(He’s officially gone from douchebag promoter to just a douchebag.)
Pro Elite/Elite XC’s and King of the Cage’s licenses are suspended. They were suspended yesterday, when after looking into the matter carefully the exact situation was determined. However, it is not due to any type of contracts…
The primary reason that Pro Elite/Elite XC’s and King of the Cage’s licenses have been placed on suspension is because of their financial states and the fact that Pro Elite, the owner of King of the Cage, has suspended operations and their tangible and intangible assets are being auctioned on November 17.
Hypothetically, if the auction goes through and one or more entities purchase either or both of these companies they would have to go through the licensing process. In other words, whatever it is that is being auctioned is not their California licenses.
Garcia also stated that the CSAC has no control over EliteXC’s fighter contracts, and “to have these types of contracts declared void the party (ies) would need to file a civil lawsuit in the appropriate court.” Which is unfortunate because Pro Elite isn’t giving those contracts up without a long, pointless, completely infuriating fight.
With Showtime primed to sell its assets, [Pro Elite] said Thursday that it plans to block the public auction. Looking to resuscitate its business, the company said it would pursue all available options to retain its assets, which include the contract of Kimbo Slice (real name: Kevin Ferguson). Possible actions include trying to raise additional capital, filing for bankruptcy, negotiating a settlement with Showtime, or filing a lawsuit to prevent the sale from going forward, according to an SEC filing.
I’m baffled as to what the end-game is here. Pro Elite is finished, and all they’re doing is ensuring that their fighters can’t earn a living until this is all sorted out in court. Does Pro Elite really think they can become a profitable company after all that’s gone on? Damn. I was really looking forward to that auction…