50 Cent’s Boxing Company Files for Bankruptcy

  

 Where it was once a major spectator event, inescapable if you owned so much as a radio, boxing is now relegated to the peripheries of American pop culture. There are still show-stopping events–Mayweather-Pacquiao was as big as you can get–but they’re so few and far between that the sport often recedes into the background. Just ask 50 Cent. Floyd’s social media sparring partner is in a bit of a bind, as his boxing company, SMS Promotions, has filed bankruptcy papers in Connecticut,
reports TMZ. SMS, whose clients include Olympic medalist Andre Dirrell as well as Yuriorkis Gamboa and James Kirkland, says that it owes between $100,000 and $500,000, but hopes to reorganize and continue to operate. Said the company’s legal counsel: ”Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”
50 is currently prepping the release of his sixth solo album, Street King Immortal. The one-time superstar’s last album, 2014′s Animal Ambition, was released through Caroline Records, a subsidiary of Virgin that had a hand in liberating Azealia Banks’ Broke With Expensive Taste from Interscope. The Queens rapper recently helmed a G-Unit comeback, culminating in the release of an EP called The Beast is G-Unit.