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HDNet Fights to purchase the IFL

Mark Cuban could be the new owner of the IFL.

Cuban's HDNet Fights has entered into an agreement to purchase all of the IFL's assets for $650,000 in cash and the assumption of certain liabilities.

IFL on Sept. 15 filed for chapter 11 bankruptcy protection. Four days later, the IFL filed with the court to authorize the sale of its assets to HDNet Fights.

The IFL, currently operating as a "debtor-in-possession," was worth as high as $17 per share in January 2007, but today is worth less than a penny.

HDNet Fights and the IFL first partnered last December when the high-definition channel broadcasted the IFL's Grand Prix Finals from the Mohegan Sun in Uncasville, Connecticut.

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