Lorenzo Fertitta is calling it the “largest deal ever in the history of sports.”
The former UFC CEO isn’t kidding. The company has been sold to WME-IMG for a reported $4 billion. That’s well above the $2 million price tag Fertitta and his brother Frank paid to acquire UFC in 2001. Lorenzo will be stepping down as the CEO and no longer be involved in day-to-day operations, although he and his brother will still have a minority stake in the company’s ownership.
So where does that leave UFC president Dana White?
That was the major question after news of the sale began to surface. But it sounds like White will stay on as company president, but with more of a workload with the Lorenzo’s leaving. However, White will be well compensated for his extra effort. Darren Rovell of ESPN reports that White will remain in charge on a five-year deal with incentives to grow the business instead of a locked-in deal. In other words, White is about to get PAID.
White stands to pocket $360 million from his current nine-percent stake in the company once the sale goes through. He’ll make $18 million annually, three million less than what NFL commissioner Roger Goodell brought home last year.
White was given a portion of the business when the Fertitta brothers brought UFC 15 years ago.
*Other news and notes:
According to recent reports, White has been named a guest speaker at next week’s Republican Convention in Cleveland, Ohio. He’s expected to speak on the second night of the event, which will focus on the economy.
Written by C. James