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Showtime Cancels ProElite Auction

EliteXC LogoShowtime has canceled its planned auction of the assets of ProElite, Inc., the parent company of MMA promotion EliteXC, which had been scheduled to take place on Monday.

“Showtime Networks Inc. has adjourned the previously announced public sale of personal property of ProElite, Inc. and certain of its subsidiaries scheduled for November 17, 2008,” read the statement announcing the cancellation. “Showtime reserves all of its rights, including the right to further adjourn or cancel the public sale and thereafter dispose of such property in a public or private sale or in any other manner provided under its agreements with ProElite and by applicable law.”

The auction was set to sell the promotion’s fighter contracts, along with other assets, but faced heavy opposition from MMA agents who, on behalf of their clients, claimed that the agreements were not transferable and could not be sold.

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