injected an additional $50 million in October 2024, industry analysts see it as an effort to protect existing capital rather than confidence in the promotion’s future. Two major Qatari sponsors—Qatar Airways and Ooredoo—have also withdrawn support.
The promotion is also dealing with a growing wave of talent departures. Former two-division champion Reinier de Ridder, now with the UFC, warned fighters not to sign with ONE, citing lack of activity:
“If you think of signing to One Championship, don’t. It’s just that simple. You should not. There’s nothing there. There’s no fights.”
Veteran Reece McLaren has made repeated public release requests, the latest in July 2025, citing inactivity and lack of communication.
“I’ve stayed quiet out of respect… But silence has only led to more disrespect… I’ve given a decade to this game. My future is not a game to be played with. Honor your own values. Release me.”
The company has also undergone leadership instability. In October 2024, Senior VP Niharika Singh, a key executive and public face of the organization, left the organization. Reports indicate a string of high-level exits in recent months without replacements announced.
CEO Chatri Sityodtong has drawn criticism for public comments targeting fighters. In March 2025, he apologized after accusing Japanese fighter Kaito Ono of being “scared” for declining a catchweight bout.
Other fighters have also come under public criticism, prompting backlash and retractions. Former champion Arjan Bhullar responded to negotiations by calling Chatri:
“a bum car salesman who has burned thru well over half a billion dollars.”
Bhullar also released private communications in which Chatri allegedly apologized privately while publicly attacking him.
French-Algerian fighter Anissa Meksen said she had been unhappy with the promotion and criticized how her contract and bout terms were handled.
“I have cried a lot about them… they made a huge mistake in the contract and their communication.”
Both fighters and rival promoters have noted Chatri’s critical press conference behavior.
RIZIN CEO Nobuyuki Sakakibara said:
“If you feel like it’s not happening, it’s a promoter’s fault… They’re not picking up the right points, they’re not promoting it right.”
Francis Ngannou also criticized Chatri following failed contract talks:
“How do you withdraw a deal that somebody was asking too much? Which one is it?… I even question if that story is true.”
The promotion has also faced scrutiny for restrictive contract terms, including:
- Lifetime image rights (even posthumously)
- Champion clauses that auto-extend contracts
- Strict non-compete language
In the U.S., multiple planned events have been cancelled or relocated. ONE 169 was moved from Atlanta to Bangkok. The Denver event, ONE 173, was cancelled and rescheduled for June 2026, over a year later.
The organization has also lost key broadcast partners. Amazon Prime Video is not expected to renew its deal after 2025, and Turner Sports ended its relationship in 2021 after disappointing ratings. Despite some international deals, broadcasting reach has contracted significantly.
ONE also conducted two rounds of layoffs between October 2024 and June 2025, even as it announced new funding. Around 30–40 positions were cut, including in esports, broadcast, finance, and PR.
Many people were hoping that ONE would give the UFC a run for its money and hopefully increase fighter pay. However, it seems like ONE Championship is becoming a sinking ship.
