Mixed martial arts' Elite XC to file bankruptcy
The organization, whose last show featured a 14-second fight, calls it quits after losing $55 million.
The fighting futures of Kimbo Slice and Gina Carano are in limbo now as word emerged today that mixed-martial-arts organization Elite XC will file bankruptcy and cease future operations, according to an executive consultant of its Los Angeles-based parent company, Pro Elite Inc.
Less than two years after being introduced at a Los Angeles news conference, Elite XC has been knocked out by financial losses estimated at $55 million and by an embarrassing final show on CBS in which star Kimbo Slice was knocked out in 14 seconds.
The last-minute replacement who beat Slice added controversy by telling a Florida radio station that Elite XC promoters urged him to fight a stand-up battle, playing to the strengths of former street fighter Slice.
Now, the company has canceled its scheduled Nov. 8 show in Reno, Nev., and its executive consultant, T. Jay Thompson, said he had been informed by Jeremy Lappen, Elite XC head of fight operations, that the "company filed bankruptcy, and everyone has been laid off."
Thompson, whose Hawaii-based MMA company, Icon Sport, was previously purchased by Pro Elite, railed at what he called a continual waste of money by Pro Elite officials.
"The financial bleeding was a symptom of the bigger problem: mismanagement," Thompson said.
Pro Elite would over-staff its fight cards, Thompson claimed, bringing in "35 people who were running around, quite comically," at shows. "It was mind boggling," he said.
Earlier this year in San Jose, a Pro Elite card co-promoted with fight organization Strikeforce generated a live gate of $1.2 million. Thompson, with 15 years of fight-promotion experience, said he advised Pro Elite officials to bring only a few employees north to maximize profits. Instead, he said, 23 employees worked the event.
"Anyone worth their salt knew this was a fiasco," Thompson said.
Pro Elite executives Lappen and Jared Shaw could not be reached for comment today. Shaw's voice-mail message said, "If this is a member of the press, I will not be returning your call."
His father, boxing promoter Gary Shaw, who saw his role change from president to consultant this year, said today he "wasn't even a consultant anymore. I have no comment. I don't know anything about it. I don't know if they're done."
Pugmire is a Times staff writer.
lance.pugmire@latimes.com
