When Kimbo Slice lost to Seth Petruzelli on October 4th, 2008 it sent EliteXC into a world of hurt.
The unexpected outcome of this Kimbo Slice fight, combined with allegations of them influencing Seth Petruzelli to fight a certain way, and the significant debt incurred by parent company Pro Elite has caused the subsequent cancellation of the November 8th event, and Pro Elite to cease operations.
On October 20, 2008, Pro Elite, the parent company of EliteXC, informed its employees and fighters that they are shutting down. As of October 21, 2008, the company plans to file for bankruptcy protection and all future events have been cancelled.
A breakdown in the negotiations with Showtime Networks to purchase Pro Elite resulted in the company's funding to disappear, forcing them out of business.