HD Net has reached a deal to buy the assets of the defunct IFL for $650,000. The only real value the company had was its video library and trademarks, so obviously HD Net is looking for more content:

In addition to the media library, HDNet will receive IFL’s brand name and other intellectual property. The purchase is aimed at acquiring additional MMA content, which the cable network can use under its HDNet Fights banner.

The IFL formed in January 2006 and introduced a team format. The organization had struck broadcast deals with FSN and MyNetworkTV, and at one time, the publicly traded company had a market value in the hundreds of millions of dollars. However, the organization struggled to draw fans and ratings, and despite announcing a rash of changes for the 2008 fight season, the cancellation of its Aug. 15 show was essentially the final nail in its coffin.

Completion of this week’s transaction effectively closes the book on the IFL, which held its last event in May and ceased operations in July.

If HD Net wants to market IFL “throwback” apparel, we’ll take a few Portland Wolfpack t-shirts…

HDNet reaches deal to buy IFL assets @ MMA Junkie