Notes - Cage Kings

April 27, 2025

Introduction: THE LAST SPORT ON EARTH

Author's Note and Research Methodology

The book is based on over four years of extensive research and reporting. This includes interviews with current and former UFC employees, fighters, trainers, managers, media executives, promoters, and journalists. Additional information was drawn from court documents, depositions, video interviews, and numerous books covering the history, business, and culture of prizefighting and mixed martial arts. The author generally refers to individuals by their last name, but uses first names in instances where people share the same family name to prevent confusion.

Backstage at a UFC Event

The author recounts an experience in early August 2019, attempting to navigate the backstage tunnels of the Prudential Center arena in Newark, New Jersey, for the "UFC on ESPN: Covington vs. Lawler" event. The corridors were described as placeless and difficult to navigate without prior knowledge. Chris Bellitti, the UFC’s Vice President of Corporate Communications, escorted the author, even he appeared to struggle with directions. The UFC was holding 42 events in 2019, with events occurring frequently across various international locations, including Edmonton, Montevideo, Anaheim, Shenzhen, Abu Dhabi, Vancouver, Mexico City, Copenhagen, and Melbourne, contributing to the blurred perception of arenas for UFC staff.

The press room at the Prudential Center, set up in a large storage room filled with stacked chairs, contained only a small group of bloggers and YouTube personalities working on laptops, alongside a buffet. A few streamers were preparing tripods for fighter interviews against a backdrop featuring UFC and ESPN logos. The author observed that most attendees seemed to be fans covering the sport as a side gig, with the UFC's own backstage reporters appearing to be the most professional group.

UFC's Evolving Media Strategy

The UFC has increasingly distanced itself from traditional media outlets like the New York Times and Washington Post, opting to control its own narrative. Many longtime beat reporters and investigative journalists covering the sport are frequently denied press credentials, to the point where they often no longer bother applying. A notable example is the 2016 incident where reporter Ariel Helwani was ejected from UFC 199 and banned for life (a ban later rescinded) for breaking the news of Brock Lesnar’s return to the UFC hours before the official announcement. UFC President Dana White has maintained a hostile stance toward Helwani, using derogatory terms like “pussy,” “douche,” and “crybaby victim”.

The UFC now prefers to report on itself, utilizing various media formats that often blend self-promotion, reportage, and public interest. These include the weekly podcast series UFC Unfiltered, hosted by former welterweight champion Matt Serra and comedian Jim Norton. There’s also a video series offering technical breakdowns of upcoming fights, several long-form fighter interview series, and the reality series Dana White: Lookin’ for a Fight, which follows White scouting regional fighters. The promotion also broadcasts Dana White’s Contender Series, matching prospects for a UFC contract. Before pay-per-view events, the UFC airs hour-long mini-documentaries profiling main and co-main event fighters. In the week leading up to an event, six or seven UFC Embedded YouTube videos are released, documenting the final days of main fighters. The company even produces its own historical documentaries, presenting past milestones as if from a neutral observer's perspective rather than a promoter's.

Even when media companies are allowed to tell part of the UFC's history, the promotion heavily influences the narrative. After a significant $1.5 billion, five-year broadcasting agreement with ESPN in 2018, the network produced a 30 for 30 documentary on the Tito Ortiz and Chuck Liddell rivalry. The director, Micah Brown, admitted that while ESPN had final cut, the UFC participated throughout the editing process, influencing outcomes. Ortiz claimed the documentary was repeatedly recut based on feedback from Dana White, a central character in the story.

In 2018, White commissioned a hardbound book for UFC employees titled Don’t Believe Anything You Read, which featured critical stories from news websites like Bloody Elbow and Deadspin, accompanied by White’s rebuttals. White expressed in a 2019 TMZ interview that "Nobody knows anything about this sport," and later called UFC journalists "the weakest, wimpiest people on earth". He believes he created the sport for media to cover and expects gratitude and positive portrayal. Consequently, most media covering the UFC tend to focus on matchmaking, rivalries, and techniques, avoiding critical topics like low fighter pay, changing drug testing/sponsorship policies without fighter input, and the lack of pension or post-career healthcare, especially given chronic traumatic encephalopathy (CTE) risks.

Author's Personal Connection to UFC

The author spent five months attempting to gain access to the "UFC’s universe" to understand its popularity and profitability. His interactions with Chris Bellitti revealed the demanding schedule of UFC staff, with constant travel and little time outside the promotional cycle. Bellitti eventually suggested attending an event in person as the best way to understand the UFC.

The author’s personal life, marked by financial instability and a series of part-time jobs (librarian, movie extra, video game tester, balloon delivery, mailroom cart pusher, dog-sitter, ghostwriter, translator, bone marrow donor, cleaner), often mirrored the struggles of UFC fighters. Despite a full-time editing job in 2008 that brought temporary stability, money became scarce again in New York due to late or insufficient freelance checks. This hardship led him to find solace in UFC fandom, viewing fighters' lives as relatable struggles against overwhelming odds. The sport's "coldness and complexity" were calming, and the vulnerability of even undefeated fighters resonated with his own uncertain circumstances, making him feel less alone.

The UFC's Vision of Prosperity and Sadism

The UFC presented a vision of "cathartic prosperity," where hard work could lead to wealth and recognition. However, this success was tied to a "certain kind of sadism," where winners required victims. The pay structure, typically $10,000 to fight and $10,000 to win for new fighters, ensured winners received double pay while losers lived on half, reinforcing the idea that one person's advancement necessitated another's suffering. This dynamic made it easy to cheer for pain and failure, embodying a "berserker emotion that doesn’t discern friend from foe but simply rejoices in blood," as described by writer Sam Sheridan.

In-Person Event Experience

The author describes the unique experience of watching a UFC event live, noting how much detail is lost on television cameras. Punches, which sound like mere hits on TV, produced a "disturbingly sharp, wet slap" in person, clearly signaling pain and triggering adrenaline. Without commercial breaks or camera edits, the fight's pace was "strange," feeling both faster and less clear yet more dangerous. The absence of color commentary made the fight seem "cold" and "purposeless," like animals battling without apparent reason.

The event featured a one-sided victory for Colby Covington over Robbie Lawler, with Covington dominating for five rounds. After the win, Covington launched a "flagrantly personal attack" on Lawler's friend and former training partner, Matt Hughes, who had suffered severe brain damage from a train accident. Covington's comments, "You stay off the tracks when the train’s coming through, Junior. It don’t matter if it’s the Trump train or the Colby train. Get out the way!" were made before he celebrated backstage with Eric and Donald Trump Jr. and received a call from President Trump. The author left the arena feeling disoriented and numb, the daylight contrasting with his usual post-fight exhaustion, leaving him with new, trapped memories of violence.

Promotional Tactics

The UFC producers sometimes manipulated the lighting on set to increase the likelihood of confrontation, shifting from a calm blue background to a "sweltering red" as segments progressed. Campbell McLaren, a key figure, noted this tactic was to "pump up an audience" and maintain edginess while aiming to outlast controversy.

Book's Purpose

The book aims to tell the history of the UFC over three decades and explore how the world became receptive to cage fighting, viewing it as a "sickness, a spectacle, a celebration".

Chapter 1: GOD FORGIVE ME!

Conception of the UFC

The Ultimate Fighting Championship originated from a thought in Art Davie's mind while at the Torrance Public Library. Davie, an excitable ad man with a knack for seeing possibility, spent months researching prizefighting and martial arts history. He was particularly interested in matches between fighters of different disciplines, aiming to determine the most effective self-defense form, rather than just proving who was the better man. His notes included curiosities like the 1963 bout between judo black belt Gene LeBell and boxer Milo Savage, which LeBell won by choke, and the 1976 exhibition match between Muhammad Ali and wrestler Antonio Inoki. Davie had also grown up in Brooklyn, attended New York Military Academy where he was roommates with Donald Trump for a semester, served in Vietnam, and later worked in car sales and advertising.

Inspired by an unconfirmed story about a karate practitioner beating a judo black belt with a single punch, Davie envisioned a television series called The World’s Greatest Fighter, sponsored by Tecate beer, pitting unusual fighters against each other from various disciplines.

Early Attempts to Broadcast

In the summer of 1992, Davie quit his job and dedicated himself to his "de facto office" at the Torrance Public Library, where he studied athletic commission regulations and the broadcasting industry. He recognized his event, initially named The War of the Worlds, would likely be too violent for traditional broadcast networks. He targeted cable, which had seen dramatic growth in subscribers and channels. HBO and Showtime declined his pitch; Showtime's Jay Larkin jokingly suggested "marital arts" instead of martial arts. ESPN and Prime Ticket showed initial interest but didn't follow up after receiving his business plan.

In early 1993, Davie reframed the event as a pay-per-view, a smaller but more open market for "niche-casting" and "forbidden arts". He noted the success of shows like Howard Stern's Underpants and Negligee Party on pay-per-view, which highlighted the market for risqué content.

Partnership with Semaphore Entertainment Group (SEG)

Davie focused on Semaphore Entertainment Group (SEG), a Bertelsmann Music Group subsidiary, which had a steady pay-per-view business broadcasting concerts but was looking to expand into recurring series. SEG’s attempt at a tennis event, Battle of the Champions, was critically panned. Davie became convinced The War of the Worlds was what SEG needed—a series, cheaper than celebrity events, and with raw appeal.

In March, Davie cold-called SEG and surprisingly reached Campbell McLaren, Vice President of Original Programming, who found Davie's pitch intriguing despite its unusual nature. McLaren, a former documentary filmmaker, marketer, and comedy club talent director, appreciated Davie's theatricality and desire for spectacle. He was drawn to Davie’s description of a Brazilian family of "trained killers" (referring to the Gracies) who wanted to fight Mike Tyson, seeing it as a unique blend of sport, stunt, and drama.

Event Logistics and Naming

Davie, thrilled by SEG's interest, realized he lacked legal representation and an LLC, despite investing time and money. With SEG’s green light, Denver, Colorado, was chosen as the location for The War of the Worlds due to its legality of bare-knuckle boxing and lack of a boxing commission. Davie established "War of the Worlds Promotions" as a Colorado LLC and hired a lawyer and accountant. He rented an office next to the Gracie Academy in Torrance.

Davie and SEG agreed on an eight-man tournament structure, with each fighter representing a different martial art. The winner would fight three times in one night for a $50,000 prize. Davie initially wanted a crown but settled on a simple medal with "Per Aspera Ad Astra" (Through adversity to the stars) engraved, an idea from Rorion Gracie's student.

