The boxing company owned by American rapper 50 Cent has reportedly filed for bankruptcy.
SMS Promotions signed Olympic medallist Andre Dirrell, James Kirkland and Yuriorkis Gamboa following its launch back in 2012.
However, according to TMZ, the company is not progressing as planned as court documents reveal that it has accumulated between $100,000 (£65,000) and $500,000 (£325,000) worth of debt.
Despite the financial concerns, an attorney for SMS Promotions has told TMZ that 50 Cent, real name Curtis Jackson, intends to keep the business alive.
"Under the direction of Mr Jackson, SMS Promotions looks forward to reorganising as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing," the attorney is quoted as saying.
Last year, 50 Cent reportedly amassed a fortune of around $140m (£91m).
Danielle Joynson
