One Championship’s Temasek-linked directors have resigned

Two of mixed martial arts company One Championship’s six directors have stepped down from its board in April, its public filings reveal. They are Fock Wai Hoong, managing director of Temasek, and Derek Lau, CEO of investment firm Heliconia Capital, a wholly owned subsidiary of Temasek.

However, a source with knowledge of the situation tells Tech in Asia that this is consistent with the way Temasek has operated in the past. According to them, Temasek directors typically step down from portfolio companies when they are on track for a public listing, which One Championship reportedly is.

Photo credit: One Championship

Fock stepped down on April 16 after a stint of less than a year. Lau followed suit on April 29 after sitting on the board for close to five years.

The remaining directors are Chatri Sityodtong and Teh Hua Fung, group CEO and group president of One Championship respectively; Saurabh Mittal, Sityodtong’s long-time business partner; and Shailendra Singh, managing director of Sequoia India.

Both Temasek and Heliconia Capital have remained shareholders in the company, according to data from VentureCap Insights.

One Championship could not be reached for comment. Temasek declined to respond.

In May, Temasek’s Fock has also left his board seat at Indonesian ecommerce giant Tokopedia – also on track for an IPO – though he remains a director at several other firms, according to his LinkedIn profile.

Sityodtong, meanwhile, has frequently spoken about his goal of turning One Championship, which he says is currently worth close to US$1 billion, into a property valued at 100x more. The company has taken steps in that direction, having launched its own spin on the reality show The Apprentice as well as an esports arm.

See more: Are One Championship’s fiercest critics right about the company?

According to market measurement firm Nielsen, One Championship ranks among the top 10 sports properties in the world in terms of digital video and TV viewership.

It’s unclear, however, how that has translated into revenue or more efficient spending. The company’s most recent financial disclosure was for 2019, when it made US$47 million but lost US$99 million.

However, the source says that the company has enough capital to operate for the next couple of years without additional funding.

Update (7 Jun, 6:30 PM): Added context on the Temasek resignations