Debate arose over the fighting platform. A boxing ring was deemed unsafe for grappling. Davie suggested an electric fence or razor wire cage, and consultant John Milius proposed a piranha-filled moat. A Plexiglas cube was considered but dismissed due to humidity. SEG's art director, Jason Cusson, designed an octagonal cage with padded posts and chain-link fencing, inspired by the 1980 Chuck Norris movie The Octagon. This design allowed cameramen to film and created a sense of "illicitness and taboo". To lend credibility, Davie invented the "International Fight Council," with Rorion Gracie as commissioner.

SEG and Davie finalized their deal: SEG would cover marketing and production, while Davie and Rorion would find fighters and cover prize money, totaling $102,500. This included $50,000 for the winner, $15,000 for runner-up, and smaller amounts for semi-finalists and first-round losers. Davie secretly paid two fighters extra guaranteed fees. He raised money by seeking investments from Gracie Academy students. SEG later requested a name change to avoid copyright infringement with H. G. Wells' The War of the Worlds, and after using "World’s Best Fighter" as a placeholder, SEG’s marketing head Michael Abramson suggested "Ultimate Fighting Championship". Despite initial disinterest due to its length (Davie) or similarity to "Ultimate Frisbee" (McLaren), it was adopted. SEG’s design team created a logo of a bald fighter standing astride Earth, which Davie noted looked like Mr. Clean.

Marketing and Rules of UFC 1

In the final weeks, the event date was pushed back to November 12 due to a scheduling conflict. SEG rented McNichols Sports Arena for only $4,000. Local promoters Barry Fey and Zane Bresloff were hired to market the event, using the tagline "The End of Civilization As We Know It," drawing from fighter contracts that acknowledged potential death. SEG also faxed flyers to gyms promoting "no rules, no judges, and no point system, just pure uncontrolled violence".

Despite the marketing, there was a full page of typed rules, which fighters only received the night before the event. Fights could only end by knockout, three-tap submission, or corner towel-throw. Rounds were five minutes with two-minute rests, and no limit on rounds. Biting, groin strikes, and eye gouges were forbidden. Fighters wearing shoes couldn't kick, but barefoot fighters could. When Davie distributed the rules, there was nearly a mass walkout due to mistrust of Rorion Gracie's influence, but sumo wrestler Teila Tuli defused the tension by signing his release and stating he came "to party".

The First Event: UFC 1

UFC 1 began with an amateurish feel, with Davie signing the final contract just hours before the first fight. Lead commentator Bill "Superfoot" Wallace belched mid-sentence and misidentified the event twice. In one fight, Zane Frazier pulled Kevin Rosier's hair for grip, prompting commentator Kathy Long to note it wasn't in the rules. Rosier won by stomping on Frazier's head while holding the cage.

Royce Gracie, representing Gracie jiu-jitsu, appeared tense in his first fight against boxer Art Jimmerson, who fought with one boxing glove on. Jimmerson refused to punch, seemingly afraid of Gracie, who then tackled him and quickly secured a submission. Jimmerson tapped despite no observable damage, appearing helpless against Gracie's grappling. Gracie's next fight was against Ken Shamrock, a significantly larger professional wrestler with Pancrase experience. Despite Shamrock's initial dominance and attempts at submissions, Gracie managed to secure a choke that forced Shamrock to tap, though the referee initially missed it.

Before the finale, a ceremony honored Royce's father, Helio Gracie, as the "original ultimate fighter". Helio, 80, looked frail, and the restless crowd booed the interruption. The finale pitted Royce against Gerard Gordeau. Gordeau had fragments of Teila Tuli's tooth in his swollen foot from a previous fight. Both fighters were cautious due to previous bouts, but Royce eventually secured a choke, forcing Gordeau to tap. Royce held the choke for several seconds, perhaps fearing a repeat of the Shamrock confusion, until the referee intervened.

Royce's victory, consecutively beating three larger men in less than five minutes total, exposed a "new reality"—that smaller, seemingly less imposing figures could defeat physically superior opponents through technique.

Initial Reception and Financial Success

Early press reactions were mixed: TV Guide called it "disgusting, dumb, and depraved," while the Los Angeles Times found it unexpectedly funny. Black Belt magazine suggested it was skewed for jiu-jitsu. Sports Illustrated cancelled a feature due to the violence.

Despite minimal marketing, UFC 1 sold 86,000 pay-per-view buys at $14.95 each, surpassing estimates and generating nearly $1.3 million. SEG netted over $700,000 after cable company percentages. With about $400,000 in marketing and production costs, this resulted in substantial profit. Potential for more revenue from VHS sales, merchandising, and video game adaptations also existed. SEG exercised its option for a second event four months later.

Continued Controversies and Expansion

SEG debated branding strategies for UFC 2; COO David Isaacs favored "pro wrestling, only real" to emulate the WWF's success. Campbell McLaren preferred apocalyptic slogans, emphasizing violence and risk. On Good Morning America, McLaren stated, "You can win by tapout, knockout, or even death". He even claimed a Saudi company pitched airing live executions after UFC 1's success, which he declined partly because UFC already offered the possibility of on-camera death. This strategy made the UFC a media sensation but drew political ire. Denver mayor Wellington Webb banned UFC from McNichols Arena, leading SEG to move UFC 2 to the smaller Mammoth Gardens.

Art Davie, acting as a freelancer, expanded UFC 2 to a sixteen-fighter tournament without SEG's explicit approval. This led to logistical challenges in the smaller venue, with hotel rooms used as dressing rooms. Fred Ettish, a backup fighter, was tasked with escorting fighters.

UFC 2 surpassed UFC 1 with over 125,000 buys, a nearly 50% increase. Royce Gracie again won, solidifying his status as an "unlikely hero". SEG capitalized on this momentum with two more popular events in 1994. UFC 5, in April 1995, featured a rematch between Royce and Ken Shamrock, generating 286,000 pay-per-view buys at an increased price of $24.95, bringing in millions. VHS sales, licensed to Vidmark (known for low-budget genre films), also contributed, with sales reps like Don Gold sometimes leaving events with bags of cash up to $50,000.

The early UFC also featured fighters promoting real or fictional martial arts disciplines, like Kimo Leopoldo's "Jo Son Do" and John Hess's "SAFTA". Some fighters had unique introductions, such as Leopoldo carrying a wooden cross. Announcers like Jeff Blatnick often expressed confusion over these self-proclaimed martial arts.

New York State legalized mixed martial arts in 1997, leading SEG to schedule UFC 12 there. However, public backlash and political pressure led Governor George Pataki to stay the bill, and the New York State Athletic Commission imposed rules (headgear, boxing gloves, no takedowns) that would effectively turn UFC into amateur boxing. SEG refused these "unacceptable" changes and lost a court injunction. To avoid cancellation and maintain pay-per-view slots, SEG chartered a 747 to move the event, UFC 12, to Dothan, Alabama, last minute, which saved the show but wiped out profits and demoralized staff.

SEG responded aggressively to cable companies, taking out full-page ads defending the UFC and publishing Cablevision CEO James Dolan's home number. On broadcasts, they adopted a plaintive tone, urging fans to call their cable providers. SEG sought smaller, rural markets in the South and international partners in Brazil and Japan (via UFC-J) to host events.

In a desperate move, Bob Meyrowitz met with TCI president Leo Hindery Jr., who had previously refused to carry UFC. Hindery, a critic like Senator John McCain, offered to reconsider if Meyrowitz could secure sanctioning from a major state athletic commission (California, Nevada, or New York). Meyrowitz focused on Nevada, the "fight capital of the world," hiring lobbyist Sig Rogich. While Nevada commissioners, including executive director Marc Ratner, remained skeptical, Meyrowitz felt he had enough support for a vote, but Rogich advised against it.

More successfully, Meyrowitz secured provisional approval from the New Jersey State Athletic Commission, led by jiu-jitsu black belt Larry Hazzard Sr., for three trial events. However, this wasn't enough for Hindery. Meyrowitz sought outside investors and made a tentative deal with real estate developer Dan Lambert for $200,000 upfront and $1 million in escrow for 51% ownership, a "lifeline" for the struggling company. As UFC's first New Jersey show approached in November 2000, Meyrowitz felt trapped in "someone else's dream," considering his own flourishing internet talk radio business, eYada.com.

Dawn of a New Era

Dana White, then a fight manager, pushed Meyrowitz to pay his client Tito Ortiz what he was owed ($25,000 vs. $10,000 received from a previous fight) or give him a percentage of the next pay-per-view revenue. White threatened to take Ortiz to Pride or other promotions if demands weren't met. White then called Lorenzo Fertitta, who was at a corporate retreat, suggesting they buy the UFC.

Lorenzo and his brother Frank III had developed a passion for jiu-jitsu after White introduced them to private lessons. Lorenzo described it as a "Matrix"-like awakening. Frank III had initially offered to fund a mixed martial arts promotion for their jiu-jitsu instructor, John Lewis, but lost interest when he had to share ownership. The Fertitta brothers had also explored boxing involvement.

White and Lorenzo first met as teenagers at Bishop Gorman High School in Las Vegas. Lorenzo was a disciplined student and football player from a well-off family, while White was impulsive, cut class, and often got into fights. White's mother sent him to live with grandparents in Maine. After dropping out of college, White worked various demanding jobs, including bar bouncer, bike courier, bellhop, and asphalt layer. The asphalt job taught him "what real work was".

White and Peter Welch began teaching fitness classes at a gym. White, unable to afford a car, cycled to the gym, listening to motivational audiobooks like Tony Robbins' Unlimited Power. Robbins' philosophy of self-creation and rising above one's station resonated with White. White, though uncertain of his path, felt confident he was on the right one.

This confidence was shaken in late 1995 when Kevin Weeks of the Winter Hill Gang (Whitey Bulger's syndicate) demanded $2,500 for White to continue teaching. After months of fear and a final threat, White booked a one-way ticket to Las Vegas. He moved in with an ex-girlfriend's parents, printed business cards for "Dana White Enterprises," and built a successful business as a fitness instructor, teaching large group classes to executives.

Acquisition of the UFC by Zuffa

The idea of buying the UFC seemed like a "vanity business" to Frank Jr., risking Station Casinos' reputation. The UFC was a small company publicly attacked by politicians and worth a fraction of Station's revenue. Lorenzo and Frank III tried to convince their father, Frank Jr., that fighters were not hooligans, often had college degrees, and that the barbaric appearance was due to bad regulations and misunderstanding of the sport. Frank Jr., whose career and Station's success were built on good standing in Las Vegas's gaming community, found their arguments unconvincing. His reputation was sensitive, especially after a partner was imprisoned for a skimming operation at the Fremont Hotel, which had been funded partly through Teamsters Union pension funds.

Lorenzo, fresh out of NYU's Stern School of Business, had extensive experience in the casino business through working for his father at Palace Station. He viewed the UFC as a chance to build something new for themselves. Despite skepticism from their father and Station executives, Lorenzo and Frank III decided to proceed.

