EliteXC Facing Uncertain Future Amid Canceled Shows, Layoffs
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EliteXC Hoping Carano Will Help Bring Up
Ratings For Its MMA Events On CBS |
There are "numerous questions" being asked about the future of MMA promoter EliteXC, which has "canceled two shows in the past week and had several internal layoffs and the resignations of key officers over the last month," according to Dave Meltzer of YAHOO SPORTS. Less than three months ago, EliteXC "was celebrating the most-watched [MMA] event ever in North America" with its first show on CBS. EliteXC and CBS after an October 4 show have one more event "remaining on their contract." The company's hope is that fighters Kimbo Slice and Gina Carano, the "main draws for the first show, will bring the numbers back up." However, the "only opponent [for Slice] that would come close to guaranteeing good ratings" is Tito Ortiz, but it "doesn't appear [EliteXC has] the money to afford Ortiz." A filing with the SEC on Monday indicated that EliteXC was "spending significant time and resources to raise up to $3[M] in new financing." Company filings also state the EliteXC has "lost about $30[M] since its debut show in early 2007." The "new funding would only be sufficient to carry the company through the end of the year." There also has been a "mass exodus of front office staff, including" EliteXC President Gary Shaw and EliteXC parent company ProElite Inc. Exec Chair Doug DeLuca. The CBS deal "calls for a $1[M] stock purchase every time they televise a show, and an undisclosed but smaller rights fee." DeLuca noted that the "only way to sustain the promotion long-term is to be successful on [PPV], which up to this point nobody in the MMA business has been able to make work financially except UFC" (SPORTS.YAHOO.com, 8/18).
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