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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 of its subsidiaries scheduled for November 17, 2008,” the release states.  “Showtime reserves all of its rights, including the right to further adjourn or cancel the public sale and thereafter dispose of such property in a public or private sale or in any other manner provided under its agreements with ProElite and by applicable law.”

The most notable asset that had been scheduled to be auctioned off were the contracts of the 80-plus fighters that are still signed to ProElite even in spite of a massive downsizing by the company last month.

“The Collateral includes all contracts between any Debtor and mixed martial arts fighters (including, but not limited to, Kevin Ferguson a.k.a. “Kimbo Slice“, Gina Carano, Jake Shields, Robbie Lawler, Frank Shamrock, Antonio Silva, Brett Rogers, Dave Herman, Scott Smith, Nick Diaz, Cristiane Venancio Justino a.k.a. “Chris Cyborg“, Eddie Alvarez, Yves Edwards and Wilson Reis) and all of each Debtor’s video library, still photographs and home videos (e.g., DVDs and VHS tapes),” reads an excerpt from an advertisement placed on Nov. 5 by Showtime on NoticeOfPublicSale.com.

Showtime had been planning the auction in an attempt to recoup some of the $6.3 million it had loaned and given ProElite prior to CBS and Showtime’s decision to call in a note after ProElite’s liquid savings fell below $550,000. The decision to use fighter contracts as assets to be auctioned drew great criticism from the MMA community with several major agents and managers representing the fighters in question having joined together to denounce Showtime’s intentions.

Despite the auction’s postponement, many of the fighters remain in limbo as they are still contracted to ProElite.

6 COMMENTS
  • warmingo says:

    let my people go

  • Joseph says:

    This looks like Showtime wants to avoid some court battles with expensive lawyers and may find a way to work something out with Pro Elite after all. Affliction may be involved as well.

  • Tony Fennen says:

    Well… HDnet reported that Showtime will televise the undercard of the next Affliction PPV.
    Just seems to me that there are a lot of titles and middle men involved with this situation.

    What it all boils down to is whomever is owed the most money should hold the keys to the candy store. Maybe SHOXC should just step up and put on shows with the fighters available and make some of that 6.3million back.
    6.3 Million is a joke by todays standards. Thats like the gate at 2 or 3 UFC live events
    Football players make that a year for 16 games.
    GO FIGURE!

  • Joseph says:

    Tony:

    HDNet reported that Showtime will televise the undercard of the next Affliction PPV?

    Isn’t HDNet televising the undercard for the next Affliction PPV?

  • Caidel says:

    Joseph: Yeah.

    HDNet is televising undercard of Affliction, Showtime will be managing PPV.

  • John says:

    I also heard Pro elite’s license suspension got revoked by the CSAC so there’s ?? things going on.

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