In December, they traveled to Tokyo for UFC 29, the final event under SEG ownership. They used the trip to observe the show's organization, wandering backstage and talking to staff. The event was violent, with three first-round knockouts. Tito Ortiz won the main event, submitting Yuki Kondo. After, Lorenzo and Frank III questioned referee John McCarthy about the company's operation, fighter departures, Meyrowitz's mistakes, top non-UFC fighters, and political hurdles. McCarthy, a public advocate for UFC, didn't suspect their intentions. The next day, on the flight back to Las Vegas, McCarthy saw them with paperwork and realized they might have acquired the company.

A few weeks later, in early January, Lorenzo and Frank III publicly announced their acquisition of the UFC through a newly formed LLC called Zuffa (Italian for "fight"). They invited key SEG staff, including McCarthy and Jeff Blatnick, to Las Vegas, offering free rooms at Palace Station and tours of the new Zuffa offices on Sahara Avenue, a modest office park location in contrast to SEG's Manhattan suite. The Zuffa offices were surrounded by small businesses, a nail salon, mortgage brokers, and an In-N-Out Burger, near Fertitta Enterprises and Gordon Biersch brewery (partially owned by the family).

Zuffa's Initial Strategy for UFC

White and Lorenzo believed the UFC's problems were simple: Meyrowitz's legal battles, alienated cable executives, and loss of top fighters. Lorenzo was confident Zuffa could reverse this by securing Nevada sanctioning, returning to U.S. cable pay-per-view, and increasing marketing. Their plan mirrored Meyrowitz's but with the added "reputation and resources" of the Fertittas. They projected 150,000 pay-per-view buys per event at $29.95, yielding over $2 million per event for Zuffa (45% share). This would cover a $1.3 million production and marketing budget. Additional revenue was expected from live ticket sales in larger Vegas arenas, and VHS/DVD sales.

They aimed to emulate the World Wrestling Federation (WWF) business model, which maintained aggressive schedules using exclusive contracts, controlling intellectual property of characters, and limiting wrestler influence over storylines. This allowed WWF to run over 100 live events annually, building towards climactic pay-per-view matches. Lorenzo tasked lawyer Lawrence Epstein with drafting new UFC agreements.

White immediately overhauled live event production, finding SEG's events "morgues" with poor lighting and music. He aimed to make UFC events feel momentous, like a Super Bowl halftime show, with tickets ranging from $30 to $300. UFC 30, the first under White's vision, opened with a remixed Megadeth song, "Crush ’Em," and sepia-tinted slow-motion knockouts. The arena was styled like a nightclub with an elaborate entry ramp, laser lights, and fog machines. An indoor fireworks display for the main event added $100,000 to the budget, leaving a smoky mist over the octagon.

Lorenzo pushed White to make each new show "a step up or parallel step" in spectacle and sales. The next escalation was UFC 31, planned for the 20,000-seat Continental Airlines Arena, marking New Jersey's full recognition of MMA. Zuffa hired boxing veterans, including Bernie Dillon, and Burt Watson as event coordinator. Watson, impressed by White and the Fertittas' "real strong house money," joined Zuffa.

In Demand, a pay-per-view provider, agreed to bring UFC back to U.S. cable subscribers for the first time since 1997. The terms were less favorable, requiring 75,000 buys to break even, but expanded UFC's market reach to 48 million pay-per-view-equipped homes. Dan York of In Demand praised Zuffa's commitment to improving the sport's reputation.

UFC 32 featured stark violence, with four of six main card fights ending by knockout or TKO. Josh Barnett's armbar submission win ended with him wiping blood from his face and putting bloodied fingers in his mouth. For the main event, Tito Ortiz entered to Limp Bizkit's "Break Stuff," with house lights off, animated flames on screens, and white strobe lights. Firework bursts exploded above the audience.

The Mixed Martial Arts Unified Rules of Conduct were established in an April meeting between White, Lorenzo, NJSAC officials, and other MMA promotions. These standardized nine weight classes and fighting area dimensions, allowing rings or cages. Fights were three five-minute rounds (championships five rounds), scored by the Ten-Point Must System. Wrestling slams were allowed after Zuffa showed Olympic highlights, but "spiking" was banned, as were soccer kicks, head butts, and knees to a grounded opponent's head. The UFC's apparel approach became standard: only shorts, groin protection, mouthguard, and gloves.

The Nevada Commission adopted the Unified Rules with additions: promoters needed two video screens, at least 25 scheduled rounds per event, and fighters required up-to-date MRI, MRA, and blood tests, plus a physical exam within seven days.

The sporting press reacted coolly, mostly ignoring Zuffa's advancements. The Los Angeles Times misidentified Dana White as "Dan" and called Tito Ortiz a "big lug with a gold ring" in an article that focused more on Carmen Electra.

After the September 11, 2001, attacks, Lorenzo and White considered canceling UFC 33 but decided to reframe it as a patriotic display of determination. The broadcast opened with "The Star Spangled Banner" sung by A Moment in Time, with uniformed Las Vegas Fire Department Color Guard members holding American flags on the fighter ramp, and fireworks over the octagon.

Despite the pomp, UFC 33's main card fights were uneventful decisions with low activity, some identified as the least active in UFC history. Without knockouts or submissions, fights ran over time. The pay-per-view broadcast abruptly cut off during the fourth round of the main event (Ortiz vs. Matyushenko), leaving fans unsure of the winner.

Chapter 3: No One Can Do What You Did

Randy Couture's Story and Comeback

Randy Couture had a difficult childhood, abandoned by his father at three and raised by a single mother. He suffered from health issues like an enlarged bladder and severe asthma, leading him to feel like a "freak". Wrestling provided him a sense of self and escape from shame.

In a fight that became the UFC's "Fight of the Year" for 2001, Couture battled Rizzo, whose leg kicks left a permanent "dent" in Couture's thigh. Despite the injury, Couture persisted and, by the third round, Rizzo fatigued, allowing Couture to secure a unanimous decision win.

After the victory, Couture was interviewed in the cage with his championship belt. Dana White, ecstatic, embraced Couture, shouting, "No one can do what you did," referencing Rizzo never having been finished before. Lorenzo Fertitta joined for a photo, with White proclaiming Couture "Number one!". Couture, at 38, felt a "new sense of completeness," as if his life, previously fragmented, had finally come together. His biological father, who had abandoned him, watched from the audience for the first time.

Chapter 4: THERE IS NO PLAN B

Dana White's Vision and Pride's Influence

In August 2003, Dana White expressed awe at Pride Total Elimination 2003 in Saitama Super Arena, which drew 40,316 fans, dwarfing typical UFC attendance. UFC 43, for comparison, only filled half of the 9,800-seat Thomas & Mack Center, requiring stagecraft to conceal empty seats.

White had traveled to Japan as part of a talent-sharing agreement with Pride, allowing UFC fighters Ricco Rodriguez and Chuck Liddell to compete in Pride's Grand Prix. In exchange, Pride would send two stars to the UFC. White hoped Liddell's win against Alistair Overeem would prove UFC fighters' world-class capability. White was visibly nervous, even betting $250,000 on Liddell to win the entire tournament.

Over the preceding three years, White's ambitious plans had rarely worked. In 2002, he secured deals for UFC broadcasts on Sky Sports in the UK, Wowow in Japan, and Globosat in Brazil. A potential breakthrough came in June 2002 when Fox Sports Net's The Best Damn Sports Show Period aired a full fight from UFC 37.5. This episode was popular, but Fox executives grew uncomfortable, and the championing executive left. A few months later, ESPN The Magazine sent Bill Simmons to cover UFC 39, but Simmons was broadly dismissive, comparing fighters to "Amateur Night" rejects and expressing discomfort after a violent knockout.

Pride was perceived differently in Japan, with a lucrative broadcasting deal with Fuji TV, reaching over 98% of Japan's population. Some Pride events drew over 20 million viewers, surpassing NBA Finals or World Series games. Pride events had a "grandeur and elegance," using orchestral music and ceremonial fighter introductions. Winning fighters received trophies, emphasizing individual triumph.

Pride's star fighters often came from professional wrestling, possessing a "folkloric aura". Kazushi Sakuraba, known as "the Gracie Killer" for beating four Gracie family members, became a cult favorite. Pride had siphoned off many of the UFC's best fighters, making it hard for UFC to compete for prospects; for example, Anderson Silva backed out of a UFC agreement in 2001 for a Pride offer. White and Lorenzo understood Pride's appeal, secretly watching their events. White aggressively tried to undermine Pride's public recognition, yelling at editors who featured Pride fighters on covers and pressuring websites like Sherdog.com to stop covering Japan's MMA scene.

In November, White, in Tokyo for Liddell's fight, maintained confidence in Liddell despite initial setbacks. Overeem initially dominated Liddell, landing powerful knees and punches. However, Liddell landed a surprising left straight, knocking Overeem out. White, overcome with joy, ripped off his headset, jumped on the ring apron, and kissed Liddell's head. Liddell promised White the "other half" of the trophy in November, referring to the final round of the Grand Prix.

Grassroots Promotion and Tapout Partnership

White dedicated himself to connecting with fans, crisscrossing the country for "meet-and-greets" at local pubs and chain restaurants. He focused on building grassroots campaigns for fighters in their hometowns, stating, "I don’t care if three people show up... I’ll go anywhere and do anything for the fans".

White saw a kindred spirit in Charles "Mask" Lewis Jr., co-founder of Tapout, an apparel company. Lewis, along with his partners Dan Caldwell and Skyscrape (Timothy Katz), adopted a theatrical, nomadic lifestyle, wearing face paint and elaborate costumes to attract attention. Tapout operated primarily on cash, giving away shirts as often as they sold them. Lewis was driven by inspirational quotes and the "no Plan B" mentality, likened to Hernán Cortés burning his ships.

White integrated Tapout into the UFC brand. At UFC 36, the Tapout logo appeared prominently on the octagon mat, despite no payment from Tapout. Zuffa struggled to attract mainstream sponsors after Expedia.com declined to continue its partnership. Zuffa resorted to promoting its own subsidiaries and video games. The association with Tapout created the illusion of a larger commercial ecosystem. Lewis, Caldwell, and Katz were often shown in the VIP section, and in 2003, the UFC introduced the "Tapout Award of the Night". White even had Lewis film an introductory video for Liddell at UFC 43.

Commentary Team Changes

White was dissatisfied with the UFC's commentary team. Jeff Blatnick, an Olympic medalist, was let go after UFC 32 because White "didn’t like anything about him, from his looks to his commenting skills". Blatnick's earnest approach was out of step with Zuffa's push for celebrity. He was replaced by Jeff Osborne, an experienced martial artist, whose slow Texas drawl and muted reactions contrasted with the crowds' energy. Osborne was "politely fired" after a year.

