Despite numerous reports to the contrary, ProElite, Inc., the parent company of EliteXC, has responded to fighter’s claims of breach of contract and claims not only has it not yet filed for bankruptcy, but that the promotion is simply undergoing significant downsizing and will again promote MMA events next year.
“EliteXC and ProElite are currently downsizing its staff in an effort to improve its business moving forward,” read a portion of the statement. “As this process is implemented, EliteXC cancelled the event previously scheduled for Nov. 8 in attempt to re-schedule another event in early 2009.”
The move is likely a last-ditch effort by the struggling promotion to keep its fighters under contract in hopes of selling of its assets, including fighter contracts, to the highest bidder. Since news first broke that the promotion was going out of business, numerous fighters have submitted formal breach notifications to EliteXC that could result in the fighters being released from their contracts in the coming weeks.
This latest development appears to be simply delaying the innevitable, as all of the promotion’s contracted fighters are likely to hit the open market by year end.
Requests for comment to EliteXC executives have gone unanswered.