It's important to note the reason all this kicked off is a Russian boxing organization
That is what I was responding to. Your flippant dismissal of what the IBA actually is: a highly relevant intentional sporting organization for boxing, which is still true despite their current situation.
Shit on them for everything you laid out, their farsical antics this week, blatant corruption, or any other number of issues, but don't intentionally mislead and mischaracterize them to an audience that most likely largely ignorant of amateur boxing or combat sports in general. Or at least, that is assuming as there are no active combat sports communities on Lemmy that I have seen, be it MMA, boxing, kick boxing, etc.
I realize the article was written to make it sound like they lost money on this, but I would be shocked if they had.
To vastly oversimplify it, private equity does a few things to make money on the companies they acquire:
The last parts are where it goes from amoral to "HOW THE FUCK IS THAT LEGAL?"
The private equity firm will have its own separate entities that provide a variety of services, for example janitorial or administrative.
The new private equity owners will then replace all the current vendors, with their own entities at a expentionally hirer costs. All the while, paying themselves gigantic consulting fees.
Basically those are all just ways to legally embezzle money by extracting all the resources from the company. Once that's done, they'll sell the last thing of value: the brand name itself e.g. CNET, VICE, etc.
If there is no money in the brand itself, then they'll just dissolve the company.