Elite XC reported $27,584,500 in losses for 2007 in the company's annual report. The company has now lost $31,834,355 between its inception and 12/31.
In money spent, the company paid $3.25 million to fully acquire King of the Cage, $4.1 million for Mixed Martial Arts, Ltd., $400,000 for ownership of Future Fights (ICON in Hawaii), and $1 million for partial ownership of Entlian Corporation (Spirit MC in South Korea).
Elite XC is cutting back on expenses by reducing the number of staff, and did staff layoffs in January.
(Source: Wrestling Observer)
They also forgot the Acquisition of Cage Rage in the UK. Coupled with the fact they just signed Kimbo etc. to long term contracts could this mean problems for them longterm?
It seems Dana's statement about the 'latest three initials MMA company' is not far off the mark after all.Source