In a surprising turn of events, JKN Global Group, the company that operates the Miss Universe pageant, has filed for bankruptcy.
This announcement comes just days before two transgender contestants are set to participate in the competition, marking a significant shift in the pageant's history.
The company, which purchased the pageant for $20 million last year, has cited a "liquidity problem" as the reason for its financial woes, as reported by the BBC. JKN Global Group failed to make a $12 million debt payment due on September 1, and its stock value has plummeted by 80 percent over the past year.
Anne Jakapong Jakrajutatip, the CEO of JKN Global Group, is a Thai transgender woman who has been vocal about her intentions to bring about change in the pageant. "We will adopt a new concept, 'One Universe,' in which opportunities to participate in the competition will be given also to trans women and married women, and fairness in the contest judging will be ensured. This will be the worlds first beauty contest with real gender equality and inclusion," Jakrajutatip stated in an interview with the Bangkok Post last November, as quoted by the U.K. Telegraph.
The Miss Universe pageant, which was once owned by former President Donald Trump from 1996 to 2015, is set to take place in El Salvador on November 18. Among the contestants are two transgender women - Marina Machete, representing Portugal, and Rikkie Valerie Kolle, representing the Netherlands.
Despite the bankruptcy, JKN Global Group has confirmed that the pageant will proceed as planned. "We are confident that the new plan will support all of the companys business operations, including Miss Universe," the company announced on its website. "We confirm that Miss Universe 2023 will be held in El Salvador on 18 November 2023, where a top-notch experience provided to our fans will remain our top priority," it added.
The Miss Universe Organization has also expressed its support for the inclusion of transgender women in the competition. "Trans women are women, full stop," the organization stated after Machete won his crown, as reported by CNN. "We are here to celebrate women, full stop. This has been true for more than a decade, and were proud to have made this change very early on, compared to other programs," it added.
The pageant saw its first transgender contestant in 2018, but this year will be the first time that two transgender contestants will compete. To date, no transgender contestant has been crowned Miss Universe. This article was originally published on The Western Journal.
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