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Can Co-Promoting Work in MMA?

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I ask this question after the news that Strikeforce and Bellator are open to co-promote a future lightweight bout between their respective champions Gilbert Melendez and Eddie Alvarez. On paper, co-promoting seems like a good idea, especially for fans. It makes fights happen that due to contract obligations couldn't be made. However from a business standpoint, in my opinion, it seems like it would be a burden instead of beneficial to a company. Case and point, Shinya Aoki coming over from Dream to Strikeforce and getting absolutely obliterated. Sure it works out a bit better because you can kind of chalk it up to the differences in rules and regulations as a setback for Aoki but it still remains that Dream's lightweight champion was beaten down for five rounds in another organization. Can it work? To a certain extent I think so. Just like when Chuck Liddell was allowed to fight in PRIDE's Middleweight tournament many years ago but still waving the UFC banner. To me, that's probably the perfect and only scenario in which two organizations should co-promote and that is in a tournament setting. Anything other than that becomes problematic when you have two companies that obviously want to flourish on their own. Just think of how damaging it would be for the UFC and Strikeforce to co-promote a show and Alistair Overeem come in and knockout Brock Lesnar. Sure it would be exciting but just think from the business side of things how that would effect future UFC cards and buyrates. So what do you MMA For Realers think, does co-promoting in the sport of mixed martial arts work?