When Will Dana White Swoop In to Pick the Carcass of Elite XC?

The recent phantom punch knockout of street fighting legend Kimbo Slice by UFC reality show failure Seth Petruzelli could metaphorically foreshadow the entire EliteXC company’s dismal future.

Despite Gary Shaw insisting the contrary, EliteXC has lost every single round of their professional career. Gina Carano is the only marketable fighter left on his roster.

Previously, CBS ordered an additional event under the Agreement from the Company scheduled to be presented on October 4, 2008. The Company advised CBS that it was unable to deliver the Sunrise Event ordered by CBS for October 2008 under the current terms of the Agreement.

Accordingly, the Company and CBS agreed to amend the Agreement whereby CBS would assume all expenses for the event and receive all revenue from the event. CBS advanced the estimated event costs according to an agreed upon budget in order for the Company to pay expenses related to the event.

No doubt EliteXC will continue to organize and broadcast fights on the CBS and Showtime networks, but the agreement is anything but a feather in EXC’s cap. Maybe they should become a girl's only organization.

Recent Securities and Exchange Commission filings for EliteXC’s parent company Pro Elite, Inc., shows recent loans of at least $4.5 million from Showtime have been issued to Pro Elite and more than 12.7 million shares of Pro Elite stock and stock options have been issued to CBS owner Sumner Redstone and his various corporate entities.

EliteXC has given CBS two million shares of stock in exchange for the broadcasts as partial payment to televise such unwatchable television.

One loan of $3.5 million has already had to be extended an additional 3 months in anticipation of future corporate profitability. Most of these loans, which are secured by all of the company’s assets, mature on or before June of 2009.

Three months ago the higher fighter purses and main events on free television were going to save us from UFC’s greedy owners and PPV hell.It is amazing to me how fast the self-declared hardcore MMA fans, who generally scoff at The Ultimate Fighter program, moved from the doomed EliteXC and Affliction buses back into the UFC house.

Many online MMA news outlets that attract hardcore fans have been putting aside their collective journalistic duty in order to promote the fantasy of EliteXC becoming a legitimate contender to the undisputed mixed martial arts champion that is Dana White’s Ultimate Fighting Championship. That all seems to be coming to an end.

The worst propaganda distribution offender is the website fiveouncesofpain.com where the main writer also collects a check as a contributing writer for CBSsports.com.

In addition to this conflict of interest to legitimate journalism, this “journalist” happens to be the ranking committee chair of an independent belt issuing organization called the World Alliance of Mixed Martial Arts which desperately needs other organizations as competition to UFC because Dana White does not recognize WAMMA title declarations.

The obvious softball questions about EliteXC’s most recent fight-fixing controversy makes Gary Shaw look so good that the EliteXC website actually links to those interviews to bolster its defense. I’ve recently read a few mea culpa articles on this and other websites professing their disgust with such an amateur organization as EliteXC.

At one time it seemed that with all this supportive media and money available, EliteXC would be assured some level of success. They basically have until June of next year to become profitable or become a wholly owned subsidiary of Showtime.

Since I’m sure Sumner Redstone has no interest in being an MMA fight promoter, the contracts, which are the only real assets an organization like this has, will be sold to the highest bidder to recoup some of the lost money.

Dana White and the Fertitta brothers will probably be the only bidders.