On November 4th Showtime Networks and CBS Corporation filed with the Securities and Exchange Commission to auction off the assets of ProElite Inc, including EliteXC, Cage Rage, Icon Sport, and King of the Cage, in order to reclaim the millions of dollars previously loaned to the failed mixed martial arts promotion.
“Showtime gave the Issuer a notice pursuant to the Security Agreement, as amended, that it intends to sell all of the Issuer’s personal property, whether tangible or intangible, to the highest bidder at a public sale,” states the filing. “Showtime reserves its rights under the Security Agreement, as amended, and applicable lawto adjourn or cancel the sale and thereafter dispose of such property in a public or private sale or in any other manner provided by applicable law.”
This news comes on the heels of the statement issued only a few days ago by ProElite stating that, despite claiming otherwise in late October, they had cancelled their November 8th show in order to simply restructure and downsize the company but that they fully intended to continue having events with the next show scheduled in “early 2009″. However, that claim was met with scepticism from many in the MMA community, as well as contracted fighters and management that are legally tied to ProElite/EliteXC, and it seems now that the promotion truly has tapped to the financial pressure of being a new MMA promotion in a UFC saturated world.
The auction will be held in public on November 17th with all of ProElites assets up for grabs.