Asian mixed martial arts media firm ONE Championship (ONE) plans to host its first event in the United States in the first half of 2023, according to a Forbes report.
ONE is “considering numerous locations” for its first US event, said chairman and CEO Chatri Sityodong in an interview with Forbes. He also added that he expects to have “multiple cards” in the US next year.
All of ONE’s live events since the COVID outbreak have been held in Singapore so far, including its upcoming August 26 card, which will be the first of its shows to be streamed to the US via Amazon Prime Video.
ONE’s push into the US market is taking place at a time when the Ultimate Fighting Championship (UFC) – its significantly larger American archrival – resumes its foray back into Asia. Following a two-year hiatus due to COVID, the UFC launched a series of pay-per-view live events in Singapore in June, featuring a roster of Asian fighters for its live bouts.
ONE, meanwhile, has replaced its previous North American television contract with Turner Sports with Amazon Prime Video in April to grow its viewership in the US. According to Sityodong in the Forbes report, ONE’s contract with Amazon is worth “more than eight figures” or more than $10 million. The deal will also see Amazon stream at least 12 cards each year into North America.
ONE Championship has also been making an aggressive push into the Middle East in recent months, tapping on its Qatari connections via Qatar Investment Authority (QIA), from whom it secured capital from in its $150 million equity round late last year.
Sityodong has been quoted by local media to be closely involved in Media City Qatar projects, where ONE will collaborate on three forms of content: martial arts, esports, and general entertainment. ONE’s hit reality TV show, The Apprentice: ONE Championship edition will also begin filming its second season in the second half of 2022 in both Singapore and Qatar.
Last week, Bloomberg reported that ONE is eyeing an IPO in the US, suggesting that the firm is back in the market to raise more capital. ONE was also reported to be re-domiciling its entity from Singapore to the Cayman Islands.
ONE Championship is backed by several institutional investors including Sequoia Capital, Temasek, Guggenheim Investments, and the Qatar Investment Authority (QIA). Its last fundraise was a $150 million equity round led by Guggenheim and QIA in December which pegged the Singapore-based firm’s valuation at S$1.6 billion ($1.2 billion).
The firm was also reported by DealStreetAsia to have entertained a merger deal with Gores Holdings VII, a $480 million special purpose acquisition company (SPAC) listed on the Nasdaq.