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Chuck Champion and Pro Elite are not done yet
By Zach Arnold | February 6, 2009
Check out this interview Josh Gross conducted with Chuck Champion, Pro Elite CEO.
- He says that the promotion will focus on King of the Cage and other promotions that they purchased with assets. This confirms that the deal between Scott Coker and Pro Elite was a limited asset deal (i.e. TV situation). What does this mean, however, for Terry Trebilcock, T. Jay Thompson, and others?
- CBS, according to Champion, still has a 20% stake in Pro Elite. Why?
- The lawsuit with Wallid Ismael has been settled. Interesting.
- What exactly is the end game here for Champion, Lappen, and associates?
Eddie Goldman has a new radio interview with Scott Coker talking about Strikeforce’s asset purchase with Pro Elite. Lots of news.
Topics: Media, MMA, Pro Elite, Zach Arnold | 10 Comments » | Permalink | Trackback |
I have no idea what’s going on with the CBS deal. The way he describes it, CBS dropped the debt owed by ProElite, yet they seem to have nothing to show for it other than the 20% stake that they already had before the deal.
What did ProElite really give them?
We’ll find out in a couple of days because it will all be in the public filings that have to be made within four days of the transactions.
The way Coker was talking on Beatdown Strikeforce now has the 42 biggest names of ProElite.
So maybe the deal with CBS is that CBS droped the debt of ProElite, wich ProElite would never have been able to repay. In exchange ProElite give their fighter’s contract to CBS’s new partner Strikeforce who ends up with the deepest talent pool after Zuffa.
They keep their stake so if KOTC start making money they would have some of it back and because ProElite still own the ShoXC brand, it’s not out of the question that Showtime broadcast ShoXC branded KOTC events.
It’s pretty much a win-win-win deal.
Coker said about the 42 fighters that only one of them have asked for a renegociation. Corano beeing underpaid for the viewers that she bring makes her the number one candidate. If Zuffa wants to hurt Strikeforce, they should try signing her.
This is weirder on review.
So the EliteXC brand is basically dead except for their video library. Their name fighters will now all fight under the Strikeforce flag.
ProElite is a shell company for King of the Cage which will continue running shows, as they always have.
What’s up with Cage Rage? I had heard that the Cage Rage guys had formed yet another new promotion with a similar name…does Cage Rage continue, or is Cage Rage dead as a part of Pro Elite?
Icon and Rumble on the Rock haven’t run events since August and October, do they still exist?
Spirit hasn’t run a show since August either, and they were not one of the wholly owned promotions, plus they’re in a depressed MMA region, so maybe they’ve run their last show.
Dave O’Donnell former Cage Rage owner/promoter started new show called Ultimate Challenge, actually they do today their second show.
Off topic, but the UFC has a new rule that only allows their cutmen to handle vaseline.
Logically, it seems like this should have always been the rule, but there haven’t been any problems up to this point so it was easily overlooked and ignored.
My question is what is going to happen to ICON?
T. Jay Thompson was burning down bridges left and right in the wake of the bankruptcy auction announcement. I have a hard time imagining he is still welcome under the ProElite banner.
On a related note, how much does this suck for Terry Trebilcock. He went from being the leading bidder for those network contracts and fighters to getting blindsided by the networks strong arming the sale to Strikeforce sale and now he finds himself right back where he started, with the ProElite corporate albatross around his neck eating away at his bottom line. What a depressing turn of events for that guy.
Next ICON show is March 29 at the Blaisdell Arena in Honolulu, HI. Main event is Kala “Kolohe” Hose vs. Jason “Mayhem” Miller.
Steve, things don’t really suck for Terry. KOTC is far from dead and has the biggest show in their history coming up on Feb. 26th. Terry might have lost out on the Showtime deal, but there are still big things in the works.
KOTCfan,
I am glad to hear it, but it still can’t be fun to have to lug around the ProElite corporate albatross.
Having to bear their overhead costs (even if they are greatly reduced) can’t be helping his bottom line, and dealing with an additional layer of management (Champion) rather than having 100% control of his company can’t be making things any easier for him personally.