The business of boxing is a grueling sport and 50 Cent has suffered a setback with this SMS Promotions.
The company has filed for bankruptcy but reps for the company have vowed to say in business.
Chapter 11 was filed on behalf of the company on May 25 in Connecticut according to the report. An attorney for 50 Cent said they made the filing so SMS could return a stronger force in boxing.
“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,” the statement from TMZ read.
According to records, SMS has somewhere between $100k and 500k in debt.
SMS has some big names in their stable like Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.