by Kid Nate on Sep 18, 2008 5:41 PM EDT in News

We all know how serious of financial trouble ProElite is in. They’re $55 million in the hole and according to their last SEC filing, they need $3.5 million in financing in the near future to stay afloat. Considering how screwed up our economy is right now, it would seem like a miracle that anybody would be investing anymore money into the fledgling promotion.

Well, according to ProElite’s latest SEC filings, it looks like Showtime has stepped up to the plate once again by investing $1 million into ProElite, far short of the $3.5 million needed. There’s a catch too. Should ProElite fail to repay the loan including interest by June 18, 2009, Showtime will have “first priority interest on the assets of the Company.”

In other words, the financial end game is very near here for Elite XC. Will Showtime/CBS pull the trigger and purchase the assets of Pro Elite if the company financially fails soon? If CBS network executives do buy the assets and run their own MMA organization, it will be fascinating to see who they hire and who they would keep on-board to run the operations.

During the Japanese MMA boom period a few years ago, it was the TV network executives and chief producers (think: Kunio Kiyohara of Fuji TV) who controlled a lot of the shots for PRIDE & K-1’s matchmaking. How would the landscape look with an American TV executive calling the shots in terms of booking?

Showtime Networks filed public notice with the U.S. Securities and Exchange Commission Thursday announcing its intention to enter preliminary negotiations for the purchase of Pro Elite Inc.

Showtime, a subsidiary of the parent conglomerate CBS Corporation, already enjoys broadcasting deals with the Los Angeles-based company on both its premium cable channel and CBS. Showtime also has a 20% ownership stake in Pro Elite.

The potential acquisition could not come at a more opportune time for the fledging company, as Pro Elite faces a $55 million deficit accrued during its two years of operation.