ProElite Assets To Be Sold At Auction

November 5, 2008

According to a filing with the SEC, ProElite and all of it’s assets are set to go to the highest bidder in a public sale held on Nov. 17th:

“On October 31, 2008, Showtime gave the Issuer a notice pursuant to the Security Agreement, as amended, that it intends to sell all of the Issuer’s personal property, whether tangible or intangible, to the highest bidder at a public sale to be held on November 17, 2008. Showtime reserves its rights under the Security Agreement, as amended, and applicable law to adjourn or cancel the sale and thereafter dispose of such property in a public or private sale or in any other manner provided by applicable law.”

MMA on Tap had a listing of the public notice of Sale, including some assets:

Notice is hereby given that the Collateral (as defined below) will be sold by Showtime Networks Inc. (“Showtime”) at a public sale on November 17, 2008 at 10:30 a.m. (Pacific Standard Time) at the offices of Hughes Hubbard & Reed LLP, 350 South Grand Avenue, Los Angeles, California 90071. The term “Collateral” means all of ProElite, Inc.’s (“ProElite”), Real Sport, Inc.’s (“Real Sport”), ProElite.com’s (“ProElite.com”), EliteXC Live’s (“EliteXC”) and King of the Cage, Inc.’s (“KOTC”; each of ProElite, Real Sport, ProElite.com, EliteXC and KOTC, a “Debtor” and collectively, the “Debtors”) right, title and interest in, to and under, whether now owned or hereafter acquired by such Debtor, all present and after acquired personal property of such Debtor, whether tangible or intangible, wherever located and of whatever nature.

It should be interesting to see who enters and subsequently wins the bidding war for EliteXC’s assets. The UFC has made such moves in the past to take assets off of the market, with their Pride and WFA acquisitions, but EliteXC’s assets include two properties in Kimbo Slice and Gina Carano that the UFC has repeatedly stated they have no interest in. Also with the current economic climate, one would question the buying of assets that wouldn’t be fully integrated into the UFC.

Another possible suitor would be Mark Cuban. Cuban recently made a purchase of the IFL under similar circumstances. Cuban certainly has the wherewithal to make the purchase but the buying of assets on his part would seem to indicate a re-entrance into the promotional end of MMA, a move he has seemed hesitant to make since his initial HDNet Fights cards.

Strikeforce and Affliction will also be mentioned but might lack the size to make the deal feasible.

Comments are closed.