The Beginning of the End: EliteXC Files for Bankruptcy
Written by sideshowraheem on October 21st, 2008 in MMA, Uncategorized.
Can’t really say I didn’t see this coming EliteXC and ProElite have filed for bankruptcy and are on the verge of folding, according to several published reports that surfaced late Monday evening. All fighters(including Kimbo Slice) have been released from there current contracts. EliteXC’s next show, headlined by Eddie Alvarez vs. Nick Diaz, was scheduled for Nov. 8 in Reno now appears to be cancelled. Now the urge here is to blame the KO of EliteXC’s top star Kimbo Slice on network tv but the real deal is Showtime, who currently owns 20 percent of the company, was looking to up its stake to a controlling interest when those negotiations failed funding dried up forcing the shutdown. Now the only question is what fighters UFC will pick up to further supplement there roster.
October 21st, 2008 at 12:05 pm
So what will Kimbo be doing from now on?
October 21st, 2008 at 12:16 pm
I don’t think Kimbo has much of a futurein MMA Daina White pertty much thinks he’s a joke so the UFC is defenity out. He could get some work with another lesser orginazation but the pay isn’t gonna be as good as it was in EliteXC. So I think we can look foward to seeing him in TNA by this time next year and I wish I was joking about a that.
October 21st, 2008 at 12:49 pm
Who cares about Kimbo Slice? What happens to Gina Carano!?!? That is the fighter in Elite XC I was interested in watching fight, or wrestle, or whatever they consider it.
The people running Elite XC were not the best business minded people in the world from what I have read today. They signed a deal with Showtime that caused them to lose money on every show. They were trying to make the be all end all of the MMA websites and that failed. Then they started buying other MMA companies losing money hand over fist. Sounds like a case of trying to build to fast.
To go off on another thought:
American people will not have the money to spend on PPVs two to three times a month. Would be nice if one of the two wrestling companies would take a lead from old WCW’s “Clash of the Champions” and offer a PPV caliber super card on regular tv.
Have a great week everyone!
October 21st, 2008 at 1:01 pm
Don’t put your faith in a pipe dream…
October 21st, 2008 at 1:15 pm
-Michael
Entertiament compaies like the WWE and even UFC tend to be resession proof so WWE stock has hovered around $15(like it always does) through this whole over blown “crisis” I doubt Vince is worried.
October 21st, 2008 at 1:32 pm
mike
mma does that ufc usually has one free card every 6 months or so and wwe considers having A 3 HOUR Raw of shit that they consider great
October 21st, 2008 at 1:34 pm
sideshowraheem- I was thinking more along the lines of TNA being hurt. They send to spend money on talent, but what kind of return do they get?
October 21st, 2008 at 1:34 pm
Don’t eb surprised to see these cats at Affliction. Then again, Affliction is up to their necks in ways to improve the buyrates. As of now, only MMA hardcore fans buy the PPV, and stuff.
They need to realize that only a small %age of people even know who the fuck Fedor is. Stop trying to sell him to casual fans, he’s as stale as stale gets in the eye of the casual fan.
October 21st, 2008 at 1:35 pm
Send = tend
October 21st, 2008 at 1:36 pm
Michael -
TNA is resting on the laurels of Panda energy. They’ll be fine as long as Panda tolerates this nonsense.
Also, Seth Petrozelli’s head on a platter, please.
October 21st, 2008 at 2:27 pm
PWNED!
October 21st, 2008 at 2:31 pm
Kimbo like I SAID ALL ALONG(even before he had his 1st fight versus Mercer) should have gone into boxing where he is experienced with his hands. MMA being new to him isnt fair because he is a ROOKIE on the ground. Just imagine you or me becoming an mma fighter going against those who have been doing it all their lives and you have no experience on the ground…..
Its not his fault. Kimbo is my man. I hope he joins the WWE(ratings boost!) and have them use him right. TNA is a joke.
Kimbo = Boxing, WWE, or VH1(lol)
October 21st, 2008 at 2:33 pm
All I want is Kimbo to be in UFC 09 the game. Make it happen UFC
October 21st, 2008 at 3:46 pm
Holy fucking shit………..this is way off topic but I just noticed the TNA ad on the side bar of thenewpwb.com TNA running ads for Impact WHAT IS THE WORLD COMING TO!?!
October 21st, 2008 at 4:09 pm
everybody checkout the VOTD with Iron Sheik
October 21st, 2008 at 4:12 pm
Man. I was at the very first EXC event!
October 21st, 2008 at 4:33 pm
lol @ Kimbo going to TNA.
October 21st, 2008 at 4:59 pm
Kanadian, don’t laugh man, its damn near set in stone for him to do something like that.
I can picture it now:
Mike Tenay: “Ladies and gentleman, I proudly present to you a “first” in both professional wrestling and TNA history. The “World’s Dangerous Man” Kimbo Slice will be coming to TNA!!”
**cue the cheesy ass generic hardcore thug theme music**
Kimbo comes out, says a few words to garner a few pops, then all of a sudden *gasp* KURT ANGLE comes out angrily and gets into Kimbo’s face thus creating a 4-6 month long feud finally coming to a head in a Six-Sides-of-Steel MMA on a Pole match.
You heard it here first folks!
October 21st, 2008 at 5:44 pm
As long as Kimbo uses pacman jones’ music.
HE’ BACK HE’ BACK ITZ DA (KIMBO SLIIICE)
SOMETHING SOMETHING SOMETHING
HE’ BAK HE’ BAK ITZ DA (KIMBO SLIIICE)
October 21st, 2008 at 7:08 pm
LOL 313rd. It’s funny because they’d put him with Kurt right away. Plus, as you referenced, it would give them another excuse to have another horrible worked shoot fight that is horrible (”oh, look Don, he’s got him in that arm bar! is he going to tap out?!” - “Oww Mike, I don’t think Kimbo can take too many more of those overhand forearms from Kurt!”
October 21st, 2008 at 7:59 pm
I was shocked when I saw this news today.
I knew the company was in dire straits financially, and I had assumed that they would fold at some point in the next year, but I didn’t think it would happen this month. They were heavily hyping the next show, and still doing promotion up until a few days ago. This is very disappointing–we were trying to schedule some of the guys on the next show’s card for interviews. Just looking at proelite.com, they haven’t even taken down the fight card for the Nov. 8 show, yet.
A business that is losing this much money needs loans to survive, and with all the recent problems in the credit markets, I’m guessing their line of credit may have dried up…that’s just a complete guess, though. I’m wondering now where this puts ProElite’s other properties, like Cage Rage, Icon and King of the Cage–I guess they are done, too. Strikeforce, Affliction and Dream may end up picking up the best fighters from EliteXC, and it will be interesting to see if any are able to get on with the UFC.
By the way, hope you weren’t invested in EliteXC’s “stock” on the pink sheets:
http://finance.yahoo.com/q?s=PELE.PK
October 21st, 2008 at 9:20 pm
VOTD