ProElite informs fighters it plans to promote events in 2009

ProElite, Inc., the parent company of EliteXC, has notified several fighters and manage that it intends to continue promoting mixed martial arts events.

The news is according to a report by GracieFighter.com.

EliteXC representatives have vowed that they will continue operations and will be planning a show in early 2009,” the report on Gracie Fighter states. “Most of the major EliteXC fighters under contract have been notified. Lead counsel for the organization has informed us that contrary to popular belief, EliteXC has not filed for bankruptcy and has merely scaled down their staff.”

The language in the notice contradicts previous documented statements by ProElite, which on Oct. 20 informed managers that it was ceasing fight operations. EliteXC Manager of Fight Operations J.T. Steele also had notified the Nevada State Athletic Commission that the company was not only canceling a planned Nov. 8 show in Reno, but that it was closing its doors as well.

The new position being taken by the company might be nothing more than an attempt to invoke a legal technicality. It is believed that ProElite could be looking to sell off its fighter contracts as assets and the latest notice could be in response to the managers of Robbie Lawler and Nick Diaz formally notifying the promotion of a perceived breach of their respective fighters’ contracts.

As such, the notice may be nothing more than a tactic to prevent fighters under contract from signing with other promotions. At the time of the layoffs several weeks ago, the company had less than $500,000 in liquid funds available and has no fight executives remaining on staff. The company’s current skeleton staff primarily consists of accountants and attorneys.

Without funding and the proper personnel to matchmake an event, it seems virtually impossible that ProElite will be able to hold a show in 2009 unless it receives new funding. With ProElite failing to bring in new funding while it was operating at full strength, it is highly unlikely that the company would be able to attract investors in its weakened condition.

Attempts to reach ProElite CEO Chuck Champion for comment in recent weeks have been unsuccessful.

15 COMMENTS
  • Steve says:

    oh, what the hell

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  • saerbarnet says:

    Why can’t they just go down nice and quietly? Not like anyone will miss them.

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  • egad81 says:

    The stock market tells the entire story

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  • tomk says:

    If the only staff left is attorneys and accountants, I say let them put on a show. It’s not like they could do worse than the last people in charge of EliteXC.

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  • Jay K. says:

    Heck, I’d watch attorneys fight accountants! Who’s with me?

    ECW!
    ECW!
    ECW!

    Ahn no. This is a legal maneuver that five oz. nailed on the head.

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  • flassassin says:

    Who the hell is this new loser^^? Did you just discover the world of on-line blogging? You don’t have to be offended by every single comment that is made, esp when most are clearly made in jest. You also don’t need to post every little thought that rattles around in your skull.

    Anyhow, I wonder if EliteXC might be positioning themselves to hopefully be purchased by another org. like when UFC bought PRIDE. It didn’t work out so well for the UFC so I doubt they would be ineterested. Sam, could this be a possibility?

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  • Imbecile says:

    One last sleazy move on the part of ProElite/EliteXC before they die off for good. They are going to keep all of these fighters tied up and strung along until they can try and sell off their remaining assets, which are only fighter contracts and some footage, at this point.

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  • Devil's Advocate says:

    For what it’s worth, when I checked a week or so ago, there was no record in any bankruptcy court, anywhere in the country, of this filing. So I think all the media reports of ProElite filing for bankruptcy were incorrect. That’s not to say they are not about to, or are not in serious trouble, but they did not file for bankruptcy.

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  • dpk says:

    I feel bad for the fighters, who seem like they are going to get strung out. Diaz, and Alverez, don’t have exclusive contracts, so they will get to fight, but some of these other guys are going to get screwed.

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  • Jay K. says:

    Sam or anybody, when you pulled the “keyboard warrior’s” posts below mine it now looks like flassassin is steppin’ all over me! :)

    So this is how it’s goin’ down…The Very Deadly Flassassin vs The Troublemaker, The Firestarter Jay K. in a no holds barred table setting match! Just beware that I’ve got Jared “Busboy” Shaw in my corner as “manager”.

    Flassassin, YOU’RE GOING DOWN!

    =P

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  • Poon Handler says:

    Wow, that’s a dick head move on the part of EliteXC. Why not just bow out gracefully? They screwed themselves by banking their future on Kimbo, now they’re screwing the fighters that are really worth a shit. Great Job ProElite!

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  • Simon Cason says:

    I smell a boycott or petition of somekind. Please?….

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  • Joseph says:

    Simon,

    Boycott of what?? LOL!
    This is not going to tie up fighters for months or a year like Zuffa does, this will only last a month or two tops, plus their fighters can fight outside of EliteXC. They are just giving themselves the best shot possible at being bought out.

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  • flassassin says:

    My bad Jay K. When I saw the refreshed post, I actually felt bad that I hadn’t specified who I was referring to.

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  • Mike Wolfe says:

    Does anybody know the content of default notice sent by Diaz? The default would be defined by Diaz’s contract, and could be any number of things, not just a rumored bankruptcy. It’s possible that Diaz’s representatives jumped the gun and sent out the notice based on just a rumor of a bankruptcy filing, but there could be other issues, too.

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