Combative sporting events have grown in popularity, especially recently since smaller venues have begun sponsoring local events. As a result, government agencies in most states are now requiring that sports promoters file surety bonds with their promoter's license.
What is a surety bond, and why does a sports promoter need one? Maybe you are in the process of getting your Missouri promoter's license and you want to learn more about the Missouri Promoter Bond that is required. Well, you're in the right place. Keep reading to find out everything you need to know.
What is a Promoter Bond?
A Missouri Boxing-Martial Arts-Wrestling Exhibitions Bond (often known as a Promoter Bond or Athletic Exhibition Bond) is a type of surety bond that protects individuals participating in boxing, martial arts, or wrestling events in the state of Missouri.
Individuals protected by this bond include:
A Promoter Bond ensures proper payment for damages, penalties, taxes, or expenses incurred during any promotional activities necessary for the proper functioning of any public or private boxing, wresting, or mixed martial arts competition.
Of course, this bond comes with strings attached. The promoter (or the individual purchasing the bond) and all of the promoter’s agents and employees have to perform and abide by all the obligations and rules of the Boxing and Wrestling Program. The Promoter Bond helps ensure that the promoter complies with all rules, regulations, and laws when performing in the state of Missouri. In this sense, a Promoter’s Bond can be understood as a type of performance bond.
*A Promoter Bond does not protect against injury in the ring.* It only guarantees that the promoter fulfills his/her contractual obligations and complies with Missouri rules and regulations.
Do I Really Need a Promoter Bond?
The short answer is yes.
Missouri requires a Promoter Bond to be issued before any mixed martial arts, wrestling, or boxing even is put on. Historically, a Promoter Bond has only been needed for these types of events, but with the growing popularity of MMA, several states have begun requiring these bonds for karate, kickboxing, and other unarmed combat sports.
In Missouri, there is just one bond: The Missouri Boxing-Martial Arts-Wresting Exhibition Bond. This bond is a necessary requirement to receive your Missouri promoter's license.
How Much Will My Missouri Promoter Bond Cost?
As is the case with all surety bonds, pricing is based on the applicant’s personal credit history and financial records. Sports promoters with excellent credit can expect to pay 1 to 3% of the total bond amount. In Missouri, the total bond amount is $5,000 so if you have excellent credit, and you get approved at a rate of 1%, you might only pay $50 a year in premium for your Promoter’s Bond.
For those with less than perfect credit, don’t run away now! Good surety companies will still be able to get you your bond, even with bad credit. Surety Solutions offers bad credit options for those wanting to get their Promoter’s Bond. Want to know what you would pay for your Promoter’s Bond? Click the button below for your free, no obligation quotes.
Okay, So How Do I Get My Missouri Promoter Bond?
The first step is to apply. By applying using the button above, you can receive customized, no obligation Missouri Promoter Bond quotes in minutes. Because these bonds are instant issue, so long as you do not have a prior bankruptcy or felony conviction, you can get your Promoter Bond instantly the same day you apply.
Good luck getting your Promoter Bond. Missouri is ready for you!