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Chael Sonnen eligible to re-apply for his fight license on June 29, 2011

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The Chael Sonnen saga continues ... but this time there's good news, depending on your position, of course.

The former UFC middleweight number one contender saw the suspension of his fight license upheld by the California State Athletic Commission (CSAC) Wednesday, May 18, 2011, for fabricating testimony in a previous hearing earlier this year stemming from his failed drug test at UFC 117 -- not to mention his felony conviction in Oregon for money laundering.

Reports surfaced that Sonnen’s suspension will remain in effect until his current fight license expires on June 29, 2011, but he will not be able to re-apply for a new license until May 18, 2012, exactly one year from his most recent hearing.

Turns out the CSAC made a mistake.

According to ESPN's Josh Gross, the CSAC "misinterpreted Rule 399 that applied to the revocation or denial of a license. It does not apply to a suspension. He is free to apply anywhere, including California, on June 29, 2011."

So does that mean all is not lost regarding his aspirations of coaching The Ultimate Fighter (TUF) season 14 opposite Michael Bisping? Not quite.

In order to coach on the popular Spike TV reality show, Sonnen would have needed to obtain his corners license no later than June 5 in Nevada.

While it's still a possibility the mouthy ex-Realtor could star on the show, UFC and Spike would have to flip their schedules and change production dates, not to mention hope Sonnen could obtain his license in Nevada again at the earliest possible opportunity.

That's quite the tall order.

However, this news likely puts an end to any talk of Sonnen's impending retirement, which he alluded to would be the case if he was to be denied his license at his most recent hearing, which is exactly what occurred.

Even if that was just an empty threat, all is clearly not lost.

On June 29, 2011, Sonnen can re-apply for his license and attempt to get back to kicking butt inside the Octagon.

Will the commissions have mercy on him then and let him get back to making his living? Time will tell.

Who's jumping for joy now that good old Chael might be back sooner rather than later? Anyone?

For more on Sonnen's suspension click here.