Singapore-based ONE Championship lays off ‘a few dozen’ employees

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In: South-East Asia

SINGAPORE: Mixed martial arts brand ONE Championship on Wednesday ( Oct 16 ) said it has decided to lay off” a few dozen” employees. &nbsp,

The Singapore-based firm described the action as part of its “overall tactical plan to bring the business to profitability in the upcoming months.” &nbsp,

This choice was not taken lightly and is in line with our continued commitment to streamlining functions and putting a focus on long-term growth and sustainability, the statement read. &nbsp,

The shift comes amid Group One Holdings, the firm behind ONE Championship, raising at least US$ 50 million from shareholders, including Qatar Investment Authority, according to reports. &nbsp,

This gives Group One a valuation of at least US$ 1.35 billion, according to a Bloomberg statement.

Not for the first moment has ONE Tournament fired employees. In 2020, &nbsp, it cut 20 per cent of its workers worldwide amid the COVID-19 crisis.

ONE Championship’s downsizing practice comes amid many other high-profile cases in recent months.

As part of its global job cuts, Samsung even laid off an unknown number of workers in Singapore earlier this month. &nbsp,