The IFL announced Tuesday the cancellation of its only scheduled show, the August 15 event in New Jersey.
CEO Jay Larkin called the move necessary in order to correct its financial situation. Unless the team-based league is sold or receives additional financial support, the publicly traded company will be headed towards bankruptcy.
The show cancellation will allow the IFL to undergo restructuring. Staff will be downsized in an effort to reduce costs. Also, IFL co-founder Kurt Otto resigned as commissioner late last month and moved over as a matchmaker.
"Had we continued on the August event, we would have run out of cash without being able to really focus on these changes," Larkin said on the official IFL website.
Athletes will be allowed on a case-to-case basis to stay active by competing in other promotions, such as Adrenaline MMA.
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