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Group ONE Holdings, the parent company of combat sports promotion ONE Championship, is changing its official base as it prepares for an initial public offering, according to Reuters.
The company originally planned to go public via a SPAC merger. Group ONE had previously been linked with Credit Suisse and Goldman Sachs for the now-defunct merger.
- Group ONE plans to change its legal domicile from Singapore to the Cayman Islands.
- The company is Asia’s largest sports media property, ranking No. 2 in digital viewership among global sports properties, per Nielsen.
- It is valued at $1.4 billion as of June 2022, according to founder Chatri Sityodtong.
In January, Group ONE raised $150 million in a funding round led by Guggenheim Investments and the Qatar Investment Authority, the nation’s sovereign wealth fund.
Group ONE plans to use the fresh capital to expand outside Asia, where it can compete with Endeavor’s UFC.
“Whether we’re hosting events in Qatar or Europe, or North America, those are all in the plans for the next 12 months or so,” said Sityodtong.
The company averages 50 million viewers per event, up from 40,000 viewers six years ago.
Expanding Reach
In addition to the funding round, Group ONE has secured a deal with one of the most valuable companies in the world. In July, the company agreed to a multiyear streaming rights deal with Amazon Prime Video, which began on Friday, Aug. 26.
It also plans to open studios in Doha and a potential regional headquarters in the Qatari capital.
