CSAC Suspends ProElite's Promoter's License
by Kid Nate on Nov 6, 2008 9:51 PM EST
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MMA Payout gets the scoop:
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.
...Regards,
CALIFORNIA STATE ATHLETIC COMMISSION
Armando Garcia, Executive Officer
Payout also speculates on rumors that the auction of ProElite's fighter contracts is being held against the wishes of company brass. Sad end to King of the Cage, a great regional promotion for a long time. I hope they can extricate themselves from the ProElite morass at some point.
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Loretta Hunt told me on MMA Nation that if ProElite failed to make their payments to Terry Trebilcock over time he’d regain control of the promotion. Hmmmmm….
Yeah, I wouldn’t mourn KOTC yet, I think they’ll emerge from this shitstorm relatively unharmed.
Regarding Pro Elite’s brass… Showtime controls a major chunk of the company, they (and CBS) were holding the purse strings, and they have that secured interest in the assets of the company. I’d say they’re shit out of luck, because there is nothing they can do to control the situation as far as I know.
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