Joe Rogan, describing himself as a "professional fan," dramatically changed the broadcast tone. He revered fighters, using "awed superlatives" to describe them as "world-class" and "elite" athletes. His jiu-jitsu and taekwondo background allowed him to explain grappling and dramatize subtle movements. Rogan also modeled audience reaction, frequently screaming in disbelief and relishing damage, giving the sport a "grave but essential nobility". He famously compared Ken Shamrock's face after a fight to being "hit with a Howitzer".

White also wanted a new theme song for pay-per-view broadcasts to reflect a fighter's mindset. The result was "Face the Pain" by Stemm, which debuted at UFC 40. White loved the song, and Stemm, a young band, accepted a "not the greatest" deal for the exposure.

Challenges and Disappointments

As White prepared to return to Japan in November, he felt things were finally heading in the right direction, believing Liddell's triumph in Pride would be undeniable proof of UFC's resurgence. Liddell was matched against Quinton "Rampage" Jackson, with a potential fight against Wanderlei Silva.

The Pride Grand Prix finale took place on November 9, 2003, at the Tokyo Dome, filled with 67,450 fans. Lorenzo Fertitta also attended. Ricco Rodriguez had lost in August, leaving Liddell as the UFC's sole hope. White's commentary was tense. Liddell's game plan against Jackson was to evade and kick, tiring Jackson before striking. However, Liddell abandoned the plan, engaging Jackson directly. White noted Liddell looked "exhausted" and "tired" by the end of the first round.

Liddell's punches were ineffective, and Jackson landed counterpunches. White, watching a slow-motion replay, saw a small white towel from Liddell's corner flying into the ring, signaling surrender.

The loss was followed by another disappointment: UFC 45: Revolution, coinciding with the UFC's ten-year anniversary, was largely a "debacle". White and Lorenzo announced the UFC Hall of Fame, inducting Royce Gracie and Ken Shamrock, and awarded "Legends" awards. However, a bout between Tank Abbott and Wesley "Cabbage" Correira ended messily due to a gash above Abbott's eye, leading to a shoving match between camps. In the main event, Frank Trigg wore a shirt promoting a porn actor's website. The event only generated 40,000 pay-per-view buys, the second lowest of the year. UFC revenues for 2003 fell to $7.5 million, and total losses under Fertitta ownership topped $30 million.

White recalled his mother's words reminding him of the class differences with his rich Bishop Gorman classmates, warning him he could end up "pumping gas into their cars".

Despite misgivings and significant losses, Lorenzo decided to continue with the UFC for a "few more months". His rare use of profanity ("Fuck it") signaled his seriousness to White.

Chapter 5: A REVERSE SOCIALIZATION PROCESS

The Ultimate Fighter: Conception and Production

Dana White initially "hated the idea" of turning the UFC into a reality show but accepted it as the only way forward with Spike TV. White, along with Craig Piligian (a producer known for reality shows like American Chopper and Dirty Jobs) and Zuffa’s production team, conceived The Ultimate Fighter (TUF). After an all-nighter, they settled on a format similar to Survivor: eighteen fighters would live together in a Las Vegas mansion, compete in weekly stunts, with losing teams eliminating a member. The season would culminate in a fight between the two finalists for a six-figure UFC contract. Kevin Kay, Vice President of Programming at Spike TV, immediately saw its potential, believing it would help audiences connect with fighters as "characters".

Frank III and Lorenzo viewed TUF as their "biggest bet" on the UFC. Piligian budgeted $10 million for 52 days of filming, an amount exceeding a full year of UFC revenue. Tito Ortiz and Ken Shamrock were initial choices for coaches but negotiations failed over money. Randy Couture and Chuck Liddell accepted the coaching roles, with the promise of a light heavyweight championship rematch at season's end. Their pay was $800 a week for eight weeks, less than 5% of their usual fight purses, causing Liddell's manager to drop him.

Lorenzo insisted on a January debut, two months before a rival boxing reality show, The Contender. Kay decided to slot TUF after WWE Monday Night Raw. Despite the late 11:08 p.m. start time, this slot guaranteed a large lead-in audience, testing UFC's appeal to WWE's young male demographic. Zuffa rushed filming to begin in September.

The hasty production was evident to the cast. The number of contestants was cut to sixteen. Fighters complained about the mansion's amenities, particularly the kitchen stocked with junk food, leading White to personally deliver fresh groceries. The gym for training was a small warehouse in an industrial park.

Elimination challenges were poorly planned; the first required teams to carry coaches in 200-pound recliners across rocky Lake Mead. Fighters sustained injuries, like Mike Swick's gash, which they worried would jeopardize their chances. After two weeks, the production team realized the formula was wrong; fighters were proving themselves in "overcomplicated games" instead of fighting.

Lorenzo and White restructured the show to feature an actual fight in each episode. Cast members suspected changes when they saw spray-painted corner chairs at the gym. Their initial excitement turned to uncertainty when they learned they'd have to make weight (potentially losing 20+ pounds in days) and fight for free. Many fighters, who previously received at least a few hundred dollars even in regional promotions, were dismayed about risking their health without pay.

Dana White addressed the fighters, aggressively stating, "Does anybody here not want to fight?". He asserted that they had a unique opportunity and should "fuckin’ act like" they wanted to be fighters. White's intimidating demeanor, a contrast to his usual public persona, coerced the sheepish cast into accepting the new format. He ended with a mix of threat and affection: "Anybody who says they don’t [want to be a fighter], I don’t fuckin’ want you here... I love you all, that’s why you’re here. Have a good night gentlemen".

White regretted his outburst, fearing it would be broadcast. His temper was familiar to his colleagues but usually hidden in public. Former manager Tommy Rojas noted White was usually "kind and cordial". For the cast, White's outburst, though exploitative, persuaded them, offering a chance at a career they desperately needed. Many were jobless or working multiple low-paying jobs to fund their training.

The regular elimination fights escalated tension. The production crew monitored the house 24/7, even after fighters slept, storming in with cameras at any sign of conflict. Fighters were coached to "conserve reality," stopping interesting conversations off-camera to resume them for filming. Producer Andrea Richter described filming as a "psychological experiment" causing "atypical and extreme behavior". Forrest Griffin called it a "reverse socialization process," turning them into "cavemen".

Mid-filming, producers allowed a night out in Las Vegas. Chris Leben, who had previously urinated on a teammate's pillow after drinking, continued to drink heavily. An argument with Bobby Southworth and Josh Koscheck escalated when Southworth called Leben a "fatherless bastard," triggering a dissociative rage in Leben. Leben's father had abandoned him at two and recently unsettled him by asking for money. Drunk and hurt, Leben punched through a glass window and Koscheck's bedroom door, injuring his finger, before being subdued and taken to the ER. The incident created a social schism, with some wanting Leben removed and others Southworth and Koscheck.

White decided to have Koscheck and Leben fight in the next elimination bout, framing it as the season's centerpiece. However, Koscheck, a collegiate wrestler, won by a clear but anticlimactic decision, proving fighting doesn't always bring moral clarity. After Leben's elimination, the season deflated.

Breakthrough Success and HBO Negotiations

Spike TV promoted TUF on Monday Night Raw. The first episode doubled expectations with 1.667 million viewers. Ratings held steady, jumping to over 2 million when Leben's meltdown aired and peaking with 1.8 share for his elimination fight. Despite high ratings, Spike remained noncommittal, and White left an HBO meeting empty-handed before the finale.

The season finale featured a light heavyweight bout between Forrest Griffin and Stephan Bonnar. It was a brutal, back-and-forth fight that excited the crowd. The fight was so captivating that it led Spike TV to immediately sign Zuffa for a second season and prompted a surge in pay-per-view buys for UFC 52. This single fight generated over $6 million in profit. White praised the "transformative effect" of Spike and reality TV, saying, "We got people watching mixed martial arts without even realizing it...And by the time they did, they were hooked".

Media executives, like Ari Emanuel of Endeavor (a major Hollywood talent agency), began contacting Zuffa after TUF's ratings success. Emanuel, known for his aggressive and amoral style, was caricatured as Ari Gold in Entourage.

HBO Sports executives had previously dismissed the UFC. Seth Abraham, who built HBO Boxing, called UFC "ridiculous" and a threat to HBO's reputation. His successor, Ross Greenburg, and commentator Jim Lampley viewed UFC as "bar fights".

Negotiations for HBO to air four to five exclusive UFC events annually began in spring 2006. HBO wanted to handle production in-house, a standard requirement. This was problematic for UFC, which used external company ConCom Inc. for its productions. Lampley found UFC controlling its own broadcasts suspicious, comparing it to pro wrestling where promoters control the narrative.

White was reluctant to cede control but agreed to consider it if UFC approved all changes. HBO proposed radical changes: their own intro videos, lowered walkout music, and a roped ring instead of the octagon. White and Lorenzo were concerned these changes would dilute their brand's unique "look and feel" and hinder international broadcasting deals. With Zuffa controlling production, they could send one master feed globally, allowing partners to overlay their own graphics.

International deals were a small fraction of revenue in 2006 ($1.8 million vs. $27 million from Spike and $87 million from pay-per-views). However, Lorenzo prioritized global expansion, hiring Marshall Zelaznik to oversee it in October 2006. Zelaznik, initially skeptical, was convinced by attending UFC 47. He mirrored White's work ethic, being both a "best friend and worst nightmare" to broadcasters. A breakthrough came with UFC 70 in Manchester, England, planned for HBO. With a deal made with Setanta Sports in Europe but no HBO agreement, White persuaded Spike to air UFC 70 as a free broadcast in North America.

Zuffa heavily relied on external contractors like Echo Entertainment for content beyond live events, including All Access and Countdown to the UFC. Paul Cambria, a post-production supervisor at Echo, recalled White often demanding "more blood" for promotional "barkers" and making last-minute changes without specific notes, creating a "nightmare".

Despite the challenges, Zuffa and Spike thrived. In 2006, UFC's revenue swelled to $180 million, and The Ultimate Fighter season three finale drew 5.7 million viewers, outperforming MLB. UFC overtook WWE and HBO Sports as the pay-per-view market leader with $222 million gross revenue. UFC increased pay-per-view prices to $39.95. Lorenzo developed a "gut feel" that ceding control to HBO would kill the UFC's "irreverence" and energy that appealed to younger generations.

HBO eventually announced the talks fell apart, stating the business model "doesn’t make sense for either one of us". White and Lorenzo continued trusting Ari Emanuel despite the failed negotiations. John McCarthy, a long-time UFC referee, felt increasingly alienated as new faces steered the sport. After requesting a first-class ticket to UFC 70, White text-messaged him indignantly, then told him not to bother coming. White later summoned McCarthy, blaming him for referee mistakes in England and asking him to train others. McCarthy, already stretched by his full-time police job, realized he was no longer "part of the UFC".

