Former K-1 parent company FEG declares bankruptcy

Looks like Alistair Overeem got out while the gettin' was good.

Fighting and Entertainment Group (FEG), the parent company behind the DREAM mixed martial arts (MMA) promotion and (formerly) K-1 kickboxing organization, filed for bankruptcy back on May 7, 2012 in Tokyo District Court, according to Yahoo.co.jp.

And you can't say Simon Rutz didn't warn you.

The oft-used term "K-1 level striker" may no longer carry the same meaning in today's landscape of cagefighting, as MMA fighters continue to evolve while kickboxers pound the pavement looking for a place to ply their trade.

Sherdog.com explains why, after the jump.

Due to waning popular interest and declining television ratings, K-1 and Dream programming was dropped from Japanese network television in 2011. In an attempt to rally fan support and attract corporate sponsorship, FEG announced in July 2010 a $230 million dollar partnership with Shanghai-based investment bank Puji Capital. However, allegations of non-payment by FEG-contracted fighters such as Gary Goodridge and former Dream featherweight champion Bibiano Fernandes in late 2010 and early 2011 cast doubt upon the deal.

The financial woes of K-1 made the struggling promotion a potential gold mine for big bucked investors. Well, at least according to Joe Rogan it was, who tried (unsuccessfully) to get his ZUFFA bosses to add yet another doomed fight promotion to its portfolio.

K-1 Global Holdings Limited, announcing the acquisition of Mirko Filipovic and Badr Hari, has been working to rebuild the K-1 brand with a series of planned kickboxing events for 2012, including the May 27 show in Madrid, Spain, and is expected to proceed as planned.

Stay tuned.