Abu Dhabi firm buys 10% stake in UFC
Flash Entertainment deal aims to increase championship's value
Las Vegas: An Abu Dhabi-owned entertainment promotion company has bought a 10 per cent stake in the Ultimate Fighting Championship for an undisclosed sum.
UFC co-owner Lorenzo Fertitta said that the deal with Flash Entertainment, a subsidiary owned by the emirate's government, was done to create increased value for UFC and help the mixed martial arts league expand in the Middle East and Asia.
Neither Fertitta nor Ossama Khoreibi, chairman of Flash, would estimate UFC's worth or say what Flash paid for the newly issued shares in Zuffa LLC, its parent company. Fertitta says terms of the deal are confidential.
Fertitta said he believes Flash — a promoter known for bringing high-profile concerts and other events to the Middle East — can accelerate UFC's growth there and in China, India and other countries.
Flash's new shares mean Fertitta's 45 per cent stake in Zuffa dropped to 40.5 per cent. His brother, Frank Fertitta III, owns the same amount.
Dana White, president of UFC, saw his stake go from 10 per cent to nine per cent after the deal. Fertitta would not say what would be done with the money Flash invested or whether it would stay in UFC.
Station Casinos Inc., where Frank Fertitta is chairman and CEO and Lorenzo Fertitta is vice chairman, has a pending bankruptcy case in Nevada that is separate from UFC.
Fertitta said day-to-day operations at UFC would not likely change.
Khoreibi said in an e-mail that its role will be to support UFC as it keeps growing. "The sport has incredible potential and the commercial opportunities were very obvious to us," Khoreibi said.
Flash Entertainment deal aims to increase championship's value
Las Vegas: An Abu Dhabi-owned entertainment promotion company has bought a 10 per cent stake in the Ultimate Fighting Championship for an undisclosed sum.
UFC co-owner Lorenzo Fertitta said that the deal with Flash Entertainment, a subsidiary owned by the emirate's government, was done to create increased value for UFC and help the mixed martial arts league expand in the Middle East and Asia.
Neither Fertitta nor Ossama Khoreibi, chairman of Flash, would estimate UFC's worth or say what Flash paid for the newly issued shares in Zuffa LLC, its parent company. Fertitta says terms of the deal are confidential.
Fertitta said he believes Flash — a promoter known for bringing high-profile concerts and other events to the Middle East — can accelerate UFC's growth there and in China, India and other countries.
Flash's new shares mean Fertitta's 45 per cent stake in Zuffa dropped to 40.5 per cent. His brother, Frank Fertitta III, owns the same amount.
Dana White, president of UFC, saw his stake go from 10 per cent to nine per cent after the deal. Fertitta would not say what would be done with the money Flash invested or whether it would stay in UFC.
Station Casinos Inc., where Frank Fertitta is chairman and CEO and Lorenzo Fertitta is vice chairman, has a pending bankruptcy case in Nevada that is separate from UFC.
Fertitta said day-to-day operations at UFC would not likely change.
Khoreibi said in an e-mail that its role will be to support UFC as it keeps growing. "The sport has incredible potential and the commercial opportunities were very obvious to us," Khoreibi said.
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