Chapter 6: PROBLEM CHILD

Nick Diaz's Career and Pride's Downfall

On February 24, 2007, Nick Diaz, a former UFC fighter who always dreamed of fighting in Pride, made his debut for the Japanese promotion at Pride 33 in Las Vegas. Celebrities like Harrison Ford, Chuck Norris, and Nicolas Cage were ringside. Diaz felt appreciated by Pride, which addressed him as "Mr. Nick Diaz" and provided a cold-cut platter in his locker room, a level of respect he hadn't received in the UFC. Despite this, he felt his accomplishments were a "small little stack".

Diaz was known for his disarming honesty and aggressive fighting style. He spoke haltingly, often ending sentences with questions, and avoided direct eye contact. He believed he was "meant to fight".

Diaz lost his Pride debut by decision and two more decisions over the next five months, typically controlled by larger wrestlers. He seemed to intentionally seek out "worst case scenarios" in fights, pushing forward and absorbing damage. This attitude, rather than his win-loss record, made him a fan favorite. He signed a two-fight deal with Pride, hoping for better treatment than in the UFC.

The Pride Diaz signed with was different. In summer 2006, Pride lost its broadcasting agreement with Fuji TV after a newsmagazine, Shūkan Gendai, documented the promotion's extensive financial ties to the Japanese mafia (yakuza), including allegations of skimming revenues and fixing fights. This cut off Pride's biggest revenue source. Pride attempted to expand US pay-per-view operations but had a disappointing debut in October 2006, marked by weak ticket sales and fighter steroid positives. Pride 33 aimed to build the reputation of its stars like Takanori Gomi.

In his fight against Gomi, Diaz was quickly taken down and endured a flurry of punches. After nearly 90 seconds, Diaz created space and attempted an armbar. Gomi stood up, and they traded punches. Gomi landed a hook that knocked Diaz down. Diaz eventually trapped Gomi and landed body and head punches, while Gomi became visibly fatigued. At the end of the first round, Gomi stumbled back to his corner, and Diaz raised his arms in triumph.

Diaz stood victorious, his face bloody and eye swollen. He scowled at the audience, feeling they hadn't believed in him. He had beaten the lightweight champion of what was considered the best promotion, less than a year after being cut by the UFC.

Zuffa's Acquisition of Pride and Its Implications

Diaz's glory was short-lived. The Nevada State Athletic Commission flagged his drug test for marijuana metabolites, fined him 15% of his $15,000 purse, overturned his win to a "No Contest," and suspended him for six months. A month later, it became clear Pride would cease operations. In March 2007, White and Lorenzo announced Zuffa was acquiring Pride for $65-70 million, including a $10 million non-compete for Pride president Nobuyuki Sakakibara. Lorenzo likened the acquisition to the NFC and AFC forming the NFL, believing it would create a global sport as big as soccer.

However, internal Zuffa memos suggested the acquisition was "strategic/preemptive... (i.e. to stop others from buying it)" and that Zuffa "seriously contemplated acquiring [Pride] only to shut their business down and use their fighters in the UFC". Deutsche Bank analyst Drew Goldman concluded the acquisition had "unique offensive and defensive purposes" to expand Zuffa's elite fighter roster. Within a month, the UFC booked Pride's biggest stars. By September, Zuffa announced Pride's permanent closure, drawing anger from former Pride executives who felt betrayed. White claimed Pride's brand was too damaged to find Japanese broadcasting partners.

With Pride gone, Nick Diaz felt his career was back to square one. He grew up in Stockton, California, a profitable agricultural area but one of the poorest regions in the US. His parents, a line cook and server, had three children. Nick became a stand-in parent after his father left, living in thin-walled motel rooms and aware of the insecurity around him.

Diaz exhibited disruptive behaviors in school, pulling a fire alarm and being medicated for ADHD. Classmates and even teachers teased him, and he developed a reputation as a fighter. His mother moved the family to Lodi, where he felt out of place at Tokay High and dropped out for a continuation program. He started smoking cigarettes and marijuana, skateboarding, listening to metal, and built a makeshift gym in his backyard, practicing moves from Jean-Claude Van Damme movies.

Diaz became obsessed with training at Steve Heath's Animal House gym. His "dysfunctions came to seem like assets". Heath noted his stubbornness and unwavering determination. Diaz often sparred with adults, amazed he could hold his own.

Cesar Gracie, a pragmatic martial artist, became Diaz's manager and trainer, offering to do both for 15% (less than managers and trainers charged separately). Gracie had a combative streak, once punching a losing fighter's coach.

Diaz's professional debut was against Mike Wick, who surprised him by attacking despite an agreement to go easy. This enraged Diaz, who felt the odds were against him. He won by triangle choke, finding "freedom" in fighting his way out of situations.

He adopted a nomadic training lifestyle, traveling to Cesar Gracie's gym in Concord, Ralph Gracie's in Mountain View, and King's Boxing Gym in Oakland. At King's, he sparred with amateur and pro boxers like Andre Ward, earning a reputation for indefatigability. Gracie noted Diaz's "head full of rocks" and ability to endure hits.

Cesar booked Diaz frequently, including three fights in one night at a casino. Diaz won IFC and World Extreme Cagefighting championships. Despite success, his payouts were only a few thousand dollars, and he often dined and dashed.

Diaz's UFC debut was accidental. He was booked against Jeremy Jackson, whom he had previously lost to. Diaz unexpectedly dominated Jackson in the rematch, leading the UFC to offer him a contract for a trilogy fight at UFC 44. His pay was low ($2,000 to fight, $2,000 to win). Legal issues from a street altercation added to his pre-fight distractions. He seemed angry but not excited during the fight.

Zuffa's Competitive Tactics

Zuffa waged "war" against competitors. The International Fight League (IFL), founded by Gareb Shamus and Kurt Otto, aimed for a "cleaner and more professional" MMA to appeal to a mainstream audience. IFL organized around teams, recruiting former UFC executives and coaches. White was furious, stating employees "need to pick sides" and threatening to blacklist fighters or trainers who worked with IFL. Many Zuffa employees felt intimidated by White's temper. Zuffa later sued IFL.

Zuffa also used courts against Elite Xtreme Combat (EliteXC), a promotion partnered with Showtime. Zuffa's lawsuit alleged EliteXC illegally used old UFC footage in its broadcasts. A Zuffa memo described how "complete control and ownership" of content discouraged competitors from soliciting UFC fighters. EliteXC, however, grew rapidly through acquisitions (King of the Cage) and partnerships (Dream, Strikeforce). EliteXC also gained attention by introducing a women's division with Gina Carano and hosting Brock Lesnar's MMA debut.

Nick Diaz signed a nonexclusive contract with EliteXC in early 2007, earning a reported $60,000 per fight, his highest pay yet. After his suspension, EliteXC promoted him as a new star. His lightweight championship fight against K.J. Noons was a major card, also featuring street fighter Kimbo Slice's debut.

Diaz’s life seemed to be stabilizing. He had taken up triathlons and mountain biking. His younger brother, Nathan, had developed as a fighter, winning the fifth season of The Ultimate Fighter and signing an eight-fight UFC contract after Nick persuaded him to accept for medical clearances.

At his EliteXC fight in Corpus Christi, Texas, Diaz felt he was finally entering the life he deserved. The event was framed as historic. Diaz believed he would survive and win. He cautiously advanced, probing, while Noons counterpunched. Noons learned to anticipate Diaz's moves, gaining leverage.

Diaz’s face became "a grotesque map of capillaries". The fight ended when the ringside doctor stopped it due to the severe cut over Diaz’s eye, a consequence of accumulated scar tissue. Fans turned on him, viewing it as bad sportsmanship, reinforcing a caricature of him as "classless, uneducated, out of control, and bound to fail".

Zuffa's aggressive image continued to yield success. Annual revenue reached $226 million in 2007. UFC consistently delivered Spike TV's highest-rated programming. UFC 75, headlined by former Pride fighters Dan Henderson and Quinton Jackson, drew 4.7 million viewers, peaking at 5.6 million. Fight Night events remained popular, outperforming MLB or NBA games. Ratings were highest with the 18-34 male demographic, allowing Spike to boost advertising rates for energy drinks, video games, and beer. Spike also helped UFC counterprogram competitors with free pay-per-view reruns or short-notice Fight Night cards.

Marc Ratner, former executive director of the Nevada State Athletic Commission (NSAC), joined Zuffa in 2007. His work involved securing state approvals for MMA, often by highlighting the economic benefits of UFC events (room nights, car rentals, food).

To keep up with production, Zuffa signed over 80 new fighters in 2008, expanding its roster to over 300. Dana White used a window in his office to track fighter rankings and plan fights. White and matchmaker Joe Silva had a blunt, ultimatum-prone negotiation style. Chris Leben described Silva as a "little Napoleon" who worked with White to push fighters into unfavorable matchups for little compensation. For instance, Leben was forced to fight Anderson Silva on short notice, despite his coach's objections.

Fighter negotiations were often one-sided. Brandon Vera's manager, Mark Dion, presented counteroffers to White's Post-it Note offers. White cut off negotiations, letting Joe Silva offer a deal roughly half the size. Vera severed ties with Dion and signed a direct deal. Dion later won arbitration, as the CSAC criticized UFC's undocumented negotiations.

UFC's use of "secret locker room bonuses" further strained fighter-manager relationships. White and the Fertittas would deliver envelopes backstage, sometimes with large sums like $500,000 for Randy Couture. Managers like Monte Cox claimed this money often came with a precondition not to tell agents, intentionally breaking up relationships. Side-letter agreements paid fighters extra, unreported sums, which limited transparency of fighter pay. Some agreements, like Lyoto Machida's $100,000 bonus for knockout/submission wins, incentivized violence. Public bonuses ($25,000-$75,000 for "Knockout of the Night," etc.) further skewed earnings.

Fighter pay structures offered little incentive for established agents, leading many fighters to accept UFC demands. MMA became a "violent lottery" where fighters hoped for transformation into millionaires, despite earning near minimum wage. Being in the arena provided a sense of a "television show".

Managers found it easier to secure income through sponsorship deals, selling advertising space on shorts or apparel. By 2008, fighters often earned more from sponsors (e.g., Dynamic Fastener Services, The Gun Store, Condom Depot) than their fight purses. Mike Swick earned $60,000-$70,000 from sponsors per fight while his purses were $7,000.

Randy Couture's Departure

In 2008, Jon Fitch, a fighter with American Kickboxing Academy, was cut by UFC for refusing to sign an exclusive deal with the video game UFC: Undisputed 2009, seeing it as unfair and haphazard. Fitch's criticism questioned White's dealmaking approach.

