Famed promotional firm Universum Box-Promotion has filed for bankruptcy in Hamburg, Germany. “Universum is no longer salvageable,” said Managing Director Waldemar Kluch. The company had recently received about 20 invoices totaling about 1.5 million Euros, prompting Kluch to call the company “a bottomless pit.” The company is also facing lawsuits from Zsolt Erdei and Sebastian Zbik among others. Kluch called the decision a difficult step, but he “doesn’t want to throw good money after bad.” A Hamburg court will now appoint a liquidator to conduct any further steps.
Among the current stars on Universum’s roster are heavyweight Denis Boytsov and cruiserweight Rakhim Chaakhkiev. Founded in 1984 by Klaus-Peter Kohl, the company promoted the the likes of the Klitschko brothers, Dariusz Michalczewski, Juergen Braehmer, Felix Sturm and female legend Regina Halmich and was for many years Europe’s most successful boxing promotional company. The downfall was caused when the ZDF network decided to get out of the boxing business, failing to renew a contract that paid 20 million Euros annually.