ProElite planning to stay in the MMA business
With recent news that Strikeforce has acquired select assets from ProElite, Inc., there has been some confusion about the status of ProElite going forward. However, ProElite CEO Chuck Champion is quoted in a recent press release as saying that the company will continue to exist and intends to promote MMA shows under its King of the Cage brand. “With the sale, ProElite can now operate substantially... [Read More...]
While the identity of ProElite’s potential buyer remains a mystery, new details come to the forefront
In attempting to uncover the identity of the company that has allegedly recorded a successful bid for the assets of ProElite, FiveOuncesOfPain.com has uncovered myriad new details. According to sources, several members of the MMA media had been informed that Scott Coker and his San Jose-based Strikeforce promotion were in the process of closing a deal to complete the ProElite acquisition. This information... [Read More...]
Sources: Deal to acquire ProElite’s assets believed to be near completion
In recent hours FiveOuncesOfPain.com has been informed by sources that ProElite, Inc. has accepted a bid to sell its assets to an outside company. However, Five Ounces of Pain has been unable to verify the identity of that company. It is also unclear whether the company came close to receiving its asking price of $9 million. An announcement could be made by the end of business on Thursday, or possibly... [Read More...]
Sources: ProElite working diligently towards completion of sale
FiveOuncesOfPain.com 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... [Read More...]
ProElite’s potential mystery investor revealed
In a Nov. 19 filing with the Securities and Exchange Commission, ProElite indicated that the troubled company could possibly be close to receiving new funding from an outside source. “The Company is continuing discussions with potential strategic investors to secure financing sufficient to cure any possible default under the Showtime loan agreements. However, there is no assurance as to whether... [Read More...]
Showtime Adjourns Public Auction of ProElite Property
FiveOuncesOfPain.com was notified on Friday afternoon in an e-mail from Showtime Networks that the premium cable provider has “adjourned” a planned auction for Monday in which select assets of ProElite, Inc. were to be made available to the highest bidder. “Showtime Networks Inc. has adjourned the previously announced public sale of personal property of ProElite, Inc. and certain... [Read More...]
More agents join the stand against Showtime’s planned auction of ProElite fighter contracts
Several of the top agents in the mixed martial arts industry released a joint press release earlier this week to declare their opposition of Showtime’s planned Nov. 17 auction of ProElite’s assets. They formed a united front due to the fact that some of the advertised assets for the auction include the contracts of the men and women that they work for. In reading the release, it was almost surreal... [Read More...]
Cesar Gracie says Nick Diaz to fight next in Japan
Ever since the collapse of ProElite and EliteXC, managers such as Monte Cox have reviewed their fighters’ contracts and contacted EliteXC officials about a possible breach of contract with ProElite closing its doors. The contract for EliteXC’s fighters basically states that if EliteXC is unable to fulfill its payment obligations that the fighters can seek to terminate their contract with... [Read More...]
Report: EliteXC Nov. 8 show in jeopardy, ProElite in danger of folding
ProElite and EliteXC may be in their final days of business as of Monday night. Most, if not all fighters in EliteXC have been notified that the November 8 show in Reno has been canceled due to a lack of funding. The show was set to have showcase Eddie Alvarez vs. Nick Diaz in the main event for the EliteXC lightweight title. The news comes via a report by Sherdog late this evening. “We are confirming... [Read More...]
SHOWTIME begins formal talks to acquire EliteXC
Showtime Networks signaled through a filing with the Securities and Exchange Commission on Thursday its intentions to commence formal negotiations towards an acquisition of ProElite, Inc. ProElite is the parent company of EliteXC, King of the Cage, Cage Rage, and ICON Sport and has television deals with Showtime, CBS, and Fox Sports Net but has also absorbed losses of approximately $55 million since... [Read More...]
ProElite’s stock crashes back to Earth
After jumping from $2.50 per share to $8.00 a share on Friday, ProElite’s stock (PELE.PK) fell $5.25 from $8.00 to $2.75 per share on Monday. The volume for the day was just 3,000 shares, making it likely that just one investor sold his or her shares in the company. In other company-related news, according to ProElite’s 8-K extension request submitted to the Securities Exchange Committee,... [Read More...]
