DrazCanna Inc (DZCA)

[TakingProfits]

http://www.sherdog.com/news/news.asp?n_id=11972

Monte Cox, the President and CEO of M-1 Global, joined "The Savage Dog Show" on the Sherdog Radio Network Monday to discuss the company's rumored dissolution and the status of prized heavyweight Fedor Emelianenko (Pictures).

Cox discussed the contractual status of the world's top heavyweight -- who was supposed to carry the fledgling organization into the upper echelon of MMA promotions -- and reasons surrounding the decision to walk away from the most sought after free agent in the sport.

Disputing claims that his organization is throwing in the towel on promoting mixed martial arts, Cox was adamant that Sibling Entertainment and the core of the American side of M-1 Global will trudge on in their attempt to create a viable promotion.

"The group that formed M-1 Global is still together and we're going to remain together and put on an MMA event," Cox told Sherdog.com. "It won't be under the name M-1 Global because that is definitely associated with Emelianenko Fedor and the Russians, and we've come to an agreement that we're going to part ways."

As for the fracture with the European faction of M-1 Global, Cox noted different visions for the direction of the company and the significant money Emelianenko commanded as the reasons behind the separation.

"We have different philosophies," Cox said. "It's just the way that it is. For me, I'm not as concerned about all the glitz and the glamour of the show; I just want to have good fights and I want to make money. That was my goal."

Cox confirmed a Sherdog.com report that Emelianenko never signed a contract with M-1 Global. He went on to explain the Russian had signed a letter of intent that prevented him from competing outside of M-1 Global while contract negotiations were ongoing.

It was an expensive and time-consuming enterprise that never came to fulfillment, according to the M-1 Global CEO.

"We spent well into six-figures of attorney fees trying to get the contract written, let alone signed," Cox said Monday. "In the end, we could have went ahead and signed the contract and went off with Fedor, but I don't think we would have been successful."

With the Fedor saga behind them, Sibling Entertainment and Cox are set to move ahead with plans for a debut show.

"I am looking at June 14 to do our first show in Chicago," Cox stated. "This will be a show, well, bigger than I am used to doing, somewhere along the lines of an [EliteXC] show or a WEC with a bigger headliner."

With no allusions of supplanting the sport's dominant player, Cox is ready to do what he has always done: make money.

"It won't be the UFC," he said. "We don't have that kind of money to throw away. Now, without Fedor, I expect the show in Chicago to turn a profit."