EliteXC/Pro Elite filing for Bankruptcy..beginning of the end - DFWstangs Forums
 
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post #1 of 19 (permalink) Old 10-21-2008, 08:01 AM Thread Starter
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EliteXC/Pro Elite filing for Bankruptcy..beginning of the end

Seems they are going under...they have some decent fighters. I wonder who will pick up their scraps? Hopefully Affliction can stay afloat and pick up some of their talent.

EliteXC/Pro Elite Bankruptcy



In an interview with MMAWeekly.com Monday evening, Icon Sport founder T.J. Thompson said crisis management, or lack thereof, brought Pro Elite down.

Thompson history with Elite began in August of 2007 when he sold his Hawaiian MMA promotion Icon Sport to the then-expanding company. As part of his deal, he entered into a five-year consulting deal with the Los Angeles-based company and participated in many strategic talks with its executives.

A 15-year industry veteran who got his start promoting fights in the backrooms of bars to a couple hundred fans, Thompson got a call Monday morning from EliteXC Head of Fight Operations Jeremy Lappen, who informed him that the company had filed for bankruptcy and everyone in the company would be let go.

Thompson said it was CBS, not Showtime, who backed out of an impending deal to purchase the ailing fight promotion. Last Tuesday, he spoke with Elite CEO Chuck Champion, who said the company had a fifty-fifty shot of surviving.

“His opinion was that the deal was either going to close in the next two to four weeks, or it was going to crash a lot faster than that,” Thompson said.

Though he was not present during negotiations between Elite and CBS, Thompson believes the handling of Elite’s third CBS televised card, “Heat,” sealed their fate.

“I was there cageside and watched the whole thing happen,” he said. “I think (CBS) got cold feet watching. The way the Ken Shamrock pullout was handled, all the way from the beginning to the end with Seth Petruzelli. Watching Jared Shaw jumping up and down and screaming as a representative of the company, I think was disgusting and embarrassing.”

Almost as quickly as “Heat” was over, the Oct. 4 show was mired in controversy over comments Petruzelli made to an Orlando radio show. During his interview, Petruzelli implied that Elite XC officials had attempted to influence the outcome of the fight. Subsequent outcry from fans and media caused the Florida State Boxing Commission to open an investigation, another reason Thompson believes CBS pulled out of talks with Elite.

“I don’t have a smoking gun, (but) I’ve been around long enough, I’ve talked to enough people that were there, I won’t name names of executives in the company that I know—Seth was paid to stand up. I’m confident of that. If the commission wants to talk to me, I’ll tell them what I know.”

Thompson believes his company and other MMA promotions under the Pro Elite banner are destined to languish in bankruptcy court, along with EliteXC’s fighter contracts. On Tuesday, he will meet with his lawyers to determine whether it’s possible to free Icon Sport from its parent company. He’s not overly optimistic.

“(The promotions are) there for creditors to go after, really,” he said.

As a promoter, Thompson says he’s made hundreds of mistakes in his fifteen-year career. Elite’s size and visibility did not give them that luxury.

“When things are going good, anyone can promote a show,” he said. “Kimbo Slice knocking someone out, it’s pretty easy to get good ratings. It’s when crises happen that you earn your money as a promoter. It isn’t an exact science. The people that have been at the helm of EliteXC didn’t have the years of experience that are needed to promote MMA shows.”



--wes
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post #2 of 19 (permalink) Old 10-21-2008, 08:06 AM
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Yeah, I didn't see that coming.
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post #3 of 19 (permalink) Old 10-21-2008, 10:47 AM
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I like watching Gina Carrano fight. Besides being good looking she was actually good!

Kimbo's done then right? UFC said they would never take him on.

Where logically do these fighters go?
Carrano - up and coming fighter and then Kimbo - brawler looking for a paycheck?

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post #4 of 19 (permalink) Old 10-21-2008, 10:58 AM
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Are we going to see an update to Petruzelli's record on Sherdog
Win vs EliteXC via Brutal KO
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post #5 of 19 (permalink) Old 10-21-2008, 12:26 PM
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Quote:
Originally Posted by must"have"ang
I like watching Gina Carrano fight. Besides being good looking she was actually good!