Randy Couture, after successfully defending his title against Gabriel Gonzaga, aimed to fight Fedor Emelianenko, Pride's long-reigning heavyweight champion. Emelianenko, a Russian Orthodox Christian with a "mythic persona," had an undefeated record since 2001. The UFC claimed Couture's contract prevented him from fighting outside the promotion. Couture resigned from UFC in October 2007 due to the company's "restrictive contracts and business practices". He was disappointed by the lack of opportunities for Pride fighters and the UFC's "monopolistic business model".

White was furious, telling reporters Couture "definitely belongs to me" and calling his management "maggots". He stated he wouldn't let outside organizations offer better deals than his long-term fighters. The UFC publicly released details of Couture's pay, including a $500,000 signing bonus and $936,000 from pay-per-view for his Sylvia fight, disputing Couture's claims. White compared fighters to beauty salon customers "talking about what they’re not getting".

Chapter 8: Station to Station

Zuffa's Financial Strategies and Station Casinos' Challenges

In 2007, Zuffa borrowed $100 million from Deutsche Bank to pay out a $100 million dividend to its owners, the Fertittas and Dana White. This was nearly four times Zuffa's annual profit. Ratings agency Standard & Poor's noted Zuffa's minimal cash flow and reliance on a single product (pay-per-views).

Station Casinos, the Fertitta family's primary business, had steadily grown since 2000. Frank Jr. had built his casinos, like Palace Station, by catering to local Las Vegas residents, offering amenities not found on the Strip. He invested heavily in properties like Green Valley Ranch and Sunset Station, often exceeding expectations.

However, the 2008 financial crisis devastated Station Casinos. Revenues plunged, and the company carried $7.8 billion in debt from a leveraged buyout in 2007. The Fertittas’ personal losses were estimated at nearly $700 million.

As Station Casinos approached insolvency, Lorenzo Fertitta announced he would focus full-time on the UFC, aiming to expand its revenue beyond pay-per-views and Spike TV. He optimistically believed the UFC could surpass the NFL's global reach and popularity within five years. Lorenzo planned to pursue broadcasting agreements in new markets like China, India, and Russia, and increase corporate sponsorships and merchandising.

By 2006, sponsorship revenue had risen to $16 million. Xyience, an energy drink and health supplement brand, was the UFC's biggest sponsor, with logos on the octagon mat and a reported $75,000/month sponsorship of Chuck Liddell. In 2007, Xyience signed a new $32 million, three-year deal with Zuffa.

However, Xyience was financially unstable, incurring huge losses despite its popularity. Court documents revealed Zuffa-connected subsidiaries, including "Zyen" (owned by Fertitta Enterprises and sharing offices with UFC) and "Bevanda Magica" (Italian for "magic drink"), issued loans to Xyience and acquired its shares. This suggested Zuffa was propping up Xyience to create the illusion of a thriving sponsorship market and prevent bankruptcy. In early 2008, Zuffa secured "blue chip" sponsorships with Harley-Davidson and Bud Light.

As sponsorship revenue grew, UFC restricted fighter sponsorships. Brands like CondomDepot.com were banned. In 2009, Zuffa required apparel brands to pay a $50,000 "brand affiliation" fee to Zuffa before making individual deals with fighters. Sponsors also had to be exclusive to Zuffa. These changes were unpopular and led to a loss of supplemental income for many fighters. Brock Lesnar publicly complained about Bud Light not paying him, which infuriated White and led to a public apology from Lesnar.

White's abusive language, including the use of homophobic slurs, became commonplace in the UFC offices. Former employees described it as a "default pejorative". White also engaged in pranks and hazing rituals. Yet, he was also known for his generosity, leaving large tips at steakhouses and for blackjack dealers, sometimes changing people's lives.

Lorenzo saw White's public profile as beneficial, normalizing aggressive policies to consolidate UFC's market leadership. Zuffa began using exclusivity clauses with venues (requiring no other MMA promotions for 30-90 days) and international TV partners (requiring no other MMA broadcasts).

Ari Emanuel, now representing Zuffa, began relentlessly demanding more money from Spike TV, arguing new stars like Brock Lesnar added value. Kevin Kay, a Spike TV executive, found Emanuel's calls maddeningly repetitive. This led Spike to question the value of their deal, as they didn't "own anything".

Zuffa's strategy produced record ratings and audience size, affirming White and Lorenzo's belief that cage fighting drama transcended cultures. In 2011, UFC 134 in Brazil sold out in 74 minutes and had a peak audience of 35 million viewers. Another Fight Night drew 52 million viewers, and a late-night event drew 16 million. The Ultimate Fighter in Brazil regularly drew 10 million viewers. By 2010, UFC added 100 million homes to its global reach.

Lorenzo described the UFC as an "eat what you kill" sport, where fighters competed for basic survival, not guaranteed income. He began comparing the UFC's business model to Discovery Communications, aiming to transform fighting into a foothold for dozens of new industries like gyms, supplements, documentaries, music, movies, apparel, toys, and video games.

Spike TV seemed less useful in this vision. As new deal negotiations began, Zuffa wanted more broadcast hours, planning over 30 events in 2012, and standalone Ultimate Fighter seasons for international markets. Spike executives feared overexposure and diluted content. Kay wanted bigger stars on Fight Night cards and fewer TUF seasons, but Zuffa, with pay-per-views accounting for 55% of revenue, had little incentive to divert stars from them.

In 2009, Zuffa acquired EliteXC, taking over its broadcast slots with CBS and Showtime, and its roster of stars like Kimbo Slice and Nick Diaz. In 2011, Zuffa acquired Strikeforce for reportedly $40 million, giving it access to stars like Fedor Emelianenko. White announced the Strikeforce acquisition on YouTube before its staff was informed, causing confusion. This also eliminated promising alternatives to the UFC for Viacom and Spike TV. Kevin Kay tried to convince Zuffa to stay by arguing Spike TV promoted them extensively, but it was a "losing strategy".

In August 2011, Zuffa announced a seven-year, $700 million agreement with Fox Sports, with annual licensing fees rising to $115 million. Fox agreed to Zuffa's demand for more programming, with 36 events across several channels. UFC would account for 15% of Fox Sports' weekly programming. Lightweight champion Frankie Edgar celebrated, declaring, "We’re not second class anymore... We’re mainstream". Lorenzo cited the need for more broadcast hours for international expansion and new weight classes. White called it a "monumental moment".

Ronda Rousey's Rise

Ronda Rousey, who had struggled with a language disability from a traumatic birth, found solace and identity in judo. Her mother would affirm her ability to "destroy the other girl" before fights. Rousey aimed to build on Gina Carano's success, proving women fighters could be technical, athletic, and dangerous. She tried to resist the self-infatuation of celebrity, sharing the "disordered squalor" of her life in a Showtime documentary. She promised Dana White, "I will make you look like a genius".

Chapter 10: BROTHER, I LOST EVERYTHING

Rapid Expansion and Fighter Contracts

By 2014, the UFC offices had grown to nearly 20,000 square feet, with Dana White feeling disconnected from many of the 400+ employees and most fighters. He spent most of his time traveling over 40,000 miles in three months on the Fertittas’ private jet, managing international events and The Ultimate Fighter seasons.

The pace was hectic for employees; PR director Jen Wenk described it as "controlled chaos," clocking time by UFC event numbers rather than dates. The Fox deal intensified this, with 46 events in 2014 across five channels and the new Fight Pass streaming service. Only seven events were in Las Vegas, with nearly half outside the US. International expansion continued, including deals in South Africa, Central Asia, and the Middle East.

The UFC expanded its brand beyond live events. In 2014, it launched the UFC Fit DVD series and EA Sports UFC video game. In December 2014, Zuffa signed a six-year, $70 million exclusive apparel deal with Reebok. Reebok would provide customized "fight kits" and commercial apparel, standardizing the fighters' look. Reebok also paid individual sponsorship fees ($2,500 for new fighters to $40,000 for champions), intending to simplify fighter sponsorship and allow them to focus solely on performance.

Zev Eigen, a labor law professor, criticized UFC contracts as the "worst sports or entertainment agreement he had ever seen". He highlighted clauses like Zuffa's claim to all rights to a fighter's likeness in secondary markets and automatic extension clauses for injuries. Championship wins automatically extended contracts at current pay rates for a year or three fights. Eigen compared this to "involuntary servitude" and a potential violation of the Thirteenth Amendment. The termination clause was "completely one-sided," allowing Zuffa to cut a fighter for a loss or misdemeanor, but offering no reciprocal way for fighters to end contracts early.

Star fighters like Brock Lesnar and Ronda Rousey negotiated private side-letter agreements for additional pay or perks, such as expensive cars. For most fighters, these benefits were inaccessible. Without major competitors or a fighters' association, accepting UFC terms was often the only option. Phillipe Nover, a TUF finalist, quit his nursing job to train full-time for a UFC contract that paid him substantially less ($8,000 to fight, $8,000 to win). After losing two UFC fights, he was released with a herniated disc, paying for surgery himself through his old insurance.

Nover's experience was common. With 230 new fighters in 2014, the UFC seemed more like a "staffing agency" than a "star factory". A formal ranking system was introduced in 2013, but with the average fighter career lasting only 41 months (five bouts), few rose significantly.

Declining Domestic Ratings and Criticisms

For US audiences, watching unfamiliar faces battle lost appeal. After a strong debut on Fox in November 2011 (5.7 million average viewers), ratings steadily declined across Fox channels. The Ultimate Fighter audience on Fox Sports declined significantly from its Spike TV numbers, as did Fight Night events. UFC's global TV audience also dropped from 44.7 million in 2012 to 34.9 million in 2014, despite expansion. However, the UFC still generated $450 million in revenue in 2014, its second-best year.

Media attention shifted to UFC's treatment of fighters outside the cage. In 2012, ESPN's Outside the Lines presented a negative portrayal of the UFC as a "corporate robber baron that exploited its athletes". An anonymous fighter stated, "We’re basically fighting for crumbs".

Lorenzo Fertitta disputed these claims, asserting a "pay for performance" culture and defending the UFC's unique position as a newer league covering its own production costs. He claimed fighter pay was "in the neighborhood" of 50% of revenue, similar to NFL, NBA, and MLB. However, the actual percentage in 2012 was 16%, with nearly half going to just 20 top stars. 83% of fighters earned $30,000 or less per fight.

Burt Watson, the event coordinator, was let go in 2015 after a conflict with Mike Mersch, UFC's Vice President of Legal Affairs, over a fighter missing weight and Watson's handling of the situation. Watson, who had 15 years with no complaints, was "shocked and offended" by the interference in his process. He was not surprised by White's silence after his departure, knowing White's character.

