History
The IFL was founded January 7, 2006 by real- estate developer Kurt Otto and Wizard magazine founder Gareb Shamus, two well-financed devotees of mixed martial arts who were inspired by the Mark Kerr documentary The Smashing Machine. With the IFL, they intended to create a system not only to showcase mixed martial arts action but to also provide a business plan that would allow fighters a greater share of profits. In a marked contrast with the rest of the industry, instead of paying fighters only purses after fights, the IFL paid a salary and health benefits to train and fight. The team concept was intended to be conducive for television, where episodes could be regularly produced.
It had been widely speculated that the IFL, with the deep pockets of its founders, television deal and innovative business plan, would become a major circuit for MMA in North America, directly competing with the Ultimate Fighting Championship. The UFC and IFL had a hostile relationship, as the UFC accused the IFL of and sued them for illegally using proprietary information obtained by hiring executives from the UFC organization. The IFL shot back with their own suit claiming the UFC was threatening potential partners not to work with the IFL, including Fox Sports Net (a deal with Fox Sports was later signed before resolution of the suit ). The tension between the IFL and the UFC worsened with accusations that the IFL has attempted to buy out several top UFC fighters.
The inaugural event was held on April 29, 2006 at the Trump Taj Mahal in Atlantic City, New Jersey, featuring the Quad City Silverbacks vs the Los Angeles Anacondas and the Seattle Tiger Sharks vs the New York Pitbulls, with a superfight between Jens Pulver and Cole Escovedo.
On August 31, 2006 publicly traded (OTCBB) company, Paligent Inc., principally held by New Jersey developer and real estate industrialist Richard J. Kurtz, authorized a merger agreement that coincided with its acquisition of the IFL. The IFL became the parent entity as Paligent agreed to change its name to International Fight League, Inc. Subsequently, on November 29, 2006, the IFL became a publicly traded company, under the symbol IFLI. Their market capitalization as of 2006 was around $150 million. In September 2007, Kurtz sold his interest in the IFL.
Read more about this topic: International Fight League
Famous quotes containing the word history:
“I feel as tall as you.”
—Ellis Meredith, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 14, by Susan B. Anthony and Ida Husted Harper (1902)
“Free from public debt, at peace with all the world, and with no complicated interests to consult in our intercourse with foreign powers, the present may be hailed as the epoch in our history the most favorable for the settlement of those principles in our domestic policy which shall be best calculated to give stability to our Republic and secure the blessings of freedom to our citizens.”
—Andrew Jackson (1767–1845)
“Jesus Christ belonged to the true race of the prophets. He saw with an open eye the mystery of the soul. Drawn by its severe harmony, ravished with its beauty, he lived in it, and had his being there. Alone in all history he estimated the greatness of man.”
—Ralph Waldo Emerson (1803–1882)