What is a Wisconsin Boxing or Mixed Martial Arts Professional Club or Promoter License Bond?
Boxing or Mixed Martial Arts Professional Clubs and Promoters must obtain a license and surety bond before conducting business in the State of Wisconsin.
The Boxing or Mixed Martial Arts Professional Club or Promoter License Bond, a type of Sports Permit Bond, serves as a licensure requirement. It is required by the Wisconsin Department of Safety and Professional Services.
The boxing or mixed martial arts professional club or promoter license bond aims to secure payment of fees or costs associated with the issuance of a license under section 440.035 of the Wisconsin Statutes.
The bond also guarantees that:
- All participating boxers/martial artists are of permissible age (18 or older) at the time of the sports event
- As a club owner or promoter, you have secured all appropriate licenses
- You are or have been consistently paying all engaged personnel (referees, fighters, judges, cornermen, doctors, timekeepers, and inspectors)
- You maintain a suitable venue for each match as designated by the state statutes
What are the bond conditions?
- This bond must run the entire period of an unexpired boxing or mixed martial arts professional club or promoter’s license.
- The bond will remain continuous unless otherwise withdrawn/canceled by the surety.
- A Letter of Notice must be provided to the promoter and the Wisconsin Department of Regulation and Licensing, Office of Legal Counsel in Madison, WI, via certified mail 60 days before cancellation. The surety’s liability will end 60 days after the state receives the termination notice or upon the principal filing and having a new bond accepted by the state.
- If the MMA/boxing promoter (Principal) fails to adhere to the terms of the bond agreement and state laws and the combat sports promotion industry, a claim can be made against the bond. Once the claim is proven, the Surety will cover all financial losses suffered by the state and general public up to the full penal sum of the bond. The promoter is then responsible for reimbursing the Surety.
What is the bond amount?
The bond amount is $10,000 for applicants applying for a license as a Promoter or Professional Club for boxing or mixed martial arts.
To become a licensed boxing or MMA professional club or promoter, you must submit a license application on the form provided by the State Department of Safety and Professional Services.
Along with the surety bond amount, applicants will sign an affidavit and attach a $500 credential fee.
The cost of the bond will be based on your credit score and other financial credentials. Bond costs are percentages of the bond amount, ranging from 1%-10%.
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How do I obtain a Boxing and MMA Promoter Bond?
Find a reputable surety company that is authorized to operate in Wisconsin. Then, you must submit yourself to a credit check and other screening processes where a certified surety underwriter will evaluate your financial credentials.
You will need to submit the following:
- Your financial documents
- Your personal and business experience
- Your credit score
- Your bond form, which must be attached to the bond application or you will be denied the license
Legitimately conduct and sponsor boxing and MMA matches within the state of Wisconsin with Surety Bond Authority! Get started now!