Station Casinos emerged from Chapter 11 bankruptcy strong, writing off $4 billion in debt. The Fertittas reacquired 11 properties for $772 million, a fraction of their prior value, funded by new loans. They were the de facto winners of a one-party bidding war after competitors withdrew, with one stipulation requiring the winner to pay $75 million leasing fee to the Fertittas' mother for a casino land. Unsecured bondholders were largely wiped out.

Simultaneously, Station Casinos battled the Culinary Union Local 226, which sought to unionize its 13,000 employees. The union cited concerns about shifting business models, reliance on contractors, and layoffs. In 2010, the union filed a complaint with the National Labor Relations Board (NLRB), accusing Station of over 400 unfair labor practices. In 2012, the NLRB ruled 80 instances were violations.

The Culinary Union actively lobbied against MMA legalization in New York, the last state to ban it. They launched websites (fitforchildren.org, zuffainvestoralerts.org) to disseminate unflattering information about the Fertittas and UFC, including human rights concerns with UAE partners, fighter criminal records, and speculation about fighter life insurance. State Assembly Speaker Sheldon Silver, with ties to the union, ensured a vote never took place despite overwhelming support.

Despite political and legal uncertainty, the UFC generated record revenue. In 2015, it earned an estimated $128 million from domestic TV, $83 million from international, $67 million from tickets, $52 million from sponsorships, and $19 million from licensing. It could cover its $335 million operating expenses before selling a single pay-per-view. The remaining $119 million profit came almost entirely from the difference between $237 million in pay-per-view revenue and $113 million in fighter pay. The UFC was described as a "differential equation played out by humans," akin to a casino's profit model.

With over 500 fighters and ten weight divisions, odds were stacked against success. Even champions saw modest pay increases. Robbie Lawler's pay rose from $105,000/$105,000 to $150,000/$150,000 after winning the welterweight championship. Lorenzo stated the UFC was "the ultimate place of capitalism" where success dictated pay.

Lorenzo, also an art collector, saw the UFC's financial structure as "artful". He commissioned Damien Hirst to create the UFC's octagonal logo from butterflies and named a financial report "Project Basquiat". He compared American football to Mark Rothko paintings and cage fighting to Andy Warhol's art—simple but captivating.

Chapter 11: MAYBE I CAN

Conor McGregor's Ascendance

Conor McGregor emerged as a major star, attracting investor interest in the UFC. His first UFC fight in April 2013 in Sweden was treated as an anonymous event by UFC staff. McGregor amplified this, calling it "just another contest". He described his opponent as "irrelevant," believing "It’s always you versus you".

McGregor grew up in Crumlin, Dublin, in a two-bedroom row house. He loved WWE, Batman, soccer, and video games. His father was a taxi driver, and his mother called him a "mummy's boy". The family moved to Lucan when he was fifteen.

Fighting captivated McGregor in a way school couldn't. He trained with John Kavanagh at a chilly cement space nicknamed "the Shed". Training became a compulsion.

Over four years, McGregor became dominant in Ireland, winning ten of eleven fights by TKO, mostly in the first round. His style was free-flowing, attacking from wide angles with long arms and spinning kicks, making him unpredictable. His confidence was boosted by his sister Erin, a fitness model who introduced him to Rhonda Byrne's self-help book The Secret.

The Secret, inspired by Wallace D. Wattles' The Science of Getting Rich, proposes that thoughts shape reality through the "law of attraction". Unhappiness results from negative thoughts; focusing on positive outcomes can attract dreams. McGregor initially dismissed the DVD version as "bullshit" but tried it, imagining good parking spots. When it seemed to work, he imagined himself as a millionaire and visualized his punches and kicks landing perfectly.

In his UFC debut, McGregor fought Marcus Brimage, dominating with counterpunches and uppercuts, earning a TKO win in just over a minute. Dana White was impressed, telling McGregor, "I guess the hype is real". White promised him another fight in Boston and a planned event in Ireland. McGregor received a $60,000 Knockout of the Night bonus, returning home with $76,000.

Other fighters disliked McGregor's approach and the "riotous energy" of his fans. His second UFC fight in Boston, a prelim, featured a "full champion’s walkout" with luminous green and orange lights, a spectacle typically reserved for title or main events. Joe Rogan noted the surprise. In his third UFC fight, McGregor headlined his own Fight Night in Dublin. For many veterans, this deference to a newcomer was a scandal. Lorenzo saw McGregor's success as ideal for international expansion, drawing in experienced fighters with local fanbases. McGregor's fight with Diego Brandão drew a 60% share in Irish TV ratings. For his fourth fight, one in ten tickets went to Irish fans. McGregor, with a new contract, was the second-highest-paid fighter on the card ($75,000 to fight, $75,000 to win).

McGregor seemed important even when just in the audience, his self-assurance adding a touch of destiny. He created doubt in opponents and expected the world to prove itself to him.

After his featherweight championship win against José Aldo, McGregor took over the post-fight press conference, standing at the center podium as if he won the UFC presidency. He preened in a custom suit and an $85,000 watch, asking, "How do I look up here, by the way?". He asserted his position as the UFC's biggest star and main revenue source, claiming responsibility for bringing in "half billion dollar revenue numbers" (referring to Lorenzo's $600 million projection for 2015). McGregor announced plans to move up to lightweight for his next championship. When asked if he could demand a UFC event in Croke Park, Dublin (82,000 seats), he smiled and said, "Maybe I can, these days".

Chapter 12: FAIR IS DEFINED AS WHERE WE END UP

UFC Sale and Financial Analysis

In early 2016, Ari Emanuel struggled to find investors for his UFC bid. Despite new stars like Rousey and McGregor reviving pay-per-view and generating publicity, investors were unsure about the UFC's streak. Lorenzo Fertitta set a minimum price of $4 billion, a figure nearly 22 times Zuffa's non-adjusted EBITDA ($189 million in 2015), an unusually high multiple that raised red flags. Investors were concerned about the sport's volatility and the cost of retaining stars. An internal UFC document noted fighter compensation was the most common investor question. While Zuffa projected limiting fighter pay to 20% or less of total revenues, the ongoing antitrust lawsuit and lobbying efforts to include MMA fighters in the Muhammad Ali Boxing Reform Act added uncertainty.

Emanuel aimed to transform his talent agency into a global media conglomerate. He expressed confidence in assembling investors for Lorenzo's target price. Zuffa, with the help of The Raine Group, prepared bid books for potential buyers. Fox, ESPN, Time Warner, Dalian Wanda, China Media Capital, Blackstone, and Providence Equity all expressed interest. Silver Lake conducted its own analysis for WME-IMG to acquire UFC.

Nick Diaz, after the Strikeforce acquisition, continued to clash with UFC management, missing press conferences and claiming paranoia that the UFC wanted him to fail. He believed the "US" (UFC management) wanted him to lose due to their marketed image.

After a largely uneventful loss to Georges St-Pierre in 2013, Nick Diaz contemplated retiring, saying, "To be honest, I don’t think I got it anymore". Simultaneously, his brother Nathan felt "conned" by the UFC, earning little more ($15,000/$15,000) for his 18th fight than his first ($8,000/$8,000). Nathan still had a steady stream of violent highlights and bonuses for Submission of the Night or Fight of the Night ($50,000 to $125,000). His only title fight in 2012 against Benson Henderson drew 4.4 million viewers.

At a press conference for the rematch, McGregor belittled Nathan's pay, calling the fight an "undeserved charity" and mocking him as a "milly for one night only". Media interest exploded. McGregor was a nearly four-to-one favorite, seeming "almost invincible". Nathan was a three-to-one underdog, feeling like a fighter from "another era".

McGregor described Nathan as "prey," a "gazelle" to his "lion". The fight began with McGregor landing quick, piercing punches that bloodied Nathan. However, Nathan began to time McGregor's punches, circling him and trapping him against the fence. McGregor's punches lost speed and force. Nathan landed a jab and a left cross that twisted McGregor's head. Joe Rogan exclaimed, "Nate’s hurting him!". Nathan secured a rear-naked choke, forcing McGregor to tap. Rogan declared Nathan had "shocked the world".

At the post-fight press conference, White announced the event was "breaking every record we’ve ever had," calling it "pretty much the biggest fight ever". Despite the UFC's biggest star losing to a short-notice opponent, the event captured moments that "shouldn’t have been possible". White emphasized that it was simply a "fight, man".

White and Lorenzo tried to persuade McGregor to return to the featherweight division, viewing a rematch as reckless. But for McGregor, ego and business were interchangeable; the loss had to be an anomaly inconsistent with his self-narrative. The McGregor-Diaz rematch at UFC 202 surpassed UFC 196 in performance.

Lorenzo and Frank III considered White's role in the sale, expecting him to stay on. Lorenzo wanted the new owners to be people White was comfortable with, and he thought of Emanuel. White had grown to admire Emanuel, calling him "smart" and having "huge balls". Emanuel also had an intense temper, with infamous shouting fits and even smashing a laptop. Like White, Emanuel was influenced by self-help, specifically Preetha Ji's meditation practices, which helped him embrace his inner rage. Emanuel's personal philosophy was "Fair is defined as where we end up".

Emanuel struggled to assemble the complex financial structure for the $4 billion bid. WME-IMG raised $250 million by selling a 5% stake to SoftBank Group. Emanuel's ambitions grew, exploring an even larger deal to acquire F1, aiming to transform WME-IMG into a global sports institution.

White and Lorenzo denied the sale rumors publicly. White claimed the UFC was not for sale but that they would "definitely talk" if someone offered $4 billion. He stated they had continuously received and rejected offers since 2010. Lorenzo insisted the stories were a "misunderstanding" and that there was "nothing to report".

The sale process was "nine days of hell" for Emanuel. Three days before UFC 200, the main event (Jon Jones vs. Daniel Cormier) fell apart due to Jones's failed drug test. Lorenzo feared this would cause Emanuel's group to lower the price. Two days before closing, Lorenzo warned Emanuel that any attempt to lower the price would lead him to walk away.

Chapter 13: BE HAPPY FOR ME

Post-Sale Realities and Future Outlook

Dana White had been in denial about the UFC sale, assuming it wouldn't happen. He viewed it as a technical formality for international expansion. The weekend before UFC 200, while the Fertittas finalized negotiations, White was on vacation. The reality of the sale hit him hard after UFC 200, feeling "fucked me up big time" as his "brothers" (Lorenzo and Frank III) were walking away.

Lorenzo coaxed White out of his denial by simplifying the situation: "Dude, I’m done. Be happy for me". For White, fighting was everything, but for Lorenzo, it was just one "canvas" he was ready to move on from.

