Sherdog first reported the cancellation earlier today.

The AFL has made headlines in 2008 by signing free agents LaRosa, regarded as MMA’s top female talent, and former professional wrestler Bobby Lashley to lucrative contracts and also pursuing former UFC light heavyweight champion Tito Ortiz. However, the promotion has struggled of late, recently postponing a scheduled November pay-per-view event and today pulling funding from the featured women’s bout due to sponsorship and investor difficulties.

“I’m feeling pretty numb about it, to be honest,” Modafferi told Sherdog. “It’s funny, because a few weeks ago when I heard the stock market crashed and the economy was going down the tubes, I thought, ‘Damn it, I bet my fight is going to get canceled.’ So in a way, I’m not surprised. I just want to fight, and I feel like I’m back to square one,” Modafferi continued. “I’m trying to get on the new Japanese event [GCM's Valkyrie] on Nov. 8, but there’s nobody my weight here in Japan, so I don’t think it’s going to happen.”

Despite the cancellation of LaRosa-Modafferi, AFL featherweight Raphael Assuncao may still remain on the November card.

LaRosa (14-1) will rematch with Modafferi (12-4) on the November card. LaRosa defeated Modafferi via decision in their first meeting in 2006. Since then, LaRosa has won seven-straight, including wins over Julie Kedzie, Shayna Baszler, and Kelly Kobald, while Modafferi has won six of her last seven fights including winning the K-GRACE openweight tournament.

The key women’s matchup was originally slated for the AFL’s November PPV debut event which was recently pushed back.

Assuncao (11-1), a submission specialist, will take on Joe Pearson (30-11-1) at the Chicago event. Assuncao has won three straight bouts following his first career loss to Jeff Curran in late-2006. He holds notable victories over Joe Lauzon and Jorge Masvidal. Pearson, who trains out of Miletich Martial Arts, is also a submission specialist who had won four-straight before being knocked out by Bill Kamery earlier this month.

The full card for the Ironheart Crown XII features:

• Gideon Ray vs. Juan Magana
• Raphael Assuncao vs. Joe Pearson
• Tara LaRosa vs. Roxanne Modafferi
• Tommy Lee vs. Charles Wilson
• Matt Fiordirosa vs. Rob Menigoz
• Achour Esho vs. Josh Lee
• Brad Fonck vs. Nick Janowitz
• Louis Taylor vs. Adriel Villa
• Mustafa Hussaini vs. Antonio Canas
• Jeff Serafin vs. Chris Albandia
• Ricardo Lamas vs. Christopher Martins
• Derek Langone vs. Tony Marti
• Joey Benoit vs. Keith Smetana

– In a recent post at MMA.tv Jon Fitch revealed that he hopes to return to the octagon before the end of 2008. “I wasn’t that beat up. Just a little off in the head after the first dropedge. Im fine and will be back before the end of the year if I have any say in it,” wrote Fitch. [MMA.tv]

– “MMA Live”, ESPN.com’s MMA news show, could soon be headed to television according to UFC lightweight contender and show host Kenny Florian. [MMA Junkie]

– UFC veteran Sam Hoger will return from a 16-month layoff against Braden Bice at a September 19th World Championship Fighting Event in Wilmington, Massachussets. [MMA Junkie]

– Undefeated welterweight Lyman Good will soon sign with EliteXC. [The Fight Network]

– UFC newcomers Jim Miller and David Baron will square off at UFC 89 on October 18th in Birmingham, England. [MMA Weekly]

– Former professional wrestler Bobby Lashley will make his MMA debut at American Fight League’s first-ever pay-per-view event, which will likely be held in November. Details for the event, including a date, location, and PPV price, have not yet been announced but are expected to be revealed soon. Also in action will be Tara LaRosa, lightweight champion Diego Saraiva, welterweight champion Brent Weedman, middleweight champion George Lockhardt. UFC veterans Dan Christison, John Alessio, and Mike Van Arsdale may also fight at the fall event. [MMA Junkie]