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Sources: ProElite working diligently towards completion of sale has learned through multiple sources – all speaking on the condition of anonymity – that ProElite’s current management team is hard at work towards completing the sale of the company. Indications are that ProElite believes it could have an agreement in place prior to the Christmas holiday.

According to sources, as many as three groups are believed to be vying for ProElite. Only the identity of one of the groups is certain, with multiple sources stating that a group led by King of the Cage promoter Terry Trebilcock has made a bid.

However, Trebilcock’s group is not considered the leading contender at this date. Sources will only go so far as to describe the top contender as a company with over a billion dollars in annual gross revenue that also is a recognizable name.

One group that is not considered to be a leading contender is the publicly traded Art of War promotional fight company. In response to a Nov. 26 report by this website, a source said that while the company was interested in submitting a bid on ProElite early in the sale process, that Art of War is no longer considered to a legitimate suitor at this time.

Whether there is a legitimate third contender for ProElite is not entirely certain, as only one source indicated the involvement of a third unnamed group in the bidding process.

It is believed that upon the completion of the sale, the leading contender hopes to inherit ProElite’s television contracts with both CBS and SHOWTIME. While it is believed that the two television partners have no desire to work with ProElite’s current ownership, Five Ounces of Pain has learned that they would be open to working with a new ProElite management team. Sources have indicated that both CBS and SHOWTIME have every intention of televising MMA events in 2009 and that they are looking for a group that can promote a large number of events.

The likelihood of a ProElite sale to a new owner raises the possibility that fighters under contract to EliteXC will not be granted free agency. While select fighters are being allowed to fight outside of their current deals on a one-off basis, the bulk of their fights could potentially come with a new version of EliteXC in 2009.