According to Paul Gift, writing for Forbes.com, Bare Knuckle Fighting Championship (BKFC) is being sued for a 40% ownership stake by an individual who claims to be an early investor in the brand.
BKFC began operating two years ago after bare knuckle boxing became sanctioned in Wyoming. The sport is now sanctioned in multiple states across the U.S., leading to a number of bare knuckle promotions being created.
Of those promotions, BKFC is arguably the most popular. The organization has produced 10 pay-per-view events during its lifespan and has attracted a number of recognizable talents from the world of MMA, such as Bec Rawlings, Jason Knight, Thiago Alves and Hector Lombard.
The lawsuit against BKFC was launched by Edward Stewart. He claims that he and BKFC President David Feldman discussed the creation of a bare knuckle boxing promotion in 2012. Stewart alleges that he and Feldman agreed they would both receive a 40% ownership stake in the company, with 20% going to a third party.
Stewart further alleges that he invested a total of $250,500 into what would become BKFC between December 2013 and June 2018. He claims those payments ranged in size from $3,500 to $50,000 and that some of those payments were intended for signing former UFC and Bellator fighter Kimbo Slice.
Stewart also claims that throughout this period he was unsuccessful in asking Feldman for a written contract evidencing their agreement.
The lawsuit states that Stewart did receive $26,500 from Feldman, which was “allegedly for a return on Stewart’s ownership of 40% of BKFC.” Stewart alleges that after sending that payment Feldman transferred Bare Knuckle Fighting Championship a new business entity in order to defraud Stewart of his stake in the business.
BKFC’s most recent event, BKFC 10, went down in Fort Lauderdale, FL last weekend. The main event featured the debut of Hector Lombard, who defeated David Mundell by unanimous decision. That card also featured victories for former UFC fighter Jim Alers and former WSOF fighter Luis Palomino. BKFC 11 is scheduled to take place in Wichita, KS on March 14th.