The Cage News - Mixed Martial Arts and Fighting News

Community

FIGHT FORUM!!!

Events/Calendar

Photo Gallery

Cage Radio

read more features

community

« asskika wrote on Wednesday, Aug 12 at 11:38 PM »

because elite fighters suck ass throwdown is baddest ass!

« asskikka wrote on Wednesday, Aug 12 at 11:37 PM »

Damn Dude you totally fucking choked on national tv how embarassing!

« martial artist wrote on Sunday, Oct 26 at 10:23 PM »

What were the results?

« Jar1321 wrote on Tuesday, Oct 21 at 04:51 AM »

Well doesn't suprise me not to many big names other then 4 or 5. So far there shows haven't been that great plus the story getting out about them bribing the guy that knocked kimbo out I think that combo is what did them in.

« anonymous wrote on Monday, Oct 20 at 09:42 PM »

I guess Cort is up for grabs now that Elite XC is no longer around!

« mortalsouls wrote on Monday, Oct 20 at 09:40 PM »

ProElite, Inc., parent company of Elite Xtreme Combat, is throwing in the towel on mixed martial arts.

Several sources MMAWeekly.com spoke to said notifications had been sent out on Monday informing managers that the company was ceasing its fight promotion operations by the end of this week and it had begun the process of letting its employees go. One source even said that ProElite had already begun clearing out its corporate offices.

EliteXC’s remaining show scheduled for Nov. 8 in Reno, Nevada has been canceled. The card was due to be broadcast on Showtime networks, EliteXC’s original broadcast partner since the company’s formation in November of 2006.

Industry sources on Saturday informed MMAWeekly.com that ProElite made a last ditch effort to salvage its assets by selling off portions of the company, including fighter contracts and the satellite promotions it acquired in 2007.

The company had accrued over $55 million in debt in its twenty-four months of operations. Though its third CBS-televised offering, Oct. 4’s “Heat,” was looked at as a ratings success by EliteXC and CBS executives, the company's financial position had become untenable in recent months.

In an August SEC filing, EliteXC disclosed they were seeking 3.5 million dollars to fund operations through the end of the year. Only a month later, another SEC filing said they had received only $1 million in funding, provided by Showtime networks.

Elite CEO Chuck Champion last month told MMAWeekly.com that the Showtime loan came after two principal investors in the company had elected not to provide the $3.5 million "bridge financing."

An SEC filling dated Oct. 9 revealed that CBS had funded "Heat" due to ProElite's inability to pay for the show.

Multiple calls to EliteXC and Showtime representatives on Monday went unreturned, although EliteXC Vice President Jared Shaw told MMAWeekly.com on Saturday he had no comment on the matter.

Although EliteXC now is out of the picture, that doesn't necessarily mean that CBS and Showtime are out of the MMA business. Sources have indicated that, having worked with Affliction Entertainment to add Andrei Arlovski and Roy Nelson to the "Heat" event (both are Affliction fighters), there is now the distinct possibility that CBS may look towards a relationship with Affliction to fill the void left by EliteXC's exodus.

most recent topics

how do i use this site? by mortalsoul | 221 views

ELITE XC CLOSING UP SHOP SHOCKING! by therealmen | 308 views

Derek Downey Highlight Reel by Towelie | 347 views

Derek Downey talks about his training schedule by Towelie | 305 views

Next EFN or Throwndown? by ragtownhero | 487 views

More UFC 91 Bouts announced. by ragtownhero | 291 views

Cage news feed

Poll

To Touch Gloves or Not to Touch Gloves

Aug 27 08 - 07:53 PM

After the Maniac/Ty fight, would you touch gloves in an MMA fight?

National News

Strikeforce CEO: Coenen vs. Modafferi will determine No. 1 contender for champ Santos (MMAJunkie.com)

CHICAGO While it was initially thought possible, Strikeforce CEO Scott Coker made it official: the winner of...