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Wednesday, February 4, 2009
Strikeforce Exec Denies Sale
MMAInsider has followed the long, convoluted saga of Pro Elite Inc., since the MMA company first announced it was closing its doors last October.
Following it's rapid collapse, a handful of suitors emerged to vie for the company's assets, including Mark Ecko, the UFC, Terri Trebilcock, and Strikeforce. After a botched attempt by Showtime to auction the spoils of the company, the deal went underground. The winning bid seemed to change weekly, sometimes daily.
In recent weeks, several industry sources have confirmed that Scott Coker and Strikeforce have emerged as the likely candidate to purchase Pro Elite's assets. In December, the San Jose-based promotion was on the cusp of a deal to purchase parts of the company, but last minute hike in the price of the deal shelved it.
However, multiple sources who wished to remain anonymous said last week that negotiations between the companies had resumed and were entering their final stages.
On Wednesday afternoon, multiple reports surfaced that Strikeforce had agreed in principle to a purchase of Pro Elite assets and an announcement was forthcoming by the end of the week.
Strikeforce executive Mike Afromowitz confirmed to MMAInsider that negotiations were progressing, but the deal was not done.
"That's incorrect," he said. "Any reports of a done deal are a complete fantasy."
Afromowitz said the deal with Pro Elite was far more complex than reports had stated.
"It's complicated, and that's why I don't want to speculate," he continued. "If anything is done, it will be very technical. It's not as straightforward as you think."
If a deal between Strikeforce and Pro Elite comes to fruition, Pro Elite's television deals with CBS and Showtime, as well as select fighters on their roster, are valuable spoils of the transaction. Though Strikeforce has an existing contract with NBC to air pre-recorded fight specials, a live TV deal has eluded them. A deal with CBS could remedy that issue, or perhaps provide leverage in future negotiations with NBC.
Afromowitz said he would have more information soon, but stressed it was too soon to close the books on the saga.Labels: ProElite, Strikeforce, terry trebilcock, UFC
posted by MMAInsiderBLOG @ 6:49 PM
Wednesday, January 14, 2009
Trebilcock Plans for Revamped Pro Elite Show in March
MMAInsider caught up with King of the Cage president Terry Trebilcock on Wednesday, who said he is "confident that negotiations are going well" with executives from Pro Elite and CBS.
Trebilcock's company, with backing from private investors, is one of a handfull of MMA promotions and business interests vying for Pro Elite's assets, including fighter contracts and existing broadcast deals with Showtime and CBS. As one of the remaining promotions still operating under the fallen company, there is strong speculation KOTC may be funding some, if not all, of Pro Elite's operating expenses. In October, Pro Elite's cash reserves drifted below $550,000 when Showtime called in an existing loan to the company.
According to Trebilcock, one of the many factors slowing down the deal is the roles of the remaining Pro Elite executives, including CEO Chuck Champion, in the new promotional entity.
In anticipation of a possible deal with CBS and Pro Elite, Trebilcock has lined up venues in New Mexico and Southern California for a possible March event, though he wouldn't say where.
However, the logistics of the deal, as well as the personalities involved in its transaction, appear to provide no timeline for its completion.
"They're slow playing us," said Trebilcock.Labels: King of the Cage, terry trebilcock
posted by MMAInsiderBLOG @ 1:10 PM
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