Strikeforce buying Pro Elite?
Posted: Wed Feb 04, 2009 3:32 pm
Keep your fingers crossed, because the EliteXC fighters whose contracts have been in limbo since late October — and who have been legally barred from competing for functioning organizations — may be free to move on with their careers. We were first alerted to the news by Mad Xyientist on the UG, who listens to Sherdog Radio so we don't have to:
Just reported on Sherdog Radio that Strikeforce will be buying EliteXC out of bankruptcy, to be announced tomorrow.
http://www.BloodyElbow.com follows this up with more details:
After a number of deals falling through at the last minute, it appears Pro Elite has either been sold or is in the very final stages of being sold as of this morning. Under the terms of the sale, the buyer would likely return to CBS television with live events this year.
The most likely buyer is Strikeforce. The other leading contender was King of The Cage, but industry sources have suggested that Pro Elite fighters are much more willing to fight for Strikeforce than KoTC, and the ease of signing new contracts may have played a part in finalizing this deal...
If Strikeforce is the buyer, every fighter will have a choice to either move over to the new organization or pursue free agency. As the UFC learned when they bought Pride, personal service contracts are generally not transferrable, especially in a right to work state like California.
A lot has been said about Scott Coker's incredible business sense, and how he's been able to build what's basically a regional outfit into a legitimately profitable operation that still manages to pay its fighters well, all while miraculously staying on Dana White's good side. And yet we're still shocked that Strikeforce has enough cash on hand to purchase as large a property as Pro Elite. Or maybe they're just assuming some of Pro Elite's sizable debt, and no actual money is switching hands. We'll let you know when more details emerge. But for now, it seems like Gina Carano, Jake Shields, Robbie Lawler and the rest are one step closer to working again, and that's great news.
WOW!!
Just reported on Sherdog Radio that Strikeforce will be buying EliteXC out of bankruptcy, to be announced tomorrow.
http://www.BloodyElbow.com follows this up with more details:
After a number of deals falling through at the last minute, it appears Pro Elite has either been sold or is in the very final stages of being sold as of this morning. Under the terms of the sale, the buyer would likely return to CBS television with live events this year.
The most likely buyer is Strikeforce. The other leading contender was King of The Cage, but industry sources have suggested that Pro Elite fighters are much more willing to fight for Strikeforce than KoTC, and the ease of signing new contracts may have played a part in finalizing this deal...
If Strikeforce is the buyer, every fighter will have a choice to either move over to the new organization or pursue free agency. As the UFC learned when they bought Pride, personal service contracts are generally not transferrable, especially in a right to work state like California.
A lot has been said about Scott Coker's incredible business sense, and how he's been able to build what's basically a regional outfit into a legitimately profitable operation that still manages to pay its fighters well, all while miraculously staying on Dana White's good side. And yet we're still shocked that Strikeforce has enough cash on hand to purchase as large a property as Pro Elite. Or maybe they're just assuming some of Pro Elite's sizable debt, and no actual money is switching hands. We'll let you know when more details emerge. But for now, it seems like Gina Carano, Jake Shields, Robbie Lawler and the rest are one step closer to working again, and that's great news.
WOW!!