Created last October largely to promote Russian heavyweight Fedor Emelianenko (Pictures) to North American audiences, M-1 Global and "The Last Emperor" have mutually ended their contractual obligations, the promotion announced Friday.

"During the past six months the landscape of MMA, especially in the U.S., has dramatically changed," said M-1 Global President and CEO Monte Cox in a prepared statement. "The sport continues to gain mainstream acceptance and we believe we will be in a better position to capitalize on these new opportunities with this agreement."

The now-defunct M-1 Global is expected to unveil a new promotional name along with the date for its first event. Cox told Sherdog.com Monday he anticipated the revamped promotion would debut June 14 in Chicago, Ill.

"We appreciate the support that Monte and the M-1 Global team have given Fedor," said the Russian's manager Vadim Finkelchtein, who will continue to promote events under the 'M-1' banner throughout Europe and the top-ranked heavyweight's homeland. "We wish M-1 Global great success and hope to work with them sometime in the future."