Employees struggled to balance their personal lives with the UFC's demanding schedule, which often involved constant travel and problem-solving. Tim O’Toole, VP of event production, admitted his personal life was absorbed by his job.

The sale was seen by some as external validation for their sacrifices, described as the "biggest single transaction ever in professional sports". Emanuel offered small ownership stakes to celebrity clients like Tom Brady, Jimmy Kimmel, and Ben Affleck, many of whom accepted.

Marshall Zelaznik, UFC's European division president, anticipated layoffs despite the company's success. He had commuted weekly from London to Los Angeles for years and felt his job would be absorbed by WME-IMG's media sales team. The lack of communication from management amplified unease.

WME-IMG planned to cut $71 million from Zuffa's yearly operating expenses, reducing The Ultimate Fighter budget from $27.6 million to $10 million and eliminating the Fertittas' $5.3 million private jet expense. The biggest savings came from layoffs, with about 60 full-time Zuffa employees (15% of staff) let go, shrinking payroll from $55.4 million to $27 million. This was part of a strategy to push earnings higher and qualify for additional bonus payments based on EBITDA targets for 2017 and 2018. WME-IMG would also collect a $25 million yearly management fee from the UFC regardless.

Regulators were alarmed by the deal's terms. Goldman Sachs received four times more offers from investors than available shares. Leveraged acquisitions had become standard for private equity firms, targeting mature companies for profit extraction through cost-cutting and layoffs. These deals were structured so acquired companies were responsible for loan repayment, incentivizing risk-taking. Average private equity acquisitions were made for over ten times the target's EBITDA, exceeding federal guidelines.

Randy Couture criticized the UFC for manipulating fighters and rankings for pay-per-view sales. He also criticized their secrecy regarding fighter pay, which hampered negotiations. Couture argued the UFC created a "hostage situation" for fighters lacking other options. Jeff Novitsky, for the UFC, countered that external ranking bodies would add confusion and health risks due to varied anti-doping programs.

A bill proposed by Markwayne Mullin to include MMA fighters in the Muhammad Ali Boxing Reform Act faced strong lobbying efforts from Zuffa and the Fertittas, who made substantial political contributions. Lucas Middlebrook, a labor attorney, found it suspicious that the NLRB overturned a finding in Leslie Smith's case shortly after White's visit to Donald Trump.

Ari Emanuel stated WME-IMG would help 25 male and 15 female stars make money outside of fighting, including dolls, magazine profiles, and movie roles. Mark Shapiro, WME-IMG copresident, distilled the vision to "pure escapism," aiming to move people emotionally.

After her loss to Holly Holm, Ronda Rousey struggled with the defeat. She admitted being knocked out early and losing her ability to gauge distance, forcing her to hide her compromised state. In the hospital, she contemplated suicide, feeling like "nothing" without her fighting identity.

Before her fight with Holm, Rousey cultivated a persona of a "fake respect, fake humility bitch," a provocation that suggested her subconscious doubted her own projected image of invincibility. She relied on motivational slogans like "Champions do more" and "Refuse to accept any other reality," writing them on a whiteboard. A quote misattributed to Franz Kafka, "By believing passionately in something that still does not exist, we create it," resonated deeply with her.

In her final moments against Amanda Nunes, Rousey fought with pure defiance, refusing to cooperate with her body as it shut down from punches. The referee stopped the fight, with Rousey stumbling. Nunes celebrated by shushing the crowd.

McGregor's rematch with Nathan Diaz at UFC 202 was a close decision win. He provocatively reclaimed Nathan's post-fight line ("Surprise, surprise, motherfuckers, the king is back!"). His fight against Eddie Alvarez at UFC 205 was a "formality". McGregor arrived in a white mink coat, declaring, "I run New York City! I’m a fucking pimp! Rockin’ Gucci mink! And without me, this whole fuckin’ ship sinks!".

McGregor patiently dissected Alvarez, stopping him in the second round. He circled the cage, checked an imaginary wristwatch, and famously stated, "I’d like to take the chance to apologize to absolutely nobody! The double champ does what the fuck he wants!". White draped a second championship belt over him. McGregor said, "This is what I dreamed into reality".

Floyd Mayweather Jr. became hateable for winning by rules and points rather than physical domination. His fights often felt "flatly workmanlike," disappointing fans who sought violence. Mayweather understood this frustration was lucrative. He avoided alcohol and drugs, but wealth became a "surrogate vice," acquiring luxury cars, mansions, and penthouses. He transformed into his own enterprise, Mayweather Promotions, managing his events and taking the majority of revenue. He had become "his own one-man UFC".

Fame gave McGregor a "hedonic weightlessness". He vacillated between ascetic training and bacchanalian excess. In 2011, he snuck out of a hotel without paying a room service bill. By 2016, his training habits became nocturnal. He worked with movement trainer Ido Portal, mimicking animal locomotion. There were signs of intensified drinking, with phone footage showing him intoxicated and reports of "carnage" and damage in hotel rooms. In March, he delivered a confrontational diatribe at a boxing event, declaring, "I am boxing!".

The Mayweather-McGregor fight violated UFC's principles of fighter exclusivity and control over production. Showtime paid for live production, marketing, and distribution, while UFC was "effectively a passenger". UFC took a substantial percentage of McGregor's pay. The fight underscored that MMA was still niche, needing to step outside itself for Mayweather-level money.

Showtime arranged a world tour for Mayweather and McGregor. Mayweather used the tour to highlight McGregor's comparatively limited UFC earnings. In London, Mayweather addressed White, recalling their 21-year history, and claimed the event was a testament to his and White's "genius," calling McGregor White's "ho".

Mayweather publicly minimized his training efforts, posting videos of leisurely activities. He declared, "I can’t be beat. Y’all know I can’t be beat. It’s impossible for me to lose". This hubris made it easy to believe violence would "bring him back to his station".

In the fight, McGregor landed a clean uppercut on Mayweather's jaw in the first round. However, boxing gloves diluted the force, and Mayweather quickly recovered, showing McGregor had "overestimated his ability to generate power in a boxing ring". As rounds progressed, Mayweather increased his pace, landing more powerful punches. In the ninth round, an official asked McGregor's coach if he had "had enough". The fight was stopped in the tenth round by TKO.

In the dressing room, McGregor apologized to White, who reassured him, "Dude, I’m ecstatic...You’re unbelievable". They toasted with McGregor's Notorious Irish Whiskey. McGregor lingered at the post-fight press conference, wanting to prolong the magic. He struggled to articulate his next vision, reflecting on overcoming doubts about the fight happening at all. Mayweather, leaving, patted McGregor's shoulder, saying, "You all right". A Showtime executive quickly announced replay dates and began breaking down the ring, making the "biggest event in modern prizefighting" seem like IKEA furniture. McGregor, as if waking from hypnosis, disappeared into the tunnels.

Epilogue: A MAN MUST EXCEED HIS LIMITS

The UFC Today

The UFC's main offices relocated in 2017 to a 180,000-square-foot campus in Las Vegas, resembling a "military outpost" with security checkpoints. The western half houses corporate offices, and the eastern half is the UFC Performance Institute. The Institute, a three-story facility, offers advanced fitness and recovery equipment (weight machines, hyperbaric chambers, red-light therapy, cryotherapy, boxing rings, octagons with cameras) and staff (physical therapists, dietitians) free of charge to contracted fighters. Forrest Griffin oversees it, but it primarily benefits Las Vegas-based fighters, remaining a "utopian glimpse" for most roster members who are independent contractors.

In 2019, the UFC opened UFC Apex, a 90,000-square-foot production facility with a small arena. Apex has a control room to remotely operate and edit footage globally, moving UFC closer to self-sufficiency. It's used for Dana White’s Contender Series and hosted most pay-per-view and ESPN events during the COVID-19 pandemic. White announced plans for a full-service fighter hotel, aiming to make UFC a "self-contained universe" capable of generating profit even if broadcasting partners or arenas disappeared.

Meanwhile, Lorenzo and Frank III moved on. In 2017, Lorenzo started Fertitta Capital, a tech-focused private investment fund. Its website features inspirational quotes, reflecting a "hidden master plan". Red Rock Resorts, the Fertittas' family business, thrived after bankruptcy, generating $1.86 billion in 2019.

Fighter Well-being and Dana White's Philosophy

For many former UFC fighters, life after the sport is a struggle. Renato Sobral suffers from CTE, causing blindness in one eye. Gary Goodridge, a former UFC and Pride veteran, struggles with severe CTE, including short-term memory loss, loss of smell, balance issues, and impulse control problems. Stephan Bonnar, a TUF finalist, passed away at 45 from presumed heart complications. Nick Diaz has been seen in public appearing heavily intoxicated, worrying friends. Friends like Steve Heath believe Diaz, who lived a "monk lifestyle" of training, simply "woke up one day and said, Hey to hell with this stuff".

Many fighters are conflicted about their profession. Nick Diaz stated, "I fight because I have to". The UFC, in a way, "distorts reality," making fighting seem necessary and natural. Even Royce Gracie admitted he wasn't born a fighter but became one through circumstance.

The UFC benefited from Dana White as a "villain," an authoritarian who punished those he disliked. This added drama and provided a target for critics. Colby Covington called White a "piece of shit person". White's own mother, June White, publicly renounced him in a 2011 biography, describing him as "egotistical, self-centered, arrogant, and cruel". White declined to comment on the book. His sister, Kelly, found their mother's turn against White mystifying.

Not everyone criticizes White. Former welterweight Mike Swick describes him as a mentor, always making time to answer texts and supporting Swick's gym in Thailand. White helped Swick rebuild savings after his gym venture failed. In 2018, White donated $1 million to support families affected by the Las Vegas mass shooting, memorializing it in the octagon.

White has made peace with criticism, focusing on making the UFC more profitable. The UFC expanded to Russia, even after the invasion of Ukraine. In 2019, a second Performance Institute opened in Shanghai. In 2020, Zhang Weili became the first Chinese UFC champion, boosting the fanbase to over 173 million.

White sees these accomplishments as proof his critics were wrong. The UFC's success "overwhelmed its critics," making flaws seem futile. The UFC's approach is a "reversal" of Jigoro Kano's philosophy of martial arts. Kano, the founder of Judo, believed martial arts should promote "mutual aid and concession" and humility, acknowledging interdependence.

Kano is not among White's heroes. White's office gym walls are covered with quotes from Mike Tyson ("Don’t be surprised if I behave like a savage. I am a savage") and Bruce Lee ("There are no limits. There are plateaus, but you must not stay there, you must go beyond them. If it kills you, it kills you. A man must exceed his limits").

White's most prized possession is a trophy from a 2010 blackjack tournament where he won $250,000. Despite being offered to split the prize equally by other finalists, White refused, driven by his desire to "fucking win".