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ProElite is dead, long live ProElite!

After months of refusing to say ‘peep’ to anyone about anything, ProElite has decided to start interacting with the outside world again now that an asset sale has been made with Strikeforce. Here’s the press release they just put out on the sale:

With the deal closed, ProElite has retired its entire debt obligation to Showtime and Showtime will remain a significant shareholder in ProElite.

Strikeforce ® is acquiring certain EliteXC fighter contracts and a library of televised EliteXC events.

“With the sale, ProElite can now operate substantially debt free,” said ProElite CEO Chuck Champion, “and devote more resources to the development of our King of the Cage brand which founder Terry Trebilcock has managed profitably from its inception. Terry is one of the most capable leaders in the MMA space. He’s staged hundreds of successful events and I’m confident that under his guidance King of the Cage will continue to be a major force in the sport.”

Following the sale, ProElite will continue to own the EliteXC brand. Among ProElite’s other significant assets are a host of international MMA brands such as Spirit MC, an extensive library of MMA events, and its community-driven interactive broadband entertainment website. The company also is co-producing a new reality show with Mark Burnett, the visionary force behind reality TV in the United States.

Translation: ProElite hasn’t been sold … ProElite sold aspects of EliteXC to Strikeforce. ProElite will continue to exist as a monkey on King of Cage’s back for years to come. ProElite gets to keep the EliteXC name, which is about the only brand more tarnished than ProElite itself. And Chuck Champion thinks that Mark Burnett is still going to go ahead and work with them after they became the lepers of the mixed martial arts community.

It’s nice to know that even with Scott Coker and Strikeforce taking over as the new competant kids on the block, we might still get more comedy gold out of ProElite yet!

(Thanks to jackal Mad_as_Hell for the heads up on this release)