By now the entire MMA community knows EliteXC is in financial trouble. They continue to lose money with each passing day and there is no end in sight. This latest news comes as a surprise, however. According to documents filed with the Securities and Exchange Commission, CBS covered all expenses for the October 4 event and received all revenue. That's right. EliteXC did not pay or receive any thing for last Saturday night's "Heat" fight card. Their biggest draw lost and they got nothing in return. Talk about hitting a man while he is down.
It was widely known that CBS and Showtime had taken some of the financial burden off of EliteXC in recent months. I do not think any one thought it was to this level. For EliteXC to be forced to hand over all revenue for an event on network TV really shows how inept their promotion is run. They have managed to blow a golden opportunity and in the process may have damaged future relations between MMA companies and network TV channels. Why would CBS, or any of the other networks, choose to work with an MMA company after this disaster? The ratings have been decent at times, but it has mostly been a failure. It's no wonder EliteXC is a punchline to diehard MMA fans.