5 Oz. Feature: Breaking down ProElite’s current situation
I’ve made a lot of phone calls and have done a lot of reading and can report with confidence that ProElite and EliteXC and are not on the verge of collapse as some have speculated. EliteXC canceled the Sept. 20 show for various reasons. First, it was behind the eight-ball when it came to finalizing a card and getting it approved with officials at SHOWTIME. The card also lacked a marquee main... [Read More...]
Strange happenings for ProElite
In addition to EliteXC canceling its planned Sept. 20 event in Albuquerque, N.M., we are receiving word that its parent company, ProElite, has also called off a “Contenders 11” event in the UK that had been scheduled for today. “Contenders” is the “B” brand of Cage Rage, which was acquired by ProElite last year. Several layoffs have also taken place with Cage Rage... [Read More...]
5 Oz. Exclusive: Part II of interview with ProElite Chairman Chuck Champion
On Friday, we debuted Part I of our exclusive interview with new ProElite Chairman Chuck Champion. Champion was gracious enough to sit down with Five Ounces of Pain for an extended interview. In Part I, we asked Champion his thoughts on the resignations of Doug DeLuca and Gary Shaw; whether Shaw’s son, EliteXC Vice President Jared Shaw would be remaining with the company; Champion’s business... [Read More...]
5 Oz. Exclusive: Part I of interview with new ProElite Chairman Chuck Champion
Already the CEO of ProElite since February, Charles F. Champion added the title and duties of Chairman of the Board last week after former Chairman Douglas DeLuca submitted his resignation to the company. While Champion has been involved with the company for several months, the MMA media is just now starting to become more aware of his presence. But just who is Chuck Champion and is he the right man... [Read More...]
Exclusive: Wilson Reis vs. Doug Evans likely for ShoXC on April 5
Fast-rising featherweight Wilson Reis has agreed to a return appearance on EliteXC’s ShoXC series on April 5 against former UFC lightweight competitor Doug Evans, ProElite.com (SamCaplan.ProElite.com) has learned from a source close to Reis’ camp. The bout will be contested at 140 pounds. A location for the event has not been finalized but the card will most likely take place in California. Reis,... [Read More...]
Report: Evans unable to fight Gurgel at UFC 77
In light of reports earlier this week that Doug Evans would face Jorge Gurgel at UFC 77 in October comes word from MMAWeekly.com that Evans will be unable to accept the matchup due to injury. You can read the report, which cites Evans’ manager as the source, by clicking here. SHARETHIS.addEntry({ title: "Report: Evans unable to fight Gurgel at UFC 77", url: "http://fiveouncesofpain.com/2007/08/12/report-evans-unable-to-fight-gurgel-at-ufc-77/"... [Read More...]
MMA Notebook: New UFC matches announced; fighters changing camps; and much more!
Lots of news to cover this morning and little time. I think it makes sense for another edition of the “MMA Notebook”: * UFCjunkie.com has broken news about a lot of new UFC fights in recent days. It looks like Jeremy Stephens has preserved his job in the UFC and will be taking on Nate Mohr at UFC 76 on September 22 in Anaheim, Calif. * Junkie is also reporting that Jorge Gurgel is likely... [Read More...]
Thoughts on tonight’s TUF 5 finale…
After a strong show last night from Strikeforce and EliteXC, I’m in the mood for more MMA and am looking forward to tonight’s live season finale of The Ultimate Fighter on Spike TV at 9 p.m. ET. I believe four matches are scheduled to be televised but I only have time to give my thoughts on the main three. B.J. Penn vs. Jens Pulver – I will be rooting for Pulver all the way in this... [Read More...]
Fighter claims he’s fighting Roger Huerta
The Wolfpack MMA fight team has said via its official MySpace page that team member Doug Evans will fight Roger Huerta at the live season finale of The Ultimate Fighter 5 on June 23. Neither Huerta or the UFC have commented on this matter. SHARETHIS.addEntry({ title: "Fighter claims he’s fighting Roger Huerta", url: "http://fiveouncesofpain.com/2007/06/08/fighter-claims-hes-fighting-roger-huerta/"... [Read More...]
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