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Pro Elite Confirms Transaction of Assets to Strikeforce

Strikeforce MMA San Jose
So I guess they’re stopping short of calling it an actual sale of the company, but according to Josh Gross it has been confirmed that Pro Elite and Strikeforce have finalized a transaction for an asset purchase. Here are the details, as of now:

• Strikeforce and ProElite agree to a limited asset purchase, including some fighter contracts and options for additional fighter contracts.
• Strikeforce obtains library footage for EliteXC events.
• Strikeforce obtains licensing of the ShoXC brand name.
• [Pro Elite] Paid off debt to CBS/Showtime.
• Showtime remains a partner with ProElite, same ownership stake.
Moving forward ProElite will not dissolve, as was previously expected. The company will continue to promote MMA events, primarily under the King of the Cage brand, though it still owns the rights to EliteXC-branded events…It has yet to be determined what it will do with other promotional brands.

If we had to guess, we’d say "run them directly into the ground," but we’re cynical like that. FiveOuncesofPain adds this important bit:

[T]he crown jewel of the deal for Strikeforce are ProElite’s existing television contracts with CBS and Showtime…It is now believed that with the agreement to acquire assets now completed, Strikeforce could begin airing live shows on CBS within the next several months. Sources have also indicated that CBS is enthusiastic about the prospect of working with Strikeforce and encouraged ProElite to finalize a deal with the promotion. The pressure from CBS was applied even though Strikeforce had not made the highest monetary bid of the three companies that ProElite was engaged in talks with. CBS and Showtime are also said to have been impressed by the fact that Coker has financial backing from the same group that owns the San Jose Sharks and the HP Pavilion.

More to come…

Cagepotato Comments

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Surfin Dave- February 6, 2009 at 8:25 am
Dr. Gonzo wrote:

"Just hope Dana doesn't do a 360 and start bad mouthing Strikeforce now"

Um, you mean a 180, right? A 360 would mean he already is bad mouthing Strikeforce...
Anonymous- February 5, 2009 at 8:12 pm
The first thing they should do is sign Gina Carano to a long term contract but insist first that she exposes her huge Tits in Playboy to drum up a lot of publicity.
Then they should sign Tito Ortiz to a long term deal and give him a couple of tomato cans to make him look unstoppable to set up a huge fight with Babalu.
Have Kimbo Slice fight Sean Gannon to get the internet Youtube junkies to tune in. After he KO's that fat pig set up the fight with Ken Shamrock.
They need to get on CBS and keep Gus Johnson and Frank Shamrock as announcers and I would add Bill Goldberg to do the pre-fight and in-ring interviews to get the WWF fans interested.
The most important thing though is locking up Gina's Tits to a huge contract.
Finally They better keep the James Thompson War Wagon on course by setting him up for success against some heavyweight pushover's.
Anonymous- February 5, 2009 at 8:12 pm
Also "Old bald and Irish" GO FUCK YOURSELF!
Poo Flinger- February 5, 2009 at 4:34 pm
Too bad none of this equals seeing more Cung Le fights. Darn you, Cung Le, and your higher paying silver screen opportunities.
Old, Bald and Irish- February 5, 2009 at 4:21 pm
@ Dynamite!! :

"EliteXC: Heat was a slap in the face to andrei arlovski, jake shields and ninja."

Right on, brother. I don't mind Kimbo. In fact, I think he's a pretty fun and colorful guy. But he's not the main attraction.

Arlovski, Shields and Ninja Rua: Yes.

Kimbo: No, but fun to have around.

Clozer- February 5, 2009 at 4:00 pm
OBI, not half brother....adopted brother.
Dynamite!!- February 5, 2009 at 2:37 pm
@ obi

so true about kimbo. he shouldve never been in any main event.
it only brings the quality of the overall product down when an amateur gets the main event slot. like, how are people supposed to take the company seriously when they make a move like that. EliteXC: Heat was a slap in the face to andrei arlovski, jake shields and ninja.
Neal Taflinger- February 5, 2009 at 2:23 pm
Good, albeit confusing news. So Strikeforce gets assets in the form of some fighter contracts, the video library, and the deal with Showtime/CBS, and KOTC gets the name and...? Confused as to why KOTC would bother since it's own brand is probably stronger than EliteXC's at this point. Also, what happens to Cage Rage, ICON Sport, Rumble on the Rock and Spirit MC?

