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EliteXC; Closing up shop...
Topic Started: Oct 20 2008, 09:08 PM (789 Views)
XHockeyDad
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ProElite, Inc., parent company of Elite Xtreme Combat, is throwing in the towel on mixed martial arts.

http://www.mmaweekly.com/absolutenm/templa...d=7396&zoneid=2

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.
:(
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CropDuster
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This does suck.
They had a major TV outlet.
Women's MMA Heaven.
and Kimbo. :P

I mean, it was free MMA on TV... and I hate to see these Org's going under. A new org shouldn't be seen as "competition to the UFC", but more as more fighters getting a shot at making their dream come true...

But dreams never come true. I wrote a paper on that haha.

Point is, i hope Affliction gets their spot on CBS so that:
1. Fedor on free national TV!? EXPOSURE!
2. Horodecki is in Affliction.
3. Free MMA!
4. Another chance for a new Org to shine.
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wamp/to/da/wamp
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shouldnt of gave kimbo so much money for gettin his butt whooped :lol: :lol:
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D.O'Neill
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I think it goes a little deeper than that bro. Maybe the 100,000/month office buildings hurt a little. Maybe have Jared Shaw as the VP didn't help much. He was a real tool.

Seth Pertruzelli saying some pretty stupid things after the fight really hurt them. Seriously, he KO's Kimbo in 14, then KO's Elite XC in about 20 seconds during an interview. I can't imagine how stupid he's gotta feel right now.

This guys really blasts the way EXC was managed.
http://sherdog.com/news/articles/exec-mism...-collapse-14870
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PostMortal
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Nobody to blame but EXC!!! Seriously. Seth didn't bring down the org ... read that stuff, they were way in debt before that. He had nothing to do with it.

OK, this is really, really bad for the sport. It's less guys getting paid, and that stinks. Just one less outlet for the guys we cheer for, and Kimbo.

So what happens to Kimbo now???? Who's going to sign that guy?

I guess that should be the real question ... who should the UFC sign right now from that organization. I can think of three guys that should be signed by the end of the weekend. Interested to hear what you guys have to say, though .......

Stewartville tops La Crescent ... way to go Duster!
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XHockeyDad
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I thnk Kimbo had his 15 minutes of fame...I think he needs to go back to the drawing board and start over.

If he is truly serious about becoming a fighter he needs to keep working with Bas and crew and hit the smaller shows. Its hard to see him doing that after drawing 500k for his last fight, but I am pretty sure the UFC will not shell out that kind of money for him.
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D.O'Neill
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Seth P. wasn't the reason they were 50 mil. in debt, but he did put the nail in the coffin.

As much as I love Kimbo, where he goes is kind of irrelevant compared to guys like Diaz, Shields, and Lawler. Whats Carano gonna do with our her made up weightclass? I still wanna see her fight Cyborg, even though I think womens MMA is silly. Dang, we got Big Foot Silva gettin' clean off the juice, he's gonna wanna go somewhere. Yves Edwards has already got a fight lined up with StrikeForce I think? So thats good for him. I'm a big fan of Thug-Jitsu.

But Kimbo better be ready to take a huge paycut, and that last loss really hurts his drawing power, but he still has enough that someone will want him, and give him probably livable wages.
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PostMortal
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Carano will go to Affliction ... they will give her her made up weight class. Actually might not be a bad niche for Affliction, to start a women's MMA division. Dana has said he'll never promote women's MMA, so I guess that's out.

Kimbo is done. If he's not making the big bucks, he won't want to do it any more. Hopefully he saved some of that cash!

Shields and Lawler should be signed by the UFC right away. Others ... not at the price they're going to want. Joey Villasenor should be signed by the UFC, too.
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CropDuster
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Sheilds, Lawler, and Villasenor... nice :)
Also, go tiger football! great game last night for us, BP...
next are dem darn bulldogs!

In other thoughts, Carano needs to either get on a strict diet and learn to cut, or just go up a class.
thanks.
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PostMortal
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Stewy, Stewy, Stewy!!! PEM is a bit overrated, but not that overrated! You guys are going to have your hands full ... and you are going to be missing some UFC action on Saturday!

Carano can just fight at whatever weight she wants. It's not like there are real women's MMA weight classes! She just needs to stop pretending she can make weights she can't.
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Sharkey
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PostMortal
Oct 22 2008, 01:30 PM
Carano can just fight at whatever weight she wants. It's not like there are real women's MMA weight classes! She just needs to stop pretending she can make weights she can't.

That's what I've always thought. If they just up and announced the weight class is 145, not 140, I doubt anyone would seriously care and the problem is solved. Does anyone know why they are so set on the weight class being 140?
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XHockeyDad
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Apparently there are more competitive women fighters at 140...at least that's what I heard....
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D.O'Neill
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XHockeyDad
Oct 22 2008, 01:02 PM
Apparently there are more competitive women fighters at 140, or so the rumous goes.



The weight class was made up so Carano can beat on smaller girls.

I don't think Lawler will go to the UFC, neither will Radach, since they both have already been there, but it would be cool to see them both back in there.

I think Affliction picks up alot of these fighters, and that the EXC folding is gonna be a good thing for them.

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CropDuster
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PostMortal
Oct 22 2008, 12:30 PM
Stewy, Stewy, Stewy!!! PEM is a bit overrated, but not that overrated! You guys are going to have your hands full ... and you are going to be missing some UFC action on Saturday!

Carano can just fight at whatever weight she wants. It's not like there are real women's MMA weight classes! She just needs to stop pretending she can make weights she can't.

I'm missing Cote-Silva for PEM-Stewartville...
who'd a thunk? haha...
We got the plan to put the dogs in the dirt... its just all about execution now!

Also, Affliction will vastly benefit from this.
and thats ok for me :)
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