ProElite Auction on Hold

Written by Tom Ngo
November 14th, 2008

Showtime has announced that they have decided to postpone the public auction of ProElite assets, which was initially scheduled for this Monday.  The most notable “assets” ProElite has remaining are the 80-plus fighters that are still under contract with the financially plagued company. Showtime is attempting to sell off those contracts to the highest bidder in hopes of trying to recoup the $40-some Million that they loaned to ProElite.

“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,” Showtime’s states.  “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.”

Showtime was confronted with quite a bit of restraint from ProElite fighters when they announced their intentions. The fighters and their representatives banned together to fight Showtime’s attempt to sell off their rights.

The fighters’ representatives are challenging the legality of being able to transfer a fighters’ contract, as they were agreed to and signed based upon exclusive entities offered only by ProElite. The agents claim that those specific entities are not transferable, and fighters should be allowed to renegotiate brand new contracts with their next employers.

Don’t forget to follow @5thRound on Twitter, Facebook and Google+!