Need Help Finding This Obscure 80s or 90s Underground Fight To The Death Movie

Hey Everyone

I'm wondering if you all could help me find a movie from back in the day... I have been trying to find this movie for years since I was a kid it’s killing me I watched it when I was young on TV, I don’t think it had big actors in it but it was like this mortal kombat cross bloodsport type of movie and it was like an underground tournament fight syndicate like a fight club it’s set in the late 80s or mid 90s. From memory an old guy with whitish grey hair I think is the leader/owner and he would mainly wear suits and all the fighters fight to the death with weapons or barefists. Originally I thought it was American Samurai was what I thought it was however, it's not that nor shootfighter or blood match. I do remember one scene where once the fighter was dead they get thrown down a drain... or some sort of manhole in the pit. Some of the fighters use weapons. Another scene was the old owner getting oral sex from a female in a limo. I am 95% sure to from memory the main villain was a asian or white guy with long black hair and a big dude with a fu man chu facial hair. The movie was very gritty and violent and im pretty sure there was a gong that would sound off between fights. Oh man it was such a good fight movie, I would appreciate any help or anyone who knows the name of it! I've tried so many different searches and looked at so many movie titles but I just can't find it! Would love the help!

Thank you guys.