2011 K-1 World Grand Prix cancelled for financial reasons

Fans of kickboxing were left floored this morning as though they’d eaten a well-placed high-kick from Alistair Overeem when it was revealed K-1 had cancelled their 2011 Grand Prix event due to the “technical” bankruptcy of parent-company FEG.

The announcement came from business associate Simon Rutz who, in a prepared statement through the It’s Showtime website, explained the storied kickboxing promotion was down but not necessarily out for the count.

According to Rutz, there are investors in place to keep K-1 afloat in the future but they don’t want to jump the gun by attempting to coordinate an event in reduced amount of time without any official agreements in place to begin with.

“The decision to not rush into crazy things is a wise one, because severe mistakes that could cause more unnecessary damage to the K-1 label are being prevented,” Rutz explained.

“Demolition Man” Emerges as Last Standing at 2010 K-1 World Grand Prix

The K-1 World Grand Prix has played host to the sport’s elite for nearly twenty years including legends like Peter Aerts, Ernesto Hoost, Mirko Filipovic, Ray Sefo, Badr Hari, and most recently MMA star Overeem (who is currently scheduled to face Brock Lesnar on December 30 at UFC 141).

PHOTO CREDIT – FEG