Boxing management company MTK Global has announced it will halt its global operations, saying it has faced “unprecedented” levels of scrutiny since the US decision to punish alleged crime boss Daniel Kinahan.
MTK Global was founded by Kinahan in 2012 – then called MGM – but he said he sold it in 2017. Authorities in Ireland and the US have alleged that he is the leader of the Kinahan crime gang.
The US government announced on April 12 that the Treasury Department would offer a reward of $5 million for information leading to “financial destruction” of the Kinahan crime syndicate or the arrest and conviction of its leaders.
“As a company, we have faced unprecedented levels of scrutiny and unfair criticism since the US government imposed sanctions on Daniel Joseph Kinahan,” a statement from MTK issued on Wednesday said.
“It is publicly stated that Mr. Kinahan’s participation in MTK ceased in 2017, and despite repeated reassurances in this regard, there are still unfounded allegations about his continued association with us and our fighters.
“Since the major promoters have now informed us that they will cut all ties with MTK and will no longer work with our fighters, we have made the difficult decision to stop operations at the end of this month.”
Kinahan has been photographed with many notable boxing personalities in recent years, including world heavyweight champion Tyson Fury. He attempted to orchestrate fights for Fury, including an all-British battle against Anthony Joshua which failed to materialize.
The company has been forced to distance itself from Kinahan over the years, with Kinahan saying he simply advised fighters he happened to be represented by MTK Global.
He was placed on the US sanctions list along with his father Christie and brother Christopher.
MTK Global CEO Bob Yalin stepped down on Tuesday due to “the pressures of the past few weeks.” Yalin has served as President and CEO of the company since 2018.
“MTK has thrived because we always put the long-term interests of our fighters at the heart of what we do,” the statement from MTK added.
“Our priority in the coming weeks will be to ensure that world class boxers are supported to find new partnerships as quickly as possible.
“MTK gyms are operated independently, so they will remain open for the foreseeable future. More announcements will be made in due course. Thanks to all the fans who have supported us over the past decade.”