ProElite, EliteXC out of business
Less than two years following the formation of ProElite, Inc., the group notified employees and fighters Monday it was shutting its doors effective immediately, multiple sources confirmed to SI.com.

ProElite was an entertainment and media company founded in partnership with Showtime Networks and spearheaded by the mixed martial arts promotional brand EliteXC.

Representatives for ProElite, EliteXC and Showtime did not return calls for comment.

Through its partnership with Showtime and later CBS, which in 2008 agreed to broadcast four live EliteXC events in primetime, EliteXC gained a tremendous amount of visibility. The company, however, hemorrhaged tens of millions of dollars during its 22 months in operation.

In September, Showtime, which owned a 20 percent stake in ProElite, entered into preliminary negotiations to purchase a controlling interest in the company. When those negotiations failed, said a source inside ProElite who asked not to be identified, funding dried up and the company was forced out of business.

Beginning with Rumble on the Rock, ProElite purchased numerous MMA promotional brands around the world, including King of the Cage, Cage Rage, ICON, and Spirit MC. While these companies remained in operation, the focus was EliteXC, which held 17 events starting with its first card Feb. 10, 2007.

EliteXC's third card with CBS on Oct. 4 was also its last as a promoter. Headlined by the controversial Kevin "Kimbo Slice" Ferguson, the event made headlines with discussion surrounding the legitimacy of the main event between Ferguson and Seth Petruzelli. The bout is currently under investigation by the Florida State Athletic Commission.

After debuting on May 31 to an audience of 6.5 million viewers, EliteXC's ratings on CBS fell significantly in its second effort drawing just 2.7 million in July. In its last event the numbers appeared to bounce back nicely, with an average audience of 4.5 million.

Kelly Kahl, senior executive vice president of programming operations at CBS, declined to comment on ProElite's demise.

EliteXC was scheduled to promote its final event of the year Nov. 8 on Showtime, however the manager for lightweight Nick Diaz, who was scheduled to fight Eddie Alvarez that night for the organization's 160-pound belt, said he was told the event would not take place absent a last-minute "miracle" investor.

UFC offers "Kimbo Slice" spot on "The Ultimate Fighter"

Despite UFC President Dana White's consistent publicly voiced disdain for EliteXC's use of Kevin "Kimbo Slice" Ferguson as a marketable MMA commodity, White did recently offer Slice an opportunity to join the world's leading MMA promotion.

With Slice out of a job after the recent collapse of EliteXC and parent company ProElite, White was asked about the possibility of bringing the former streetfighter into the UFC at the post-UFC 90 press conference.

"[Slice] can be on 'The Ultimate Fighter,'" White said.

Despite the offer, White's position on the skills of Slice have apparently not changed.

"What's [Slice] done other than get 10 million hits on YouTube?," White asked. "What's he done to deserve to be in the UFC? Nothing. I don't consider him a real athlete or anything. He won't win The Ultimate Fighter. The offer's out there if he wants to take it, (but) he won't win it."

The prospect of Slice appearing on the Spike TV reality show still seems a bit far-fetched.

Little is known of the exact status of the contracts the now-defunct EliteXC held with its fighters. Slice and others may be tied up in court battles for the immediate future. The UFC would also almost certainly not be willing to match Slice's $500,000 salary for his most recent fight.

But when asked if the UFC would be willing to feature a heavyweight edition of "The Ultimate Fighter" for the first time since the show's second season, White certainly didn't rule out the prospect.

"We might do that," White said with a grin.