Showtime 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.

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.

ProElite, Inc., the parent company of mixed martial arts promotion EliteXC, is attempting to block the sale of its assets by Showtime, according to a recent SEC filing.

“The Company plans to take all appropriate measures to prevent the sale from occurring,” reads a portion of the filing. “Such measures may include raising additional financing, filing a lawsuit enjoining the sale, filing a bankruptcy petition or negotiating a settlement with Showtime. There can be no assurances that the Company will be successful in any of these actions.”

Mere moments after publishing our report on EliteXC’s intent to promote events in 2009 comes word that the assets of ProElite Inc., the parent company of EliteXC, will be sold at a public auction on November 17th.

“On October 31, 2008, Showtime gave the Issuer a notice pursuant to the Security Agreement, as amended, that it intends to sell all of the Issuer’s personal property, whether tangible or intangible, to the highest bidder at a public sale to be held on November 17, 2008.”

Despite numerous reports to the contrary, ProElite, Inc., the parent company of EliteXC, has responded to fighter’s claims of breach of contract and claims not only has it not yet filed for bankruptcy, but that the promotion is simply undergoing significant downsizing and will again promote MMA events next year.

“EliteXC and ProElite are currently downsizing its staff in an effort to improve its business moving forward,” read a portion of the released statement. “As this process is implemented, EliteXC cancelled the event previously scheduled for Nov. 8 in attempt to re-schedule another event in early 2009.”

A preliminary investigation by the Florida State Boxing Commission into the October 4th EliteXC main event between Kimbo Slice and Seth Petruzelli has found no wrongdoing and the case has been closed.

The results of the investigation were released by the commission late Thursday and a full investigation into the matter will not take place.

The California State Athletic Commission today upheld the one-year suspension of EliteXC heavyweight champion Antonio Silva following an appeals hearing.

Silva, who claimed the newly-created title with a second-round TKO of Justin Eilers in July, tested positive for the anabolic steroid Boldenone following his July victory.

Evidence presented by Silva was not compelling enough, however, for the CSAC to overturn the result, as the commission voted unanimously voted 5-0 to uphold the one-year suspension and $2,500 fine.

EliteXC Manager of Fight Operations JT Steele on Tuesday informed Nevada State Athletic Commission Executive Director Keith Kizer via email that the promotion was canceling its November 8th event scheduled for November 8th in Reno, Nevada.

The email also officially confirmed that ProElite, Inc., the parent company of EliteXC, ceased operations on Tuesday.

ProElite, the parent company of mixed martial arts promotion EliteXC, has called it quits.

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 has sent out a request for comment to officials at ProElite, but has not yet received a reply.

EliteXC heavyweight contender Brett Rogers (7-0) will battle veteran Paul Buentello (26-10) at EliteXC “A Night of Champions” on November 8th in Reno, Nevada.

The matchup joins Robbie Lawler (c) vs. Joe Villasenor for the EliteXC middleweight title, Eddie Alvarez vs. Nick Diaz for the vacant EliteXC lightweight title, Rafael “Feijao” Cavalcante vs. TBD, Hector Lombard vs. Scott Smith, and Kaitlin Young vs. Sarah Kaufman on the “A Night of Champions” lineup.

Adopted brothers Ken Shamrock (26-13-2), a UFC hall of famer, and Frank Shamrock (23-9-2), a former UFC and Strikeforce champion, have agreed, in principle, to square off in the main event of a 2009 pay-per-view event, according to ESPN.com.
Ken Shamrock, a loser of five-straight and seven of his last eight, was to headline [...]