Okla. Stat. tit. 3A, § 3A-612

A. Before any sanctioning permit is issued to any promoter to

conduct or hold a professional combative sports event, amateur mixed

martial arts event or amateur kickboxing event, the applicant shall

file with the Oklahoma State Athletic Commission a security in the

form of a bond, cash, certificate of deposit, or other securities

acceptable to the Commission, payable to the State of Oklahoma in an

amount determined by the Commission, executed by the applicant and a

surety company or companies authorized to do business in this state,

and conditioned upon the faithful performance by the promoter, which

shall include, but not be limited to, the cancellation of a

professional combative sports event, amateur mixed martial arts

event or amateur kickboxing event without good cause as determined

by the Commission once the event has been approved by the

Commission.

B. The security required under this section shall guarantee the

payment of all taxes, fees, fines and other monies due and payable

pursuant to the provisions of the Oklahoma State Athletic Commission

Act and the rules promulgated by the Commission, including, but not

limited to, the payment of purses to the competitors, any

contributions for required insurance, pensions, disability and

medical examinations, the repayment to ticket holders of purchased

tickets, the payment of fees to ring officials and physicians, and,

in the event of the cancellation of a professional combative sports

event, amateur mixed martial arts event or amateur kickboxing event

approved by the Commission without good cause, an amount determined

by the Commission.

C. After issuance of a sanctioning permit to a promoter, the

Commission may modify the amount of security required to ensure

adequate and sufficient coverage for payments of taxes, fees, fines,

Oklahoma Statutes - Title 3A. Amusements and Sports Page 161

purses, and other monies due and payable pursuant to the provisions

of this section. Failure of any promoter to obtain the modified

security required pursuant to this subsection within such period of

time as the Commission may prescribe, shall be grounds for

revocation of the sanctioning permit of such promoter.

D. All proceeds of securities collected pursuant to the

provisions of this section shall be placed to the credit of the

Oklahoma State Athletic Commission Revolving Fund.