EliteXC closes its doors

EliteXC, the first MMA promotion to hold a live event on network television, has ceased operations after less than two years.

Its parent company ProElite has filed for bankruptcy and the lone remaining EliteXC event of 2008 "A Night of Champions" has been cancelled.

The event was scheduled to feature title bouts between Robbie Lawler-Joey Villasenor and Eddie Alvarez-Nick Diaz.

Diaz's camp confirmed on Monday the shutdown and fight cancellation on GracieFighter.com.

"We are confirming that EliteXC has folded. What this means for our fans and supporters is that there will not be a Nick Diaz vs. Eddie Alvarez fight on November 8th," the website stated.

The future of ProElite's assets ? which includes King of the Cage, Cage Rage and Icon Sport ? as well as fighter contracts will likely be decided in bankruptcy court, unless otherwise determined by the contract.

News of EliteXC's fall comes one month after the IFL ? the other major publicly traded MMA company -- filed for chapter 11 bankruptcy protection.

Since its inception the EliteXC has lost over $55 million. The group lost $27 million in 2007 alone. EliteXC could have been saved if sold to CBS, but the deal fell through.

While not financially successful, EliteXC was the most prominent MMA organization in the US after the UFC. Here MMAFighting.com answers your questions on EliteXC:

Will there be anymore live MMA events on network TV?

Maybe. If CBS decides to stick around in the MMA business, it can promote its own fights or work with another MMA promotion. Affliction, now the UFC's biggest competitor, is a possible candidate. Affliction was last seen on CBS when it gave away Andrei Arlovski vs. Roy Nelson to the EliteXC: Heat card.

In addition, Strikeforce, which already has a deal with NBC with taped programming, is currently in talks to bring live MMA to the network.

What happens to the fighters/events?

Depending on the specifics of the individual's contract, fighters will either be immediately available to fight elsewhere or may have to wait to see who purchases their contracts in bankruptcy court.

King of the Cage in particular will continue to operate with no setbacks.