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ProElite Closes Shop?

    Mon, 2008-10-20 15:44 — OntheMat

    Word has gotten back to us that EliteXC, the website, and the parent company ProElite, Inc. is finished. Employees received word today and the doors are closing Friday.

    While the companies behind the scenes woes have been somewhat documented, the company remained hopeful after their latest showing on CBS had boasted exceptional ratings. That showing, however, may have proved disastrous for the company as their most marketable star, the somewhat controversial Kimbo Slice, was dispatched in 14 seconds by last second alternate Seth Petruzelli. Petruzelli was a replacement for Ken Shamrock, who cut his eyebrow warming up just hours before the fight. Despite the TV deal, reportedly both CBS and rival promotion Affliction passed on the opportunity to purchase the company.

    OTM co-founder Scotty Nelson was at one time employed by ProElite in the "Grappling Advisor" role at a time when ProElite's pockets and fortunes seemed boundless. He was let go in the first round of layoffs several months ago in what would be one of several attempts for the company to reorganize themselves to remain competitive. In further purchases, ProElite acquired a number of companies, including MMA promotions King of the Cage, Cage Rage, Spirit MC, and Icon Sport. Rumble on the Rock, the promotion owned by JD Penn, (brother of BJ Penn) was actually only leased to ProElite. JD was notified of his layoff this afternoon as well.

    ProElite, Inc. is publicly traded under PELE.PK

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