ONE Championship is in the news once again, and perhaps not for the most desirable reasons that they might’ve hoped for. In many ways, the Asian MMA giant is an enigma to a large section of the MMA community. Moreover, even hardcore fans who come in through the UFC’s efforts are puzzled about several notable aspects of ONE’s business model.

Several giants in the industry including Joe Rogan have speculated on ONE Championship’s mode of operation, without much accuracy. Chiefly, a major point of discussion comes in through the promotion’s finances and the manner in which they’ve gone about their business. Bloody Elbow has been following the story distinctly, and the financial statements are truly worthy of a raised eyebrow.

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ONE Championship: On the brink of doom?

Per the report, ONE Championship isn’t exactly thriving in the financial department. The organization has suffered greatly with each passing year, providing more and more losses as time passes. Additionally, this doesn’t keep track of the kind of viewership that is constantly been flouted by the CEO Chatri Sityodtong.

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Furthermore, their revenues seem to grow on a yearly basis as well, however, the financial statements show equally surprising losses. In 2019, ONE generated $62 million for the year, which came in as an increase from the previous year’s $37 million. However, the losses came in at a staggering $130 million. The previous year’s losses were just $83 million.

Chatri Sityodtong has been on record multiple times explaining to media outlets that growth is right around the corner. The underlying issues faced by the company are decisively never brought to the forefront. There are several metrics that have contributed to the organization’s financial woes, none more so than the marketing budget.

In 2018, it was US$49 million and 130% of their revenue. In 2019, it was S$72 million (US$54 million) and 116% of their revenue. During those two years, marketing costs were approximately 40% of all their expenses.

This just goes to show that ONE Championship remains shrouded in mystery.