June
15
Saturday

Boxing News|Boxing beat

share

21°C Rain
Tokyo

Boxing News | Boxing Fights,Results

Home > Match Information > JBC dissolved due to financial problems

JBC dissolved due to financial problems

Mar 31, 2022 21:49 pm

Japan Boxing Commission, a general incorporated association overseeing professional bouts, held both the executive board and council meetings on March 31 and dissolved itself due to its financial deterioration caused by a rapid drop in the number of pro boxing fights due chiefly to the spread of the novel coronavirus.

JBC will go into liquidation from now on although it will continue to operate until the completion of the liquidation.

Speaking at a press conference, Yuhei Nagata, JBC’s executive head, said JBC posted a deficit of about 30 million yen (about $ 245,700) in fiscal 2020 and 26 million yen in FY 2021 with its net assets going below 3 million yen per year, which is in conflict with the Act on General Incorporated Foundations.

Its liquidation period is one year. Nagata is of the view that JBC will try to find a sponsor or sponsors to better its composition of finances and hopes to get back on its feet as a general incorporated foundation.
According to him, since JBC can still engage itself in general practice, it should not cease to hold boxing matches. The present JBC staffers can be employed as it is.

But since JBC’s main revenue only comes from approval fees for pro boxing bouts, license fees, etc. from its association members, JBC plans to raise these fees by consulting with the Japan Pro Boxing Association. But it appears difficult to improve its financial status drastically even if its price increase efforts are approved. Finding an appropriate sponsor or sponsors is not an easy matter either.

To make matters worse, JBC has just recently given up its appeal to the Supreme Court concerning the damages suit filed by the so-called ‘’three Kameda boxing brothers’’ and a firm promoting their fights.
The Tokyo High Court on Feb. 24 upheld the lower court decision and ordered JBC to pay 100.1 million yen as damages incurred by the Kameda side.

Asked about the possibility of paying the compensation for damage during the liquidation period, Nagata replied, ‘’Yes, we hope we will do our best (to pay the amount). The compensation money will deal a severe blow to JBC’s reconstruction effort without doubt, boxing sources said.

Established in 1952, JBC has overseen professional bouts in the country for 70 years as a neutral and fair organization. But in recent years, its credibility has been shaken by such matters as JBC’s slipshod management of its doping inspection involving World Boxing Organization super flyweight champion Kazuto Ioka’s title defense on New Year’s Eve of 2020.

Related article