Kimbo's done then right? UFC said they would never take him on.
Where logically do these fighters go?
Carrano - up and coming fighter and then Kimbo - brawler looking for a paycheck?

Dana despises him, I don't see it happening.
Back to the Ole Kimbo backyard fights for $20 bucks and a forty!

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post #6 of 19 (permalink) Old 10-21-2008, 12:30 PM Thread Starter
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I think this is HD Net's chance to make a talent grab, but I think they're waiting it out for Affliction to fold.....I sure hope Cuban gets in the game.

--wes
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post #7 of 19 (permalink) Old 10-21-2008, 12:31 PM
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Kimbo is taking his paycheck and running. He knew his 15 mins was getting close and grabbed as much of the pie as he could. I don't fault him for this farse as much as CBS and Elite XC.
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post #8 of 19 (permalink) Old 10-21-2008, 03:25 PM
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Quote:
Originally Posted by wesman
I think this is HD Net's chance to make a talent grab, but I think they're waiting it out for Affliction to fold.....I sure hope Cuban gets in the game.

--wes
Is Affiction togther with Golden Boy Production
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post #9 of 19 (permalink) Old 10-21-2008, 03:59 PM Thread Starter
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Originally Posted by LZRREDGT
Is Affiction togther with Golden Boy Production

Yeah, supposedly. I don't know what the relationship is but I doubt that GBP is contributing much monetarily. Affliction is already hurting financially, hence the cancellation of their Oct show, we'll see how that all plays out.

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post #10 of 19 (permalink) Old 10-21-2008, 04:01 PM
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thats what happens when your company is ran like a hip hop video and your poster boy (kimbo) sucks and gets ktfo

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post #11 of 19 (permalink) Old 10-21-2008, 04:19 PM
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Originally Posted by wesman
Yeah, supposedly. I don't know what the relationship is but I doubt that GBP is contributing much monetarily. Affliction is already hurting financially, hence the cancellation of their Oct show, we'll see how that all plays out.

--wes
Yeah i saw thier banner in the Hopkins/palvik fight, also on the ring.
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post #12 of 19 (permalink) Old 10-21-2008, 05:17 PM
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and damn think were does tito ortiz go now haha thats why you never burn bridges!!!!!

The wolf on the top of the hill is not as hungry as the wolf climbing the hill, but when he wants the food... ....its there!- arnold

hopelessness is only a state of mind, therefore impossibilities are only illusions!!!!!!
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post #13 of 19 (permalink) Old 10-21-2008, 07:28 PM
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Quote:
Originally Posted by wesman
I think this is HD Net's chance to make a talent grab, but I think they're waiting it out for Affliction to fold.....I sure hope Cuban gets in the game.

--wes
I think Mark has watched too many people burn cash and piss on it to put it out ie, bodog, elite, affliction.

I'm not sure how I feel about EXC going under. In one way it sucks, fighters have one less place to make money. In another way I'm happy to see rapper Shaw and his pregnant father fail.
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post #14 of 19 (permalink) Old 10-22-2008, 09:00 AM
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and damn think were does tito ortiz go now haha thats why you never burn bridges!!!!!
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post #15 of 19 (permalink) Old 10-22-2008, 10:47 AM
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Maybe Kimbo will join Bob Sapp in Japan....?

Can't beat them, Join their message board !!

I m5...

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post #16 of 19 (permalink) Old 10-22-2008, 03:01 PM
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Quote:
Originally Posted by bigbirdbryan21
and damn think were does tito ortiz go now haha thats why you never burn bridges!!!!!
Tito is going to sign with Affliction not EliteXC
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post #17 of 19 (permalink) Old 10-22-2008, 08:02 PM
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post #18 of 19 (permalink) Old 10-22-2008, 08:16 PM Thread Starter
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lol...you know Dana is loving that shit!

--wes
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post #19 of 19 (permalink) Old 10-26-2008, 05:39 PM
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well they might have tried to influence the outcome of stuff but one less place to go isnt good for the fighters.

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