Nick Diaz has sent formal communication to officials of ProElite and EliteXC notifying the fight promotion that he considers the company in breach of his contract.
The news was made available on GracieFighter.com, a site owned and operated by Diaz’s long-time trainer, Cesar Gracie.
ProElite canceled its planned Nov. 8 fight card several weeks ago and signaled its intent to file for bankruptcy after buyout talks with CBS and Showtime broke off. To date, no public record exists that demonstrating the company has formally filed for bankruptcy, leaving many of its contracted fighters in a state of limbo.
According to a copy of the letter Diaz sent to ProElite that is displayed at GracieFighter.com, the Diaz camp is citing Article 47 as a material breach of his contract.
While it’s not certain exactly what Article 47 entails, it appears that Diaz could have a clause in his contract that guarantees he must be scheduled for a fight within a certain time period.
“It has come to the attention of Mr. Diaz that EliteXC Live Inc. has declared the intent to file for bankruptcy and is no longer able to fulfill its obligations under the contract and has breached its representations and warranties pursuant to Article 47 of the Agreement,” the letter states.
“Pursuant to Article 43 of the Agreement, EliteXC Live Inc. has thirty (30) days to cure such material breach by posting a bond or other form of escrow in such an amount as set forth in the Agreement that must be payable to Mr. Diaz upon completion of each contemplated Bout set forth in the Agreement and any extensions thereof, and, specifically to evidence EliteXC Live Inc.’s ability to fulfill its obligations under Article 47.”
According to the letter, the promotion has until Nov. 30 to schedule a fight involving Diaz or it will be his position that his contract promotion will be void.