AND...what happens to That website had a lot of potential. Really good architecture and useability.
Old, Bald and Irish- February 5, 2009 at 1:41 pm
@ Jeffro

DUDE! I know what ya mean! In some weird and masochistic way, I miss the Shaws.

I was watching boxing on Shotime about 2 weeks ago. To the left of center of the ring, in the third row, there he was....

Gary Shaw.

Wearing a tracksuit and everything! Even though the fight was good, I couldn't stop laughing or tear my eyes away from Shaw! It's almost surreal!
Old, Bald and Irish- February 5, 2009 at 1:40 pm
@ MC Obscene

Yeah, noticed that too. Strikeforce already has a good stable of fighters. I'm sure they'll peel off the dead weight and just take the fighters they want.

As far as Frank Shamrock goes, hell yeah, get him in the ring. His glory days are past, but he's not done yet. His fight against Cung Le was awesome. Le was better, but Frank put up a battle. Late in the fight, Frank threw a punch at Le with HIS BROKEN ARM! If he's still got fight like that left in him, I'll watch him.

Also, he's not nearly as annoying as his steroid-riddled half-brother...

As Dynamite!! was quick to point out: What about Kimbo?

Realy good question...

The way I see it, Kimbo's a double-edged sword. He has name recognition, and yes, he's responsible for bringing in the big ratings on the CBS events. On the other hand, some view him as one of the main problems for the failure of EliteXC's final event.

If I was Strikeforce, I'd sign him for 2 fights. Let him work his way up with decent competition, but keep him OFF the main event. If he murders a couple guys in spectacular fashion, then great!...maybe we can do business. If he gets killed, then cut hm loose. He'll still bring in some fringe-MMA viewers, and lets's face it, us hardcore MMA fans are DEFINITELY gonna tune into the freakshow to see him get smoked! Either way, it's a win/win for Strikeforce: as long as there are butts in the seats and eyes on the TV.

Now think about it: Throw an "OK" fighter at Kimbo. Not a can, but someone decent who has some skills, but isn't a MAJOR threat. If Kimbo gets by, IMMEDIATLY set up Petruzelli/Kimbo 2. NOT as a Main Event, but on the same card with a solid main event that will overshadow Kimbo. If he demolishes Seth, then Kimbo is back off to the races.

In Kimbo's defense, it takes a long time to learn the ground game. But against another striker, Kimbo could still be entertaining...assuming that he worked on his cardio. I go back and re-read this, I see there are a lot of 'ifs'.
Rape Choke- February 5, 2009 at 1:21 pm
Yeah i agree with mayhem420 we are FUCKED!!!!!!
MC Obscene- February 5, 2009 at 1:20 pm
I want to know what fighter contracts they bought (it only says "some" fighter contracts).
Jeffro- February 5, 2009 at 1:19 pm
Does $kala come with the deal? I actually miss seeing his face. I always became so infuriated and agressive when he was talking, but I kind of miss it.

Come back $ fucking cocksucker.
Anonymous- February 5, 2009 at 1:19 pm
I hope they got that guy that created "facesmashing-fu"
iron helps us play- February 5, 2009 at 1:05 pm
i wouldn't mind seeing frank shamrock on tv.
as long as he's fighting and not color commentating or singing christmas mma songs.
Dr. Gonzo- February 5, 2009 at 1:04 pm
With Strikeforces managment running the show instead of the Shaws, MMA could REALLY take off. Good news. Just hope Dana doesn't do a 360 and start bad mouthing Strikeforce now
mayhem420- February 5, 2009 at 1:01 pm
Oh no.... does this mean we get Frank Shamrock on TV all the time now???
Thoughts- February 5, 2009 at 12:59 pm
Strikeforce on CBS...interesting
Dynamite!!- February 5, 2009 at 12:58 pm
here comes kimbo