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ProElite notifies NSAC of Nov. 8 cancellation and its closing

EliteXC Manager of Fight Operations J.T. Steele notified the Nevada State Athletic Commission via e-mail on Tuesday that the promotion was formally canceling its planned Nov. 8 event in Reno at the Nevada Events Center.

In the same e-mail, Steele also informed NSAC that EliteXC closed operations on Tuesday.

The e-mail obtained by FiveOuncesOfPain.com serves as the first confirmation from a full-time employee with ProElite that the company was ceasing operations.

In other ProElite-closing related news, both CBS and Showtime submitted official communication with the Securities and Exchange Commission on Tuesday.

A Form 8-K was filed by Showtime and informed ProElite that the company was in violation of a promissory note that required the company to maintain at least $550,000 of liquid funding with a major national bank. The form also signaled that Ken Hershman had resigned from ProElite’s Board of Directors. Hershman is also Showtime’s Senior Vice President and General Manager of Sports and Event Programming.

CBS also filed a form SC 13D with the commission in response to a Sept. 17 that declared the company’s intent to open acquisition talks with ProElite. Today’s filing stated that the companies had broken off all talks of a potential buyout.

“Showtime has ceased its exploratory discussions with the Issuer with respect to a possible acquisition of assets of the Issuer,” a passage within the filing reads. “The person designated by Showtime to serve as a director of the Issuer has resigned. Showtime believes that the Issuer is in default under the promissory notes dated June 18, 2008 and September 10, 2008 that evidence indebtedness of the Issuer to Showtime. Showtime has given the Issuer notice of such default and may from time to time pursue remedies available to it under such promissory notes and related documentation. However, there can be no assurance as to which remedies (if any) that Showtime will determine to pursue.”

As of now, ProElite has yet to formally file for bankruptcy. However, such paperwork is expected to be submitted by week’s end.

10 COMMENTS
  • Joseph says:

    Any translation to what this means?

  • john says:

    yes, it means bye bye proelite and elitexc, wec needs to open up a female mma division, and bring in some fighters like lawler, scott smith, jake shields etc etc. i wonder if frank shamrock could or would come back to the ufc. i bet negotiations with tito ortiz pick back up in the ufc. i called it, this is unfortunate turn of events, we need more mma organizations, if all these other organizations cant stay afloat then we will not always be able to see our favorite fighters

  • Shatner says:

    Tito will probably sign with Affliction.I hope it’s with Strikeforce but I don’t know if they will pay him what he’s asking.I just can’t see him back with UFC but money talks, and now how are we going to see Carano and Cyborg Strikeforce maybe.

  • Kevin says:

    No surprise at all. Affliction will be the next to fall.
    As far as a female division in the UFC or WEC, not gonna happen. I wouldn’t want to see it anyway.

  • Shatner says:

    Are you Kevin Iole?

  • BadMonkeyMW says:

    That Carano/Cyborg fight needs to happen!!!! Somebody needs to step up and put this fight on.

  • egad81 says:

    Gina should just fight KJ Noons…. Since Noons is a bitch and Cyborg is a shemale

  • seth says:

    have carano and cyborg fight in ultimate surrender,now that has pay per view potential

  • Powers says:

    Hopefully wec will keep its upper weight classes and fold EliteXC into it via awesome contracts. AND THEN. CBS will start its own promotion.

  • jimbo says:

    The WEC or even UFC would have to be crazy to not try for Carano and start a womans division!!! It wouldnt be the first time Dana said one thing and did another.

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