1PW Begins Process Of Liquidation

For the second time in the last 12 years, 1PW will soon be no more.

The promotion was only relaunched in 2022 but serious allegations have been made against 1PW founder Steven Gauntley in recent weeks, including embezzlement and fraud. The promotion has been engulfed in controversy for months, with several wrestlers claiming they have not been paid by 1PW for working previous shows. Behind-the-scenes personnel and companies that 1PW rented equipment from have also allegedly not been paid.

Regardless of all of this, 1PW booked their 'Know Your Enemy' show for October 28 at the Doncaster Dome, but the event has since been cancelled, with 1PW announcing last week: "With regret 1PW LTD has ceased trading, and all future events are cancelled. We would advise customers seeking ticket refunds to discuss the matter with their card issuer or bank. The board of directors are currently seeking professional advice."

In a new statement from October 5, Steven Gauntley has claimed he is in the process of liquidating 1PW. Gauntley wrote:

"Despite what internet speculation may lead you to believe, I have not disappeared, nor have I run off to some sunny destination with a mountain of ill-gotten gains. If you truly know me, you know that the accusation that I would embezzle and defraud my own company, my life's work, is absolutely ridiculous. Since June, I have been battling health issues, which, due to the stress and pressure of the last two months, have nearly cost me my life.

"When my former business partner left in July, I was given the option to liquidate the company then, but I stayed on and battled forward, to the extreme detriment of my own health, to try to redress the company's creditors and to do the right thing for the fans. The day my health forced me to quit, the company was in a more positive position than it had been a few months before, despite an obvious smear campaign against me. Am I saying I didn't make mistakes? No. Am I saying I haven't made poor decisions in desperation? No. Did I defraud, manipulate, and embezzle? Absolutely not!

"Less than 48 hours ago, I nearly lost my life, and that is on top of losing dozens of thousands of pounds of my money, my car, and my house. I have genuinely sacrificed everything for this company that I loved. People who hide behind "be kind" have revelled in gossip, trial by Twitter, and malicious rumours. Talent who disingenuously used to praise me, some going as far as to tell me, "I love you!" have never even dignified me with a conversation.

"People who pretended to be my friend and now play for internet pack mentality virtue points heard a rumour and decided I was the devil without even asking me for my perspective. I brought back this company in honour of my father's memory, and it was my dream and life's work. Since July, I have been vilified, blamed, betrayed, and had the truth manipulated to suit the narrative that no one else made mistakes and that this company failed because I am evil, and that others are merely innocent, have acted with impunity, and are without reproach.

"Because I loathe confrontation, I have deliberately kept my counsel on the matter, but the time has come to let the truth be told. I am working with professional insolvency specialists to liquidate 1PW LTD, and also with an accountant and solicitor. When I get the all-clear, I am going to release publicly every bank account statement connected to the company. The financial history of the company is very complex, and if you look at a snapshot or even just one account without context, and without the bigger picture, and you do so with a preconceived narrative that you want to believe, then you can make me look like a bad person.

"I will release EVERYTHING, including a summary of all the money that I invested in this company (including over £17,000 in USD that I took from my own bank and paid directly to performers last October), and a large transfer to my personal account to again cash for USD in February (for which I have WhatsApp screenshots and statements), and I will also summarise what I paid myself back from these vast directors' loans.

"You'll also see what anyone else connected to the company previously invested in the company and what they took out of the company. After being made a scapegoat, having been doxxed and had my address and phone number shared online, and having had several death threats, and having suffered massively with my own health, and having lost the company I loved, I genuinely have nothing to lose now, and I firmly believe the truth shall set me free.

"Have I made mistakes? Yes, absolutely... huge mistakes. The biggest mistake I ever made was trusting people who betrayed me. I want to conclude by offering my sincere apology to the 1PW fans. If I could have continued, I would have. I thought I would have given my life for this company, but in the end, I am sorry, but I could not let that happen. I feel genuinely awful for any affected customers, but rest assured, I am working with professional advice to ensure that customers are able to obtain refunds.

"Today, I have worked with our payment provider, Stripe, to authorise over £6000 of customer refunds. I will make further statements on this matter in the coming weeks. Thanks for reading."