Monday, July 11, 2016

U.F.C. Sells Itself for $4 Billion

SAN FRANCISCO — Ultimate Fighting Championship seemed for years to be a curio, a niche sport for those interested in seeing combatants pummel one another in an octagonal cage.
But U.F.C. has become a global sports empire — and now commands an eye-popping price tag.

Theresa May Poised to Be Britain’s Next Premier as Andrea Leadsom Quits Race

LONDON — Theresa May, a relative moderate who has served for the last six years as home secretary, suddenly emerged victorious on Monday in the race to succeed David Cameron as Britain’s prime minister, bringing to an accelerated conclusion a political drama set off by the nation’s vote to leave the European Union.
Mr. Cameron said that the transfer of power would be completed by Wednesday evening. Ms. May would be the second woman to lead Britain, after Margaret Thatcher, who served as prime minister from 1979 until 1990.

Billionaire brothers to get massive windfall from UFC sale

  Brothers Lorenzo and Frank Fertitta made their first fortune in casinos. But they may have hit their biggest jackpot yet with the sale of the Ultimate Fighting Championship, an organization that promotes mixed martial arts.
The Las Vegas-based Fertitta brothers each held a 40.5 percent stake in UFC's owner, Zuffa. Based on the reported $4 billion deal price, their combined stake would net more than $1.6 billion in cash.
Of course, the company also has unspecified debts and other obligations, so their actual payout will be less — especially after taxes. But sources say the sale of UFC to the talent agency WME-IMG and other partners will still be a 10-figure payday for the two, who bought it for just $2 million in 2000.

Before accounting for the windfall from the deal, Forbes puts the net worth of each of the Fertitta brothers at $1.6 billion; Wealth-X pegs them at $1.8 billion each. Sources close to the brothers say their net worth was already more than twice that. 

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