I'm having a similar issue. When I load the game it reboots me back to the PS3 Dashboard (XMB). I'm running 3.55 Kmeaw with multiMAN v2.0 from an internal HD. I haven't tried the patch listed nor with a BR in the drive. I'll give those a shot and see what it does.
I'm having trouble with this game, It loads and everything works great except when i'm in champion mode there is no sound when the guys are talking to one another, I've had this trouble with a couple of games as it goes, Resident Evil 5 Gold Edition, prison break, No commentary on FIFA 12 (the USB install version)