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-   -   Elite XC went under. (http://www.bodybuilding.net/mma/elite-xc-went-under-12159.html)

ChinPieceDave667 10-23-2008 06:58 AM

Elite XC went under.
 
well it was bound to happen. Thats was happens when you build a company around 1-2 people.

http://www.mmaweekly.com/absolutenm/...7396&zoneid=13
Quote:

Originally Posted by by Tom Hamlin - MMAWeekly.com
ProElite, Inc., parent company of Elite Xtreme Combat, is throwing in the towel on mixed martial arts.

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.


widdoes2504 10-24-2008 04:03 AM

All I can say is wow.

hrdgain81 10-24-2008 07:13 AM

That does suprise me since they had showtime and cbs on board. Not to mention Gina, dam thats some shit.

pimpsticky 10-25-2008 09:49 AM

I'm not suprised...
 
IMO, they were substandard to UFC... don't get me wrong... I can't stand Dana White.... but I still think UFC has more entertainment value and is a better overall production.

The last Kimbo/Shamrock scratch&fill debacle was rediculous and raised a lot of questions about Elite XC...

Also, every time I watched an Elite XC production, I found myself bored with all the filler and crap between fights. To see one fight, you'd have to sit through 45 minutes of hype and filler. Look at their last production and compare fight time vs. filler.
UFC provides a lot more fight time and way less crap.

I'd still love to see another organization provide some good competition for UFC.

I've always thought it would be amazing to put the fighters together on teams divided by weight classes, (just like college wrestling) and have teams associated with major cities like NFL, NBA, NHL, ETC. It would add a whole new dynamic for the fans to root for... Whatchya think?

ChinPieceDave667 10-26-2008 05:18 PM

Quote:

Originally Posted by pimpsticky (Post 69852)
I've always thought it would be amazing to put the fighters together on teams divided by weight classes, (just like college wrestling) and have teams associated with major cities like NFL, NBA, NHL, ETC. It would add a whole new dynamic for the fans to root for... Whatchya think?

The did that with IFL and that went under too... they lasted longer than Elite XC but went under sometime early this year or late last year I think.
They had some good fights and some great talent.

Iced696 10-30-2008 11:52 AM

Can't say I'll miss Elite XC. But then who couldn't have seen this coming with them putting all their stock in Kimbo Slice...


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