From CBS Sportsline

Reports: EliteXC files bankruptcy, closes doors
Posted on: October 21, 2008 10:27 am

EliteXC and Pro Elite appear to be finished, according to multiple reports that surfaced beginning on Monday evening.

Loretta Hunt of Sherdog.com reported that EliteXC fighter Joey Villasenor was notified Monday that his middleweight title bout against Robbie Lawler slated for Nov. 8 on Showtime was off, due to the event being cancelled. Hunt further reported that Icon Sport and Pro Elite executive TJ Thompson said he learned on Monday morning that the company had already filed bankruptcy paperwork and would cease operations entirely by the end of this week.

EliteXC fighter, color commentator and shareholder Frank Shamrock was quote by Dave Meltzer of Yahoo! Sports as saying he'd also heard the news.

“I got a call earlier (Monday) telling me they were shutting down,” Shamrock said. Meltzer added that the representatives of numerous EliteXC fighters had already been in contact with the UFC on Monday in hopes of finding a place for those fighters in that promotion.

EliteXC/Pro Elite has yet to comment publicly on the reports. Neither CBS -- which broadcast three EliteXC events, most recently the Kimbo Slice vs. Seth Petruzelli upset on Oct. 4 -- nor Showtime, which had a show scheduled for Nov. 8 entitled "Night of Champions," have made a public statement.

It seemed to me like they were so intent on riding the Kimbo Slice (of turd) train, that they lost sight of the future...

They were banking on Kimbo being the money - like Iceman was/is to UFC. Hopefully some of the EliteXC guys can get contracts
at other places.

I have said this since the beginning - Boxing has gotten much better since the days of Mike Tyson and fixed fights...or finding bums to build up so that they can be knocked out. It happens occasionally - see Pavlik vs. Lockett or Gatti vs. Daamgard, Dorin and Branco. However, the promoters have the right idea as far as how to market fighters. The premier guys, who can actually fight - are made Marquee/Franchise fighters...and money is made and banked based on PPV sales, and the gate. Money is then saved in order to pay the franchise players a signinficant tribute so that they will WANT to fight other top fighters...not just has beens.

I am so sick of up and comers going after Liddell and Couture. Sure, they were great...but both have faded past their glory years. Why not go after somone of comparable age...or popularity?

Elite XC was not planning on doing anything significant with Kimbo. That is why he was paid basically potatoes to get in the ring with washed up fellow turds.
A true franchise player at the pinnacle of his career would want to fight other guys who are at the same stage - Cotto/Margarito was one of the best fights of year...both were tremendously hyped - and both performed. Had they put Cotto in with an unknown and he'd been stopped, it would have been a hard road back.

UFC has it's moments too, but at least they know what they are doing, and have some sort of business plan.