EliteXC folds after losing millions of dollars the last two years.  ProElite seems not to have made an official announcement as of yet but the story first broke on the graciefighter.com website.  Nick Diaz was set to fight Eddie Alvarez in November.

This is no shock to the MMA community as most were very critical of EliteXC's business style likening it to Professional Wrestling style production. 

in its last show on CBS, Seth Petruzelli knocked out YouTube sensation Kevin "Kimbo Slice" Ferguson in fourteen seconds.  Petruzelli then went on "The Monsters in Orlando" radio show and dropped a bomb saying EliteXC told him to keep the fight standing.  This would be an advantage to Kimbo as he has very little to no ground game.

Petruzelli managed to knock out Slice and tumble the house of cards EliteXC was built on in one foul swoop.  Showtime was in negotiations with ProElite to purchase EliteXC and save the fight promotion.  Petruzelli's claims seem to have pushed Showtime in another direction and ProElite had no choice but to close its doors.

What a difference 24 hours can make!  A day ago Kevin "Kimbo Slice" Ferguson was set to matchup against "The World's Most Dangerous Man" Ken Shamrock on CBS Saturday Night Fights in the main event.  A day later Kimbo is TKO'd by Seth Petruzelli in one of the most bizarre series of events in MMA history.

Shamrock was forced to pull out of the scheduled main event against Slice because of a cut he recieved over his eye while rolling on the mat with one of his trainers.  Apparantley the cut was bad enough to warrant six stitches over his eye.  The athletic commission deemed the injury to severe to let Shamrock fight.  EliteXC called on Seth Petruzelli, who was scheduled to fight in an undercard bout, to fight Slice in the nights main event.  Slice took the bout after deliberating with his camp.  Before the night, Kimbo Slice had never even heard of Seth Petruzelli.

Kimbo Slice went right after Petruzelli as soon as the fight began and was immediately knocked down by "Silverback" with a short right hand.  The referee stepped in with just fourteen seconds gone by with Petruzelli the victor.

In the nights other fights, EliteXC welterwieght champion Jake Shields defended his belt against a game opponent in British striker Paul Daley,  Andrei "The Pitbull" Arlovsky defeated  Roy Nelson and Gina Carano reaffirmed her status as "the face of womens MMA" by taking care of Kelly Kobold.