On October 20th, ProElite Inc. (parent company to EliteXC, Rumble on the Rock, ICON, Spirit MC, Cage Rage and King of the Cage) announced that they were closing down their doors for good.
EliteXC executive consultant, T. Jay Thompson, confirmed the report stating that they were forced to file for bankruptcy after being $55 Million USD in debt.
"If I had to point fingers why this thing went bad, I’d have trouble, because I only have two hands."
All of the ProElite staff were immediately notified of layoffs as well as the fighters, which included EliteXC’s Kimbo Slice, Gina Carano, Robbie Lawler and many more. A sad day for the ProElite crew, but it couldn’t get any better for Dana White and the UFC organization. In 2006, White had foreshadowed an EliteXC collapse:
"No one in that business has a clue how to do MMA…these guys don’t know the difference between MMA and thumb wrestling."
The UFC had consistently mentioned in the past that there was no competition between the UFC and any other organization in the world today. White says that mixed martial arts is a very difficult business to run and that it has taken him lots of time and money to get to where he is at today.