The Thai owner of the Miss Universe pageant, JKN Global Group, has filed for bankruptcy just a year after acquiring the beauty competition for a hefty $20 million amid debates over transgender contestants in the show.
While JKN Global Group cites a "liquidity problem" as the core issue, a day ago, former Miss Universe judge and journalist Emily Austin unleashed a scathing critique on a talk show, attributing the pageant's financial turmoil to the uproar surrounding transgender contestants.
The Miss Universe Organization, is under Thai business tycoon and transgender activist Anne Jakrajutatip. Austin also argued that the controversy dealt a blow to the organization's reputation and exposed underlying financial challenges within the company's Thailand operations.
Austin, a 2022 judge, on Fox Business Varney & Co, asserted, "I think the outrage about a trans woman coming to Miss Universe and preaching, 'Bring the power back to women,' couldn't be more of an oxymoron."
Austin suggested that the controversy over transgender contestants was not merely a social issue but a contributing factor to the pageant's economic downfall.
She also highlighted the financial struggles of the company in Thailand, stating, "I think her company in Thailand has its own financial issues, but socially and morally it's just wrong. And people are starting to catch on that."
The pageant judge argued against the inclusion of transgender women, stating, "If you want to empower women, the way to do it is not demeaning women and belittling women by allowing men, or biological men who became a woman, to come into an industry like sports, like beauty pageants, come all dolled-up plastic — [they're] beautiful men, by the way — and start dominating women's industries. That's the opposite of women's empowerment."
Jakrajutatip, a prominent Thai media mogul and trans-woman, acquired the rights to Miss Universe, Miss USA, and Miss Teen USA for $20 million in 2022. However, the recent bankruptcy follows the company's failure to meet a $12 million loan repayment just days before the 2023 Miss Universe pageant in El Salvador.
Despite this setback, Jakrajutatip's JKN Global Group maintains its commitment to proceeding with the event, seeking to restructure its substantial debt.
JKN's stock has plummeted by over 80% in the past year.
Despite the controversy, Jakrajutatip, in an Instagram post, asserted the cleanliness of the Miss Universe Organization, labeling it her 'first priority in life no matter how joyful or painful it's gonna be.'
The organization is gearing up for the pageant, featuring, for the first time, two transgender contestants - Miss Portugal and Miss Netherlands. The competition has also opened doors to mothers and married women, a departure from its traditional eligibility criteria.
The annual Miss Universe pageant, a cultural phenomenon spanning seven decades will be held on November 19 and broadcasted in over 165 countries.
The Miss Universe Organization was formerly co-owned by ex US President and businessman Donald Trump from 1996 to 2015.
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