The International Fight League (IFL) released a statement that its next show at the Izod Center in East Rutherford, N.J. has been canceled because of "financial situations," signaling perhaps the eventual demise of the struggling mixed martial arts promotion.

In fact, FiveOuncesOfPain.com is reporting that it is "unlikely that the IFL has the funding needed to keep its offices open past October."

This latest move is designed to create more time -- perhaps six more months -- for the promotion to dig itself out of the financial crater it began digging with its inception back in 2006. The goal is to find a partner and to "explore options for maximizing shareholder value" and to "continue to downsize its staff to reduce costs."

In short, the IFL is looking to sell or land a major investor who can turn the ship around. In the meantime, its fighters will be able to compete for other promotions if desired.

Here's a snip:

"The IFL is working with other top MMA organizations to keep its top fighters active in the sport and showcase their talent, while it pursues options that may enable it to continue its MMA operations. Several IFL athletes will compete on the Adrenaline MMA card in Chicago on June 14, and announcements with other promoters working with IFL athletes are expected in the near future."

The IFL's original concept was in stark contrast to the industry's biggest player, the Ultimate Fighting Championship, providing a new approach to the business. The IFL proposed annual salaries and health benefits for its fighters (as opposed to purses) and placed the emphasis on teams (rather than individuals) as the cornerstones of its business model.

It was one that UFC President Dana White often referred to as the "dumbest on the planet."

Even though there were some milestones, including television deals with FOX Sports Net and MyNetworkTV, the IFL never was able to capture the attention and interest of fans. And that's despite some great events and a talented fighter roster.

Perhaps it was a flawed business model or just the cold hard reality that it is extremely difficult to own and operate a successful and profitable MMA promotion unless it is somehow affiliated with the UFC brand.

(Thanks to MMAmania.com contributor Drew Hall for help with this report.)