Boxing management company MTK Global which was co-founded by gangster Daniel Kinahan will cease operations in days.
It comes a week after the US Government sanctioned drug baron Kinahan and placed a $5million bounty on his head.
He co-founded MTK Global as MGM in Marbella in 2012, along with his childhood pal and former fighter Matthew Macklin, who has no involvement in crime.
Read more: MTK Global to cease operations following Daniel Kinahan sanctions
It claimed to have “faced unprecedented levels of unfair scrutiny and criticism” since Kinahan was sanctioned.
It added it is a “matter of public record” his links to the firm ended in 2017.
The statement said: “Despite repeated reassurances, unfounded allegations about his ongoing association with us and our fighters persist.
“Since leading promoters have now informed us they will be severing all ties with MTK and will no longer work with our fighters, we have taken the difficult decision to cease operations at the end of this month.”
Promoter Bob Arum last night told the Irish Mirror MTK Global had no choice but to close as nobody in the sport would do business with any firm connected to Kinahan.
The head of Top Rank Promotions, who is one of the most powerful figures in the sport, also revealed he would assist any US Government probe into Kinahan and MTK.
Mr Arum had done business with Kinahan and MTK but he cut ties with both after Washington’s intervention.
He added: “We all know what MTK was and who controlled it and once the US spoke as forcefully as they did, nobody involved in boxing was going to have anything to do with them.
“The US statement was so definitive that nobody wants anything to do with a thing Kinahan is connected with or has any kind of influence on.”
Mr Arum told the Irish Mirror last Saturday Kinahan was “100%” still heavily involved in MTK.
Speaking from his home in LA last night, he said: “I think what happened with MTK going out of business reinforces that. We’re not idiots.”
Mr Arum and Frank Warren co-promote World Heavyweight Champion Fury, who fights Dillian Whyte in London on Saturday night.
Kinahan had advised Fury in the past and used him as part of his attempt to sportswash his name even posing with him in Dubai recently.
He also told Arum he had a criminal past but wanted to get out and do good in boxing.
As revealed by the Irish Mirror on Saturday, Kinahan was paid up to $8million in consultancy fees by Top Rank for Fury’s last four fights.
But Arum insists he is glad to see the back of both Kinahan saying he was “bad for the sport.” He added: “Nobody wants to be involved with criminals. Well you say why did we do business with him?
“Maybe because of naivety or because it was to our advantage we swallowed the story that he had committed crimes in the past, trying to turn his life around and away from crime and going into boxing to clean up his reputation which turned out to be completely bogus.”
Although MTK insisted it cut ties with 44-year-old Kinahan in 2017, there was evidence he remained closely aligned and advised dozens of fighters. It previously admitted a relationship still existed following that year and signed deals Kinahan was instrumental in making.
In 2020, the company announced a partnership with KHK Sports in Bahrain, a firm to whom Kinahan had been appointed as a special adviser.
In May of that year, its then CEO Sandra Vaughan said the gangster liaised with fighters to sign deals and advised a number of their boxers.
His role in the sport came under close scrutiny when Fury hailed him for securing the deal that set up €240million “Fight of the Century” against Anthony Joshua although that agreement later collapsed.
This week, MTK chief executive Bob Yalen resigned but admitted the firm had a relationship with Kinahan.
Last year he told the BBC he was in regular contact with the thug.
Many MTK fighters also publicly defended Kinahan as the media exposed his €1billion drug and weapons criminal empire.
But the house of cards continued to fall this week as Fury insisted he no longer is involved with the mob chief.
MTK Global’s collapse came as senior gardai urged figures in the sport to ditch Kinahan after the US sanctions. Garda Commissioner Drew Harris said: “I would say you need to look to your sport, you need to look to your fans and you need to think of your own reputation, because this is a very serious announcement made today.
“What we’re saying is based very solidly on the evidence and information that many law enforcement agencies here today have gleaned and have provided in effect to an independent office for what is a presidential direction.”
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