FEATURED STORY
Can Jake Paul's Most Valuable Promotions Rival The UFC?
It’s the summer of Jake Paul.
The boxer, entertainer, and former Disney star hijacked the timeline with a string of major business moves.
Earlier this year, his venture capital firm, Anti Fund, closed an oversubscribed $100M growth fund after backing companies including: OpenAI, Anduril, and SpaceX.
Just two weeks ago, he launched Paul Family Office - his own family office in Dallas to manage a $200M+ net worth, incubate new products, and expand his commercial empire.
But he saved his biggest announcement for last:
Just a few days ago, Jake Paul’s global combat-sports and entertainment company, Most Valuable Promotions (MVP), is merging with the Professional Fighters League (PFL) to create a new combat-sports powerhouse capable of challenging Dana White’s UFC.
“It’s war as far as I’m concerned. We’re here to make MMA great again. We’re coming to eat their lunch. They should be scared. They are scared.”
In this newsletter, we do an in-depth financial + analytical breakdown of everything you need to know about the emerging MVP-UFC war – and whether MVP can become a legitimate challenger.
Throughout this, we did a comprehensive analysis and built financial models in seconds using our favorite AI tool: Endex.
If you like what you see, get access here.
Let’s get into it.
Breaking Down the Merger: MVP x PFL
Here’s what you need to know:
MVP is bringing boxing and mixed martial arts together under one global combat-sports platform. PFL, the world’s No. 2 MMA promotion behind the UFC, will officially launch under the MVP umbrella as MVP MMA in 2027.
John Martin – who previously served as chairman and CEO of Turner, CFO of Time Warner, and most recently CEO of PFL – will lead the combined business as CEO. MVP co-founders Nakisa Bidarian (the former UFC CFO) and Jake Paul will remain actively involved on the company’s board of directors.
Existing PFL investors 885 Capital and Knighthead Capital will become founding investors in the combined company, committing additional capital to strengthen its balance sheet.
With the PFL merger, Paul and Bidarian have transformed MVP from Jake Paul’s in-house boxing vehicle into a full-fledged combat-sports platform: nearly 400 athletes, 30+ promoted boxing events, Netflix-scale distribution, and one of the deepest women’s boxing rosters in the world.
Paul, Bidarian, and Martin are on the offensive, launching a full-scale media tour to sell the vision behind the combined company: Paul & Bidarian on Ryan Clark’s The Pivot, Paul on SportsCenter, all three on Bloomberg.
During a 25-minute Bloomberg interview, Bidarian highlighted three differentiators that he believes could make MVP a dangerous challenger to the UFC:
Leveraging Jake Paul’s marketing engine to build enduring brands around fighters
Improving fighter economics
Building women’s combat sports into a major standalone business
Here’s how this strategy might be a winner.
Jake Paul: MVP’s Marketing Engine for Future Fighters
As internet connoisseurs, we’ve both followed Jake Paul’s every move – from his early days on Vine to settling his Youtube beef with Deji through his first boxing match in 2018.
Along the way, Paul demonstrated a prodigious ability to manufacture attention, especially when it came to marketing his own fights.
The earliest example of this is 2020, when Paul fought former NBA player Nate Robinson on the undercard of Mike Tyson vs. Roy Jones Jr.:
The event generated more than 1.6M PPV purchases and $80M in gross revenue, ranking among the 10 biggest combat-sports PPV events ever.
FITE TV CEO Mike Weber estimated that Paul was responsible for roughly 40% of all purchases – proving his digital following could be converted into hundreds of thousands of PPV transactions.
His viral knockout became the defining cultural moment of the night, generating memes, NBA reactions, and social content that carried the event far beyond traditional boxing audiences.
Paul built his own marketing flywheel in boxing: promote a spectacle → convert attention into paid viewership → and turn every match into social media content that can build relevance for future fights.
It’s his fights that have built himself global brand recognition, created new commercial inventory, and given him a loyal fanbase to launch businesses such as his sports-betting platform, Betr, or his men’s personal-care brand, W.
MVP has been applying the same playbook across its existing roster and will be with the PFL.
A great example is Amanda Serrano.
The Puerto Rican boxing icon joined MVP in 2021 as one of the sport’s most accomplished but commercially underexposed fighters, holding titles across a record seven weight classes with a 40-1-1 record. Despite her historic résumé, Serrano had previously earned as little as $4,000 for a world-title fight.
In her tenure at MVP:
Within seven months of signing, she became a million-dollar fighter and the first woman to headline Madison Square Garden.
Reached audiences as large as 74M viewers, while Taylor–Serrano III generated a record $2.63M gate for a women’s boxing event.
Named to the inaugural TIME100 Sports list and has built a social media footprint of more than one million followers.
UFC’s Kryptonite: Fighter Compensation?
In 2025, the UFC agreed to a landmark $375M settlement with more than 1,000 former fighters who alleged that the company suppressed their wages. Fighters received an average of approximately $250K, but the settlement did not force the UFC to overhaul its current compensation model.
Ironically, that model is also one of the most compelling components of the UFC’s business – and a major reason its parent company, TKO, has been such an attractive stock over the past five years, rising approximately 272%.
Because the UFC operates as the dominant buyer of professional MMA talent, it holds enormous leverage over fighter compensation – providing a massive boost to its profit margins.
We had Endex break down the UFC’s financials using TKO’s public filings, and the numbers are staggering:
From FY’23 to FY’25, revenue grew at a 7.8% CAGR, while direct operating costs – which includes fighter compensation – grew by just 6.3%.
Direct operating costs averaged approximately 29.7% of revenue over the past three fiscal years. By comparison, athletes in leagues such as the NFL and NBA collectively receive roughly 50% of league revenue.
