John Pollock of The Fight Network is reporting that EliteXC has cancelled its September 20th “Showdown at the Pit” in Albuquerque, New Mexico. The event was originally set to feature Joey Villasenor vs. Murilo Rua; though, rumours have circulated that Jake Shields, Wilson Reis, Cris “Cyborg” Santos, and Paul “Semtex” Daley would also be fighting on the card.
At this point, the details of the cancellation are sketchy. However, Pollock cites EliteXC’s desire to concentrate “all of their efforts on the October 4th event on CBS” as the company’s current rationale.
It’s no secret that ProElite has been in trouble for some time now: the company is hemorrhaging money, has undergone significant upper-level management re-organization, and has wilted under the pressure of increased competition and greater expectations due to their network television deal. You can check out ProElite’s latest SEC filing here.
However, I will caution that this cancellation is by no means “the last straw” for the company. While this may signal financial trouble, it also indicates that ProElite is trying to do something about it.
The fact that they’re canceling shows and concentrating their efforts on the next CBS event suggests that they’re trying to reign in their costs. The risk-reward ratio is considerably more favourable for a network broadcasted event; and for a company that is quickly burning through its cash reserves, they must begin generating more than they spend.
So, again, while this certainly isn’t positive news for ProElite and its EliteXC brand, the scaling back of events shows recognition and understanding – both of which are slightly encouraging.