History of IFLI
The IFL was founded January 7, 2006 by real estate developer Kurt Otto and Wizard magazine founder Gareb Shamus, two well-financed devotees of mixed martial arts who were inspired by the Mark Kerr documentary The Smashing Machine to elevate the livelihoods of mixed martial arts fighters, many of them living meagerly, training without steady incomes and only earning small fight purses when they do fight. With the IFL, they intend to create a system not only showcasing mixed martial arts action but also to provide a business plan that will allow fighters to also share more of the profits of the sport. In a marked contrast with the rest of the industry, instead of paying fighters only purses after fights, they are given a salary and health benefits to train and fight. The team concept is also conducive for television, where episodes can be regularly produced the continuing storyline of an ongoing season.
It has been widely speculated the IFL, with the deep pockets of its founders, television deal and innovative business plan, may become a major circuit for MMA in North America, directly competing with the Ultimate Fighting Championship. Already, the UFC and IFL have a hostile relationship, as the UFC have accused the IFL of and sued them for illegally using proprietary information obtained by hiring executives from the UFC organization. The IFL shot back with their own suit claiming the UFC was threatening potential partners to not work with the IFL, including Fox Sports Net (a deal with Fox Sports was later signed before resolution of the suit).
The inaugural event was held on April 29, 2006 at the Trump Taj Mahal in Atlantic City, New Jersey, featuring the Quad City Silverbacks vs the Los Angeles Anacondas and the Seattle Tiger Sharks vs the New York Pitbulls, with a superfight between Jens Pulver and Cole Escovedo.
On August 31, 2006 publicly traded (OTCBB) company, Paligent Inc., principally held by New Jersey developer and real estate industrialist Richard J. Kurtz,[1] authorized a merger agreement that coincided with its acquisition of the IFL. The IFL became the parent entity as Paligent agreed to change its name to International Fight League, Inc. Subsequently, on November 29, 2006, the IFL became a publicly traded company, under the symbol IFLI.[2][3] Their current net worth as of 2006 is around $150 million.[4]
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