California-based MMA promotion Strikeforce and ProElite, Inc. have finalised an asset purchase agreement, according to reports.

ProElite CEO Chuck Champion confirmed the news on Thursday to SI.com.

ProElite had flirted with bankruptcy since last October, with Champion being criticised for his handling of the sale of the company.

But a deal has now been completed with ProElite continuing to promote MMA events.

The deal with Strikeforce will see a number of fighter contracts purchased, with options to sign more fighters in the future.

Strikeforce will also be able to use the brand name ShoXC.

The deal also sees debts owed to CBS/Showtime paid off, with Showtime remaining a partner of ProElite.

ProElite will use the King of the Cage brand for promoting future MMA events, although they still retain the rights to Elite-XC branded shows.

For more information on the deal as broke by SI.com, click here.

Phil Lowe
phil@ifight365.com