Breaking News: Saturday's WCO Event Cancelled

From Sherdog's Josh Gross:

Saturday's Valor promoted World Cagefighting Organization card at the San Diego Sports Arena has been cancelled by the California State Athletic Commission due to funding issues, Sherdog.com learned Saturday afternoon.

Problems arose Friday evening after the CSAC learned that funding had not been secured to pay the athletes who were to compete on the card.

"At the eleventh hour, the commission was informed there were insufficient funds to pay the fighters," CSAC executive director Armando Garcia told Sherdog.com. "In the end, we had to cancel the event."

A deadline of 10 a.m. PST was set for Saturday morning for Valor promoter Rick Bassman to prove that the fighters' pay was secured. After Bassman failed to meet the time limit, he was given until 12 p.m. PST.

In a last ditch effort to save the card, WCO officials tried to apply for a promoter's license, but there was not enough time to complete the lengthy process. At that time, the CSAC decided to cancel the event.

As of 1:55 p.m. PST Saturday, WCO representative Bruce Bellocchi told Sherdog.com that he had not been informed that the show had been cancelled and that he had secured funding and was attempting to show documentation to that affect. The WCO brand was attached to the event, which was promoted by Valor fighting.

After a conversation with the San Diego sports Arena box-office, Garcia informed Sherdog.com that sales for the event were extremely low.

As per CSAC regulations, fighters are guaranteed 20 percent of their purse, which must be paid by Jan. 18.

There goes my weekend!