18-10-2024 (SINGAPORE) Mixed martial arts (MMA) powerhouse One Championship has implemented a significant restructuring, laying off dozens of employees across its global operations, including its Singapore headquarters. The move, announced on 16 October, marks a pivotal moment in the organisation’s strategy to achieve profitability in the coming months.
A spokesperson for One Championship stated, “This decision, while difficult, reflects our unwavering commitment to streamlining operations and focusing on long-term sustainability and growth.” The company, which employs between 201 and 500 staff globally according to its LinkedIn profile, has not disclosed the exact number of affected employees in Singapore.
However, an anonymous source within the organisation revealed that over 20 colleagues from various departments, including broadcast, e-sports, finance, marketing, and public relations, were let go from the Singapore office alone. The source commented, “Rumours of layoffs have been circulating for some time, so it wasn’t entirely unexpected. There’s also speculation about the company potentially relocating most of its operations to the Philippines or Thailand.”
One Championship’s CEO, Chatri Sityodtong, addressed the staff via a virtual meeting on the morning of 16 October, announcing the cuts. In a subsequent internal email seen by The Straits Times, Sityodtong described the decision as “painstaking” and emphasised that it was made with “heartfelt empathy”.
The email cited the challenging global macroeconomic environment and pressure from capital markets for immediate profitability as key factors behind the restructuring. Sityodtong stated that despite the company being “on the verge of profitability through a combination of record revenues and cost efficiencies”, these external factors necessitated the move.
Affected staff will receive severance pay, extended Evolve gym membership, and corporate health insurance until the end of the year. Additionally, those wishing to exercise their stock options will be given an extended deadline of 24 months.
This development comes as a surprise to many, given Sityodtong’s June announcement on social media that One Championship was poised to turn profitable and achieve positive cash flow by the third or fourth quarter of 2024. Moreover, just a day before the layoffs were announced, Bloomberg reported that Group One Holdings, the parent company of One Championship, had raised at least US$50 million from investors, including Qatar Investment Authority.
Founded in 2011, One Championship has grown to become a dominant force in Asian sports media, hosting nearly 300 live events across 13 countries and territories. The organisation has attracted high-profile MMA stars like Demetrious Johnson and Eddie Alvarez while nurturing homegrown talent such as siblings Angela and Christian Lee, who compete under the Singapore flag.
