Sources are reporting that Pro Elite the parent company of EliteXC will officially close its doors for good Friday. The highly anticipated fight between Eddie Alverez and Nick Diaz has been cancelled and employs received notice of termination.
In the two years of operation, ProElite has racked up a reported 60 million in debt. The promotion had been looking for investors to keep it a float into next year, but with the economy in a down slide it was highly unlikely the promotion was going to raise the funds needed.
Here’s a snip from GracieFighter.com:
“We are confirming that EliteXC has folded. What this means for our fans and supporters is that there will not be a Nick Diaz vs. Eddie Alvarez fight on November 8th. However Jake Shields in the UFC has now become a real possibility. We will be updating our site for future developments.”
It is going to be interesting to see how all the pieces of ProElite are going to fall, What will happen to the promotions, the fighters and ultimately the landscape of MMA?