EliteXC Expected to Fold – Cancels November Card
EliteXC, which has accrued greater than $55 million in debt according to its latest SEC filings, has cancelled its November 8 “Night of Champions” card. “Night of Champions” was slated to have bouts featuring Nick Diaz vs Eddie Alvarez and Joey Villasenor vs Robbie Lawler. In fact, the last EliteXC on CBS card was entirely paid for by CBS and all revenues were given to CBS as indicated in an October 9 SEC 8-K filing.
TJ Thompson, a ProElite executive and former owner of Icon sports, told Sherdog.com that he was told that the company had already filed bankruptcy papers and would be closing its doors this week.
There is no mention of the impending closure on Proelite.com but Graciefighter, home of EliteXC champion Jake Shields, has also posted an article stating that EliteXC has folded.
This follows many troubles with the promotion including:
- mishandling of Lightweight Champion KJ Noons
- impending Florida state investigation into fight improprieties surrounding Kimbo Slice and Seth Petruzelli where Petruzelli was supposedly paid to stand up.
- purchasing many smaller promotions like Icon, Spirit MC, King of the Cage to no apparent benefit and eventually writing off these investments.
For previous Cageplay.com articles on EliteXC issues, see EliteXC In Trouble.