Breaking News: ProElite to Fold This Week


Photo by Esther Lin/EliteXC.

That’s the hot rumor going around the web right now.  The closest confirmation thus far is a report on GracieFighter.com.

We are confirming that EliteXC has folded. What this means for our fans and supporters is that there will not be a Nick Diaz vs. Eddie Alvarez fight on November 8th. However Jake Shields in the UFC has now become a real possibility. We will be updating our site for future developments.

GracieFighter.com is the official website of the Cesar Gracie Fight Team, among whom they count as members Jake Shields and the Diaz brothers.  Thus they have an inside track on all info regarding their fighters.

Further word comes from the On The Mat website:

Word has gotten back to us that ProElite, the website ProElite.com and the parent company to EliteXC is finished. Employees received word today, and the doors are closing Friday.

While the companies behind the scenes woes have been somewhat documented, the company remained hopefully after their latest showing on CBS and boasted of exceptional ratings. That showing may have proved disastrous for the company as their most marketable star, the somewhat controversial Kimbo Slice, was dispatched in 14 seconds by last second alternate Seth Petruzelli, a replacement for the hours injured before Ken Shamrock. DEspite the TV deal, reportedly both CBS and rival promotion Affliction passed on the opportunity to purchase the company.

OTM co-founder Scotty Nelson was at one time employed by ProElite in the “Grappling Advisor” role at a time when ProElite’s pockets and fortunes seemed boundless. He was let go in the first round of layoffs several months ago in what would be one of several attempts for the company to reorganize themselves to remain competitive. In further purchases, ProElite acquired a number of companies, including MMA promotions King of the Cage, Cage Rage, Spirit M, and Icon. Rumble on the Rock, the promotion owned by JD Penn, brother of JD Penn was actually only leased to ProElite. JD was notified of his layoff this afternoon as well.

At this point, this is still pure rumor.  But with CBS assuming the entire cost of the last show and EliteXC hoping Showtime would do the same for their upcoming November 8th show, this could be a dire sign.

Update 10:00pm EST: Many websites are now confirming the news.  Cesar gracie himself has gone on record saying that the Diaz fight is off unless a last minute investor saves the show.  Apparently, talks with Showtime to purchase ProElite failed late last week and the funding is simply not in place to run the November 8th show.

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