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How much does a combative sports promoter bond cost in California?
Combative sports promoters in California must post surety bonds to legally work within the state. Amateur promoters must post a $1,000 bond and professional promoters must post a $50,000 bond.
Both $1,000 and $5,000 promoter bonds are subject to underwriting consideration, where a surety underwriter will take bond amount, history of the bond, and the applicant's personal and financial information into account when determining if and at what rate a bond can be obtained.
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Why do I need this bond?
California club and promoter’s surety bonds guarantee the following:
- Payment of all taxes and fines due and payable to the state
- Payment of contributions for medical insurance and to the pension fund
- Payment of assessments for neurological examinations (as specified in subdivision (c) of Section 18711)
- Payment of the purses to the competitors
- Repayment to consumers of purchased tickets
- Payment of fees to the referees, judges, timekeepers, and physicians
By posting this bond, principals (promoters) agree to conduct business in compliance with the above terms and Sections 18680 and 18684 of the Business and Professions Code. If the principal fails to comply with these terms, the bond protects harmed parties from financial loss up to the full bond amount.
What’s the fine print?
California MMA promoter bonds are continuous and remain in full effect for 1 year. After a California professional club and promoter bond is issued, the Commission reserves the right to modify the amount of the bond to ensure adequate coverage of payments.
This bond can be canceled by the surety in accordance with the provisions of Sections 996310 of the Code of Civil Procedure.
How to become a combative sports promoter in California
For a club owner or promoter to conduct business in California, he or she must first become registered with the California State Athletic Commission. Applicants must complete the registration statement form, submit the required surety bond and pay the mandatory registration fees. Depending on the type of club the applicant owns or promotes, they may also be asked to provide additional information, including:
- Live scan fingerprints
- Medical insurance coverage certification in the amount of $50,000
- Financial statement
- Resume with relevant experience
The Athletic Commission maintains the right to require an increased bond amount for special events.