The backlash over Daniel Kinahan’s legal woes has finally taken its toll on the promotional company in which he was once involved.

In a short statement provided in a press release, the company announced on Wednesday, April 20 that it will cease operations by the end of the month.

“As a business we have faced unprecedented levels of unfair scrutiny and criticism since the sanctioning by the US Government of Daniel Joseph Kinahan,” reads the statement.

“It is a matter of public record that Mr Kinahan’s involvement in MTK ceased in 2017, and despite repeated reassurances in this regard, unfounded allegations about his ongoing association with us and our fighters persist.

“Since leading promoters have now informed us that they will be severing all ties with MTK and will no longer work with our fighters, we have taken the difficult decision to cease operations at the end of this month. 

“MTK prospered because we always put the long term interests of our fighters at the heart of what we do. Our priority in the weeks ahead will be to ensure that our world class boxers are supported to find new partnerships as swiftly as possible.”

This statement comes 24 hours after the announcement that MTK’s top executive Bob Yalen was leaving the company for “personal reasons”.

One week ago, the US Department of State offered a $5 million dollar reward leading to the arrest of Kinahan and three other associates, who are being accused of “narcotics trafficking, money laundering, firearms trafficking and murder,” among other charges.

The statement goes on to say that “MTK gyms are operated independently so will remain open for the foreseeable future. Further announcements will be made in due course.”