MTK Global, the boxing company founded by Daniel Kinahan, has announced it is ceasing operations a week after US authorities confirmed sanctions against the crime boss.

The company, which had listed boxers including Tyson Fury and Billy Joe Saunders among its fighters, was co-founded by Kinahan in 2012.

Last week alleged crime boss Kinahan was hit with sanctions by the US Government for his involvement in the Irish Kinahan Group, and a 5 million US dollars (£3.84 million) reward was offered by US officials for information on the group leading to the arrest and conviction of its leaders.

Kinahan, who has always denied any wrongdoing, is alleged to be one of the leaders of a cartel the US authorities accuse of smuggling drugs, money laundering and bringing violence to “the most vulnerable in society”.

A statement from MTK Global read: “As a business we have faced unprecedented levels of unfair scrutiny and criticism since the sanctioning by the US Government of Daniel Joseph Kinahan.

“It is a matter of public record that Mr Kinahan’s involvement in MTK ceased in 2017 and despite repeated reassurances in this regard, unfounded allegations about his ongoing association with us and our fighters persist.

“Since leading promoters have now informed us that they will be severing all ties with MTK and will no longer work with our fighters, we have taken the difficult decision to cease operations at the end of this month.

“MTK prospered because we always put the long-term interests of our fighters at the heart of what we do. Our priority in the weeks ahead will be to ensure that our world-class boxers are supported to find new partnerships as swiftly as possible.

“MTK gyms are operated independently so will remain open for the foreseeable future. Further announcements will be made in due course.

“Thank-you to all the fans who have supported us over the last decade.”

Last week, in a major unprecedented joint action, American, Irish and British authorities targeted the international cartel as part of efforts to dismantle it.

US ambassador to Ireland Claire Cronin said the American authorities were offering the reward for information that leads to the “financial destruction” of the Kinahan gang or the arrest and conviction of its leaders, Christy Kinahan Snr and/or his sons Daniel and Christopher Jnr.