Is EliteXC on the verge of coming back from the dead? A press release circulated earlier today indicated that it might be. Stratus Media Group, which describes itself as “a live entertainment company” announced today that it has assumed control over the board of directors and the management of ProElite, the parent company of EliteXC.

EliteXC was founded in 2006 but went under in October 2008, a combination of debts and adverse publicity sounding the death knell. The organisation sold off many of its assets, including fighters, and was stated to be defunct.

Paul Feller, President and CEO of Stratus, said today that his company‘s acquisition “allows Stratus and ProElite to combine forces at the management and board levels of both organizations. ProElite has a globally recognized brand. We believe that by combining select key experienced management executives, who made ProElite the immediate success it was, with new top executives with demonstrated successes in conducting and televising MMA events internationally and sufficient capital, that we will achieve the brand’s strategy for global growth and success.

“With this combination, we can start focusing on strengthening and repositioning ProElite events and the brand, planning a series of MMA events that we believe will bring excitement to the MMA market, fans and our shareholders and establish ProElite as a leading international MMA company.”

Thanks to a deal with CBS Television, ProElite still holds the record for highest ratings for a major network telecast of a MMA event. But that deal now has Strikeforce’s name on it, and Strikeforce has also picked up key players from the EliteXC fighter roster.

Stratus has yet to detail how it plans to get EliteXC and ProElite back into the MMA limelight, but today’s announcement contained the revelation that “significant expense reductions, the elimination of $12 million of direct and contingent liabilities and the shedding of unprofitable subsidiaries” have lightened the financial burden that crippled its previous incarnation.

The company maintains its ownership stake in South Korean-based Spirit MC, and British promotion Cage Rage, but lost or sold its share in other fight promotions such as Hawaiian brand Rumble on the Rock. ProElite’s buyout of other MMA organisations around the world was one of the major debt-incurring activities it engaged in, often for little or no return.

On the Stratus Media website, the company lists events that it has or is promoting. At the top of the list is BMX/extreme sports festival ‘The Core Tour’. The advertised event is for a date in 2006 but has a notice that it will “return in 2007”. Many other links in the ‘Event’ section are either dead or link to sites that are ‘under construction’.

from FightersOnlyMagazine.co.uk