“I lost millions”: Austin McBroom claims Social Gloves boxing event was a success despite being sued

Austin McBroom is ready to move past his Social Gloves Youtubers vs. TikTokers boxing controversy. The ACE Family patriarch took to his Instagram profile, sharing that the event participants had been paid and announced that he is ready to move past the financial scandals that made headlines last year.

He also claimed that the event was a success, which stands for debate as the boxing amateur was hit with several lawsuits following the sensational event.

Six YouTubers and TikTokers each appeared in the boxing ring on June 12 in hopes of fighting it out in Social Gloves: Battle of the Platforms. The event was expected to raise millions of dollars.

However, it did not make the anticipated pay-per-view purchases. The event’s total profits were significantly lower than what they expected to make.

Since then, several influencers have taken to the internet, claiming that they had not been paid for their performance. Celebrities, including basketball player James Harden and TikToker Tayler Holder, sued Social Gloves, owned by Austin McBroom.

It was also rumored that Social Gloves filed for bankruptcy after failing to reach its 10,000,000 pay-per-view goals. The popular event only made 136,000 PPVs in reality.

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What did Austin McBroom say in his Instagram post?

Along with the surplus lawsuit brought against Austin McBroom’s Social Gloves, media company LiveXLive was being sued by Social Gloves. McBroom claimed that the organization, their digital media partner for the event, was withholding funds to pay the boxers.

Before sharing his official statement, Austin McBroom said:

“Everyone always wants to tell someone else’s story and create their own false narrative. Well, I finally get to speak on it and put it to rest.”

The 30-year-old put up an Instagram story where he claimed to have “made history.” The YouTuber added that the “business side of the event” may have taken a blow; however, “the entertainment side of the event was incredible.”

Austin McBroom also thanked James Harden:

“for believing in a vision and turning it into a reality. Without you, none of it would have been possible. You’re a good man and a great friend.”

The athlete had invested two million dollars into the event and was promised another $400,000 in profits.

McBroom added that all the fighters had been financially compensated for the event. He said those whose payments have not been fulfilled would be paid in the next match.

The YouTube mogul added that all lawsuits about the event had been resolved along with the LiveXLive case.

The boxer-YouTuber added that he was not paid for the event as well. He said:

“Not only did I not get paid to fight, I lost millions out of my own pocket investing in the event and trying to do right by you.

The YouTuber also mentioned that he learned many lessons during and after the event. He also added that he must stop being attacked for his “boxing abilities.”

Austin McBroom ended the Instagram story by stating that he had kept his side of the controversy “private until now.”

The ACE Family member also announced that he would be organizing another event in July with different partners. The official date and his opponent will be revealed tomorrow as well.