Report: MusclePharm unable to pay sponsorship debts to WEC
MusclePharm, the Official Supplement Company of World Extreme Cagefighting has failed to pay $375,000 in sponsorship fees that they owed…
MusclePharm, the Official Supplement Company of World Extreme Cagefighting has failed to pay $375,000 in sponsorship fees that they owed to the WEC. MusclePharm agreed to pay half a million dollars, but were only able to come up with $125,000.
The WEC issued two invoices to MusclePharm for a total of $500,000, and while MusclePharm was only able to pay for half of the first one, they came up with none of the money for the second invoice.
The WEC sold the debt to a third party (Socius), and MusclePharm was forced to give them 7,800,000 shares of Common Stock, as they were unable to produce the necessary capital to pay off the debt. I guess stock in a failing company is better than nothing…