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M-1 Global on Friday announced that it has come to an agreement with the manager of Fedor Emelianenko, Vadim Finkelchtein, to release the former Pride champion from his contractual obligations to the fledgling company. The move will once again make Emelianenko one of the most sought after free agents in mixed martial arts.

“There is so much going on in the world of mixed martial arts right now that we have decided it is in our best interest if our company and Fedor go our separate ways,” said M-1 Global President and CEO Monte Cox.

“During the past six months the landscape of MMA, especially in the U.S., has dramatically changed. The sport continues to gain mainstream acceptance and we believe we will be in a better position to capitalize on these new opportunities with this agreement.”

There has been much speculation over recent weeks that there has been a growing amount of discontent between the American contingent of M-1 Global and Emelianenko’s management team. This recent parting of ways only seems to confirm that speculation.

Aside from the separation between the two parties, M-1 Global will also undergo a name change. Emelianenko’s management also owns the MFC M-1 Mix-Fight Championship.

Cox stated that the former M-1 Global wants to avoid any confusion between the two companies. “Because Finkelchtein already uses the ‘M-1’ name in Russia and Europe, we have mutually decided to avoid any confusion between our two organizations. Shortly, M-1 Global will announce a new name for its operations and its first event.”

In a recent interview with Sherdog.com, Cox indicated that there was too much of a philosophical difference between the American and European factions of M-1 Global. And after several false starts, he believes that it would not have been profitable to move forward with Emelianenko under the current situation.

Cox indicated that the promotion, under its new name, is looking at a possible June 14 date in Chicago for its first event.