theJasmineBRAND.com exclusively reports, Curtis ’50 Cent’ Jackson scored a huge victory in the battle with his boxing company’s star fight … with a federal court judge siding with the business mogul and shooting down the fighter’s plea to void his deal with SMS Promotions.
50’s boxing company, SMS Promotions, filed for Chapter 11 bankruptcy last year stating it had between 100k – 600k in debt — only 3 years after it launched strong by signing Yuriorkis Gamboa and other champs James Kirkland and Andre Dirrell.
According to court docs in the bankruptcy, SMS Promotions stated their liabilities over $2.3 million dollars and only $644,903 in assets.
Gamboa spoke publicly stating, “I will support 50. He has always been a good friend and supporter” and, “Regardless 50 can count me in his corner no matter what.”
However, the boxing champ filed docs in SMS Promotions bankruptcy demanding the court void his contract with the company and let him be free to sign with another co.
Gamboa explained that he signed a contract with 50’s company back in 2012. The deal stated that he would be offered a minimum of 3 bouts per contract year. Per the deal, SMS would have the exclusive rights to produce, publicize, market and promote his fights. Further, the boxer agreed not to work with any other promoters or fight in any other matches not put on by SMS Promotions.
The boxer said that the company failed to provide him with the 3 fight minimum required per the contract. However, he says that cannot terminate the deal without their consent and therefore he is stuck in limbo and his career is being ruined as a result.
The boxer accused SMS of refusing to communicate to him or his legal team about the state of his contract and he believes they plan on continuing to breach their deal with him. He said he continues to put in countless hours training for a fight that probably won’t ever happen with SMS.
He pleaded with the court to terminate the contract with SMS and let him sign with another company so his career doesn’t die.
Last October, 50’s company responded and explained that the deal the boxer signed stated they would provide him with 3 fights per year. The company since Gamboa signed with them they have secured him a total of 4 fights and another fight he refused.
50’s company explained that Gamboa will not be caused any harm by waiting for the outcome of the bankruptcy and say they would suffer harm if he is allowed out of his contract because he is one of their top fighters. SMS demanded the court deny his motion to void his contract and they want him to stay put.
Then on January 22nd, the federal court judge came back with his decision in the matter and sided with 50. The order states that the contract signed by SMS and Gamboa is valid and enforceable and will not allow the boxer to void his contact with 50’s company.
Further, the judge says that SMS will continue to assume the promotional rights agreement signed in 2012 by Gamboa and be his promoter for future fights due under the deal.