So believes Sam Caplan. According to Five Oz. sources, ProElite has accepted a bid to sell the organization’s assets. If true, an announcement could be made as early as later today.
In recent hours FiveOuncesOfPain.com has been informed by sources that ProElite, Inc. has accepted a bid to sell its assets to an outside company.
It looks like the story of Todd Beard is coming to a close. According to a press release on MarketWatch.com, Affliction has received and accepted the Affliction co-founder’s resignation.
SEAL BEACH, Calif., Nov 14, 2008 /PRNewswire via COMTEX/ — The board of directors of Affliction Inc. announced today that it received and accepted the resignation of Todd Beard as an employee of the company. Mr. Beard is one of the original founders of the clothing company based in Seal Beach, California. The resignation coincides with a public apology for comments made by Mr. Beard and directed toward Randy Couture and his wife Kim Couture regarding their business relationship.
The story of ProElite’s demise doesn’t know which way it wants to go. First, they ran out of money and their lifeline decided to dump them. They’re supposedly filing for bankruptcy, except they don’t. Then, several fighters file for breach of contract to which ProElite responds with, “we’re running events in 2009.” Showtime is pissed because ProElite owes them a ton of money, so they file to hold a public auction to sell off all of ProElite’s assets, including fighter contracts, to recoup as much money as possible. ProElite says Showtime can’t do that and threatens to file a lawsuit to block the sale. Meanwhile, fighters’ agents are pulling out the laterns and pitchforks.
Huntington Beach, CA November 10, 2008 – We as sports agents battle against each other every day for the best opportunities for our clients. Ultimately we realize the struggle is always about the client’s best interest. That is why we as the elite agents in MMA today have band together to address what we perceive to be a grave injustice.
No Comments | Filed under: Cesar Gracie, EliteXC, Ken Pavia, Mark Dion, Monte Cox, ProElite, ShowtimeIf you thought the aftermath of ProElite’s demise couldn’t get any worse, you may be wrong. Last we heard, Showtime had scheduled a public sale to auction off all of ProElite’s assets including the fighters’ contracts. Apparently that didn’t sit well with whoever’s left at ProElite though, as it appears they are fighting the sale.
Remember that ridiculous notice ProElite sent out in response to numerous fighters filing for breach of contract yesterday? You know, the one where they said they still planned on promoting events in 2009. Well, here’s what’s really going on.
In a Securities and Exchange Commission filing dated Nov. 4, executives from Showtime Networks and parent company CBS Corporation announced that the assets of Pro Elite, Inc. would be sold to the highest bidder in a public auction scheduled for Nov. 17.
“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,” the filing states. “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.”
So basically, if you’re rich and happen to get your kicks from burning cold hard cash in your fireplace, ProElite is the perfect opportunity for you. Any takers?
While an official announcement has yet to be made regarding Affliction “Day of Reckoning” (redux), the website for the event has been updated to reflect the changes in venue, date, card, etc. Am I crazy to think that the info on the site is official???
Last we heard, Fedor Emelianenko vs. Andrei Arvolski was still not signed, however, the website is listing Fedor vs Arlovski as the only match-up thus far on the card. From the image, it appears that Vladimir Matyushenko, Jay Hieron, Antonio Rogerio Nogueira, Babalu Sobral, Josh Barnett, Matt Lindland, Chris Horodecki, and Vitor Belfort will be on the card though. Also from the images, it looks like Jan. 24 will be the date and the event will be held at The Honda Center in Anaheim, California.
One interesting item to note is in the top right “In Association With” section of the image above there is the Showtime PPV logo. Unless I totally missed it from “Banned,” Affliction hasn’t worked with Showtime before, with the minor exception of their co-promotion with EliteXC on big sister network, CBS. My understanding with Golden Boy is that their pay-per-views run through HBO, so please correct me if I’m wrong if they work with Showtime as well. Point is, perhaps that’s a sign of things to come.
If you thought today’s announcement that Affliction fighters Andrei Arlovski and Roy Nelson have been added to EliteXC “Heat” was pretty crazy, wait till you hear this. Sergio Non of USA Today spoke with Affliction Entertainment COO Michael Cohen about the EliteXC co-promotion earlier today, and what he said could potentially be huge.
Elite XC and Affliction will also co-promote Affliction’s next event with Golden Boy Promotions, now scheduled for Jan. 24, Cohen said. That fight will air either on CBS or Showtime, he said.
2 Comments | Filed under: Affliction, Andrei Arlovski, CBS, EliteXC, Fedor Emelianenko, Golden Boy (Boxing), Josh Barnett, Roy Nelson, Showtime
We all know how serious of financial trouble ProElite is in. They’re $55 million in the hole and according to their last SEC filing, they need $3.5 million in financing in the near future to stay afloat. Considering how screwed up our economy is right now, it would seem like a miracle that anybody would be investing anymore money into the fledgling promotion.
Yesterday, we passed along news that Gary Shaw may be removed from his position with ProElite and EliteXC as soon as the end of this summer. Today brings news that CBS/Showtime Networks has infused more money into ProElite to the tune of $3 million. However, those funds don’t come without a price, and that price is a larger stake in the company, likely giving CBS and Showtime more control.
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