[비즈한국] It has been confirmed that the operating entity for the combat sports organization ‘AFC (Angels Fighting Championship)’ is currently in a state of “deemed dissolution.” For the past several years, AFC has held all of its events in Vietnam rather than Korea. This has led to speculation that the organization receives more sponsorship in Vietnam than in Korea. The chairman of AFC is Lee Il-jun, chairman of Sambu Construction001470. Perhaps due to this connection, AFC often received sponsorship from Daeyang Construction, where Chairman Lee Il-jun is the largest shareholder, when holding past events.
Founded in 2016, AFC is a combat sports organization that markets itself as the “world’s first charity combat sports tournament.” Since its inaugural event in October 2016, AFC has held 38 tournaments to date. Chairman Lee Il-jun has served as the chairman of AFC since 2017.
AFC currently appears to have effectively ceased operations in Korea. The operating entity for AFC is ‘AFC Co., Ltd.’ However, according to the corporate registry, the corporation was deemed dissolved last December under Article 520 of the Commercial Act.
Article 520 of the Commercial Act states, “The Commissioner of the Korea Legal Aid Corporation shall give public notice in the Official Gazette to companies that have not made any registration for five years after their last registration, requiring them to report to the court having jurisdiction over the location of their head office that they have not ceased business,” and specifies, “If a report is not made within two months from the date of the public notice, the company shall be deemed dissolved.”
Regarding this, Park Ho-joon, CEO of AFC, stated, “We were unaware of the relevant regulations, which is why we failed to report,” adding, “AFC is operating normally, and we will submit the report shortly.”
Instead of Korea, AFC is actively operating in Vietnam. Since December 2023, all 9 events held by AFC have taken place in Vietnam. AFC’s 38th event was also held in Vietnam on August 16. AFC did not focus on the Vietnamese market from the start; from its early days until 2022, most of its events were held in Korea.
Among combat sports fans, there is speculation that the organization is receiving more sponsorship or support in Vietnam than in Korea. In fact, AFC events are broadcast on Vietnamese television and have gained significant popularity locally.
When holding events domestically, AFC often received sponsorship from Daeyang Construction and its affiliates. This appears to have been influenced by the fact that Daeyang Construction was a company owned by Chairman Lee Il-jun. However, given that Daeyang Construction is not a large-scale firm, AFC could not rely on it indefinitely.
AFC has not officially stated that it holds events in Vietnam due to sponsorship reasons. Even if this speculation is true, one cannot simply criticize holding events in Vietnam, as profitability cannot be ignored for the smooth operation of the organization. Nevertheless, this shift to Vietnam may place a burden on AFC’s fighters. The core of the organization’s roster remains Korean fighters. In recent events, nearly half of the participants were Korean. These athletes must travel to Vietnam for every event to compete.