MMAFrenzy.com has learned that the struggling company, which aired its third live event on CBS just weeks ago to solid ratings, will cease operations on Friday, informing employees and fighters of the decision earlier today.
At this time no official announcement has been made. MMAFrenzy.com sent a request for comment to ProElite, but the company declined to comment on the development.
The company also owns stakes in a number of smaller promotions including King of the Cage, Icon Sport, and Cage Rage and also maintains relationships with DREAM and Strikeforce among others.
A planned November 8th event in Reno, Nevada featuring Nick Diaz vs. Eddie Alvarez for the promotion’s vacant lightweight title has been canceled as part of the company’s decision to go out of business after losing nearly $60 million over its two year existence.