German promoters file for bankruptcy
A German promotions company that used to have Wladimir and Vitali Klitschko on its books has filed for bankruptcy.
Universum Box-Promotion’s chief executive Waldemar Kluch made the announcement in Hamburg on Tuesday.
"Universum can no longer be rescued," said Kluch.
"Yesterday, we cancelled all loans and on Monday we filed a petition for bankruptcy at the district court."
Kluch said his Hamburg-based company had 20 outstanding bills to pay amounting to approximately €1.5 million (more than R17 million).
Former WBC middleweight champion Sebastian Zbik had recently filed a complaint against Universum for an outstanding fight purse worth around €190 000 (more than R2 million).
Zbik later claimed that Universum never showed an interest in paying their bills.
Wladimir Klitschko started his career with Universum, which was founded in 1984, after winning an Olympic Games gold medal in at Atlanta in 1996.
He and his elder brother Vitali later formed their own management company.
Former WBA middleweight champion Felix Sturm, former WBO light-heavyweight champion Dariusz Michalczewski and former women's flyweight champion Regina Halmich all fought for Universum.
The Klitschko brothers recently signed Wladimir Tereshkin, a 24-year-old Russian, to fight for their company, K2 Promotions.
Tereshkin – 1.9 m and 110 kg – is undefeated after 15 fights. He has drawn one and won seven by knockout.