Before ProElite was talking about bankruptcy, they were talking about getting sold. And before even that, they were talking about funding. The goal was to amass 40 million bucks in 2008. That number was later amended to 20 million and then 3.5 million and then to ‘hey Showtime can you spare some change’ amounts. Yeah, I know … the economy sucks, and who’s going to invest in anything nowadays, let alone mixed martial arts?
DALLAS, TX-(MARKET WIRE)-Oct 20, 2008 â€” SUN Sports & Entertainment, Inc. (Other OTC:SUNR.PK – News) announced today it has completed a financing arrangement which could provide the Company with up to $5,000,000 in direct investment capital from The N.I.R. Group, LLC, a hedge fund that provides direct investment financing.
SUN Chairman/CEO CJ Comu stated, “The N.I.R. Group is one of the largest and most active direct investment fund managers in the USA. We have finally identified a powerful and strategic investor that could provide long term resources and financing to our organization.”
Comu added, “This is the final step of an aggressive re-organization plan that started in March of this year and has involved a re-structuring of our operating plan and the launch of some new and exciting activities for SUN. We are very enthusiastic that the sport of MMA continues to increase and expect to be a dominant player in the industry. I’m proud to say that we completed this financing during one of the toughest times on Wall Street.”
Who’s SUN Sports? They were the ones behind the Art of War promotion and were working with Mark Cuban until Cuban threw them to the curb and started his own promotion. They then tried to sell the idea of being a ‘one stop shop’ for outsourcing your MMA event needs. You provide the money and they’ll provide the cage, logistics, and other crap. That didn’t work so well so they got in bed with the US army to produce a GIs vs Pros show for Fox Sports. Then news came out that they were broke and defaulting on payments to everyone.
Long story short, it’s interesting to see that SUN has managed to get another round of financing into them, especially at the same time that ProElite folded for the same reason.