Thai owner of Miss Universe sells 50% stake to Mexican businessman after filing for bankruptcy

The organisers of the Miss Universe pageant have run into troubled waters. Thai billionaire Anne Jakrajutatip’s JKN Global Group took over control of Miss Universe in October 2022.

However, as reported by various international media outlets, JKN Global Group has faced allegations of fraudulent activities. Within a year of acquiring Miss Universe, JKN Global Group has now filed for bankruptcy. In November 2023, a lawsuit was filed against JKN Group PCL (JKN), accusing the company of embezzlement. According to the lawsuit, JKN disseminated false information about the Miss Universe Coin (MU Coin) project, misleading the public by presenting it as a cryptocurrency project in which JKN, the company that owned the rights to Miss Universe, was not involved.

MUO (Miss Universe Organisation) ownership has changed hands multiple times since Donald Trump sold the business to IMG. Then IMG sold it to the Endeavor Group and finally Endeavor sold it to JKN Group of Thailand.

What went wrong?

Miss Universe was supposed to be the crown jewel amongst all the businesses of JKN Group. Miss Universe since its inception has been a true blood American Business and the shift of management geographically to Thailand brought out its own issues. A clash of management styles saw most of its staff who have ably run the organization for years either quit or were asked to leave.

If team troubles were not enough. the JKN Group also filed for bankruptcy while facing a lawsuit against it for 1 Billion Thai Baht filed by Thailand-based TCJ Social Media Group.

Now amid news of bankruptcy and lawsuit, many news portals have claimed that JKN Group has sold 50% of Miss Universe ownership to Legacy Holdings Group of Mexico owned by Raul Rocha Cantu, who is himself mired in controversy.

According to a Washington Post report, Rocha Cantu is the owner of a casino where 52 people died in an arson attack by suspected members of the Los Zetas cartel that rocked the country.

The controversy around Anne Jakrajutatip

In the last few days, the world of beauty pageants has been abuzz following former Miss Universe president Paula Shugart's public statement on Instagram calling out Anne Jakrajutatip of JKN Global Group.

Paula, who parted ways with Miss Universe after serving as president for 23 years stated, "Since announcing my resignation in November of 2023, I have sought to stay out of the spotlight, electing not to comment on any of the changes within the Miss Universe Organization, seeking only to quietly help the brand and its stakeholders, when requested, with my historical knowledge and guidance. However, recent false and outrageous comments made by Miss Universe owner Anne Jakrajutatip impugning my character have compelled me to break my silence."

She continued, "Normally, I would choose to ignore such assertions but, by suggesting that I am corrupt and took money 'under the table' to secure placements in Miss Universe competitions, Jakrajutatip not only defames me, but she also discredits the women who have won the Miss Universe crown by implying their titles were 'bought' and not earned by merit. I cannot abide by such dangerous and reckless assertions, which degrade the Miss Universe brand and its titleholders."

Paula mentioned that she is contemplating legal action in Thailand against Anne who is also a transexual activist. "However, given that my complaint will be just one of many legal actions currently facing the owner of JKN, it is imperative for the Miss Universe brand and its legacy that I immediately speak the truth and condemn these words before taking any action in Thai courts and I am reserving all rights to claim for damages. I have no intention or need to engage in drama on social media and I will not do so.
Anyone who knows me knows the truth and what I stand for. I will let my years of work with some truly incredible women speak for itself”

Paula is often credited for bringing inclusivity within Miss Universe. She was also instrumental in introducing the groundbreaking rule of transgender participation in Miss Universe pageant.

Furthermore, recent changes under her guidance allowed contestants who are married or have children to compete in Miss Universe.
Paula's statement received support from other former Miss Universe titleholders such as Miss Universe 1991 Lupita Jones, Miss Universe 2010 Ximena Navarrete, and Universe 2016 Iris Mittenaer.

A spokesperson for Miss India Organisation has reacted to the recent changes and said,"We believe in the power of Miss Universe and the fact that it has been a well-reputed and respected Pageant. However, given the background of uncertainty wherein the owner JKN Group is under investigation owing to the lawsuit, plus lack of transparency on the business engagements with long standing partners, we have abstained this year from competitive pitching for the license. We are committed to the value system which MUO has always upheld and we hope JKN Group is able to come out as winners through this crisis and upholds the credibility and repute of Miss Universe and we will be the first pitch and win the license again for India."