Mixed martial arts and similar combative sports have now been legalized in New York. Pursuant to recently enacted Senate Bill 5949, a person applying for a license to conduct combative sports must provide a TWO combative sports surety bonds. The New York combative sports license surety bond form and bond amount will be set by the New York Athletic Commission for parties applying to “conduct an authorized professional combative sport”. The obligation appears to only a simple compliance (license and permit) bond.
Also pursuant to the same statute, “each ‘promoter’ shall execute and file with the Comptroller a New York combative sports license surety bond in an amount not less than twenty thousand dollars ($20,000), to be approved in form and sufficiency of sureties by the Comptroller”. This secondary obligation guarantees that the licensee will pay the purses due to the wrestlers or MMA fighters, salaries due to “club employees” licensed by the New York State Athletic Commission, the administrative expenses associated with printing tickets and advertising materials, payments due to event sponsors and all applicable state and local taxes. The bond form appears to follow the language of the New York boxing surety bond released by the Commission in 2013 (Form DOS-0334).
The bond must be first submitted to the New York Secretary of State, which will issue a certificate of “filing and approval”. The certificate and license materials must be submitted as follows:
New York State Athletic Commission
Combative Sport License Surety Bond & Application
123 William Street
New York, NY 10038-3804
New York surety bond leader, Surety One, Inc. offers immediate approval of your surety bond request. Our special programs afford each applicant bonding capacity regardless of credit or financial condition. Operating in multiple states? No problem! We offer surety bonds in all states and program discounts for this class of business. Visit us at SuretyOne.com, call (800) 373-2804, or email us at Underwriting@SuretyOne.com for a New York combative sport surety bond application or for information on any surety need.
#suretyone #suretybond #suretybonds #mma #boxing #combativesports