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?
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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.