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Showtime Looking to Purchase ProElite


(Scott: “Come on gang, we gotta raise $55 million to save EliteXC! But…how?”
Gina: “Bikini car wash!”
Robbie: “Pirate treasure hunt!”
Kimbo: “Robbin’ ni**as!”
)

Sherdog reports that Showtime Networks filed public notice with the U.S. Securities and Exchange Commission yesterday, announcing their intention to negotiate for the purchase of Pro Elite Inc. Showtime, a subsidiary of CBS Corporation, already has a 20% ownership stake in the L.A.-based MMA organization.

What makes the sale likely is how broke-ass Pro Elite is at this point. It’s already been widely reported that the company racked up $55 million in debt during its two years of operation, and to make matters worse, Pro Elite is struggling to obtain enough capital to operate in the short term. According to a new SEC filing, the company has been hustling for $3.5 million in financing, and their failure to secure it in the immediate future “[would] have a material adverse effect on the Company’s liquidity and capital resources and ability to continue as a going concern.” And guess what:

The Company no longer believes that a successful closing of the $3.5 million secured debt (with a funded amount of $3.0 million) will occur. Although the Company has received $1 million pursuant to the Note [ed. note: this refers to a loan made to Pro Elite by Showtime]…the $1 million funding defers such consequences only for a brief period of time while the Company continues to evaluate its options on how to respond to its severe liquidity problem.

Known most for its EliteXC and ShoXC brands, Pro Elite has also acquired such mid-level outfits as King of the Cage, Icon Sport, Rumble on the Rock, and Cage Rage over the last two years — meaning that it would be a powerful asset in the hands of the right manager. And who’s the Showtime exec who would be qualified to run it all? Well, that’s the $55 million question. More to come…

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walrus- September 18, 2008 at 7:49 pm
yea, since when did Ecko and Matt hughes have any relation?

Matt Hughes seem more like a Levi or Eddie Bauer type guy.
DDT- September 18, 2008 at 4:00 pm
Seriously CP, that is the funniest fucking caption I've seen in a long time. Mad props!
JAZACKED- September 18, 2008 at 2:14 pm
Robbie Lawler.."By selling more than one Matt Hughes Ecko unlimited shirts"
Shawn- September 18, 2008 at 1:47 pm
ninja stick go choke on a donkey dick.

I used a higher level of logic, reason, and grammar than you used to put together that provocative piece of material you just posted. The argument has been beaten to death about MMA fighter salaries and while I think most can agree that there should be a minimum (say $5,000k?) at the UFC level, for the most part these guys get paid what their worth according to the market.

But seriously - choke on a donkey dick. And video tape it. That viral video would do much more for the internet and the world at large than whatever it is you're currently bringing to the table.
ninja stick- September 18, 2008 at 1:41 pm
who would like to see Kimbo vs Chuck
does anyone think some fighters are waisted not fighting in the UFC


( I DONT MEAN MR SLICE EITHER )
I HOPE MMA DOESNT TURN INTO BOXING WHERE WE DONT GET TO SEE THE "SUPER FIGHTS" BECAUSE THE ORGANIZATION KEEP THERE FIGHTERS UNDER LOCK AND KEY....
THESE "SUPER FIGHTS" WOULD EARN THE FIGHTERS MORE MONEY,
THEY SHOULD BE EARNING AND NOT BE GETTING PEANUTS LIKE THEY ARE NOW.
Warcraft- September 18, 2008 at 1:34 pm
How much MMA is to much MMA?
pookysdabomb- September 18, 2008 at 1:33 pm
Sell Nick Diaz back to UFC! Dont be scared hommie!
winklepicker- September 18, 2008 at 12:48 pm
Best photo caption ever.
Shawn- September 18, 2008 at 12:38 pm
Fuck it. I say Zuffa snatches up Pro Elite. I'm all for a MMA-OPOLY. Turn that shit global and own the ENTIRE industry. HUGE fights on Spike, CBS, Showtime, and PPV. ESPN deal within a few months. More MMA than we can handle. And Gina Carano in Playboy with Rachelle Leah. CMONNNNNN
mayhem420- September 18, 2008 at 12:31 pm
And another one bites the dust.
Scar Tissue- September 18, 2008 at 12:17 pm
Fuck AIG, it's time for the government to bailout EliteXC!
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