The UFC generated an average adjusted EBITDA margin of a whopping 57.4% during that period. For context, the most profitable industry, software, typically operates at adjusted EBITDA margins of approximately 15-30%.
Because TKO is publicly traded and must protect its earnings, Bidarian argues that it will be difficult for the UFC to increase fighter compensation to the level MVP is willing to offer.
That creates a potential moat for MVP: higher compensation could help the company retain the PFL’s existing roster while attracting UFC fighters who reach free agency to compete under the MVP banner.
And because the UFC’s EBITDA margins are so high, there’s a world where MVP can pay fighters a 20% premium while still operating at a 15-20% EBITDA margin business – very sound economics for a privately held entertainment business.
The UFC’s greatest financial strength could ultimately become their biggest vulnerability as MVP enters the arena.
MVP’s X Factor: Women’s Combat Sports
Paul & Co. assert that women’s combat sports is MVP’s biggest draw – and they plan to double down following the PFL merger.
MVP’s first MMA event debuted exclusively on Netflix this May, headlined by women’s MMA legends Ronda Rousey and Gina Carano.
The numbers speak for themselves:
The three-fight main card averaged 12.4M global viewers and 9.3M U.S. viewers
Rousey-Carano peaked at nearly 17M viewers globally and 11.6M domestically
The event generated a reported $2.2M gate, drew roughly 15.8K attendees, and produced 1B+ impressions across Netflix’s social channels
It became the most-watched MMA broadcast in U.S. history
MVP already had a hunch that women’s combat sports could become a major draw. The blockbuster Katie Taylor-Amanda Serrano trilogy proved it in women’s boxing:
Only more to come as MVP adds 50+ more female fighters from PFL’s roster.
So, Should The UFC Really Be Worried?
Coke & Pepsi. Nike & Adidas. UFC and MVP.
If MVP can execute as well as they say in interviews, it seems like the combat sports industry might end-up in a duopoly - a market dominated by two major competitors.
But it’s a steep hill to climb.
In 2025, UFC generated $1.5B in revenue, hosted ~43 live events, generated 350 hours of live-content, contracted ~600 fighters from 75+ countries, and reached an estimated 975M households. They signed a 7-year, $7.7B deal with Paramount. And to top it all of, TKO’s market cap is ~$36B, while the UFC is estimated to be $15B-$23B alone.
VS.
PFL generated $100M+ in 2024 revenue. It plans to host 24 events across 11 countries this year while MVP would’ve produced 30 live boxing events in its lifetime by this spring.
And if you were to ask Dana White, he doesn’t seem so worried.
“I don’t know anything about what they’re doing. It probably makes sense. When sh*t isn’t working for anybody, we should probably get together. Let’s take two organizations that don’t sell tickets and nobody watches and let’s merge them together and make a bigger company that we won’t sell tickets to and that nobody will watch.”
While it’s objectively a funny quote, the business case at hand suggests this won’t be an easy first-round knockout.
Looks like the real fight in combat sports is going to happen outside of the octagon…and boxing ring.
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LEAGUES & TEAMS
U.S. League & Team News
Former Apollo partner and LAFC co-owner Larry Berg voted next MLS commissioner (Aug. 3rd)
Berg will become MLS’s third commissioner after receiving the required two-thirds owner vote and will divest his LAFC stake
He will lead the league through its 2027 calendar shift, roster-rule overhaul and next media rights negotiations after Apple’s deal expires in 2029 [The Athletic]
Dallas Cowboys leave door open to private equity investment as Mark Cuban’s Harbinger signals interest (Aug. 3rd)
Stephen Jones said the Cowboys would consider selling a minority stake but would be highly selective about any prospective investor
Mark Cuban said Harbinger could pursue a deal, with Jerry Jones praising his potential value as a partner pending NFL approval [SBJ]
Billionaire chairman of Becle, the maker of tequila brands Jose Cuervo & 1800, and Spring Oak Partners join LAFC ownership at a $1.25B valuation (Aug. 5th)
Juan Domingo Beckmann and James Cha acquired stakes as part of a transaction in which 6% of LAFC’s equity changed hands
Adds strategic consumer and tech investors to LAFC’s 27-member ownership group as Larry Berg prepares to divest his stake before becoming MLS commissioner [Sportico]
Cleveland Sirens unveil WNBA expansion branding ahead of 2028 launch (Aug. 4th)
Dan Gilbert’s Rock Entertainment Group paid a $250M expansion fee to bring the WNBA back to Cleveland as the league’s 16th team
The Sirens have already secured 9,000 season-ticket deposits, with branding built around Lake Erie and an identity distinct from the Cavaliers [ESPN]
LSU reportedly secures $100M+ private equity investment tied to future football media rights (Aug. 4th)
Transfers 10% of LSU football’s program value in exchange for immediate capital, with investors earning a minimum return or share of future media-rights upside
LSU can repurchase the stake after five years, creating near-term liquidity for athletics while preserving a path to reclaim full ownership [SBJ]
Big Ten and SEC back landmark college sports bill that could more than double athlete revenue sharing (July 31st)
The Protect College Sports Act would grant the NCAA antitrust protections while tightening transfer, eligibility and NIL rules
Revisions could raise schools’ athlete-compensation capacity above $40M annually while limiting NIL workarounds through affiliated rights partners [The Athletic]
U.S. World Cup host cities chase FIFA for millions in unpaid legacy contributions (Aug. 4th)
FIFA executives reportedly promised each of the 11 U.S. host cities a $1M legacy payment, but the funds have yet to be distributed
Cities absorbed billions in public costs while the governing body generated more than $15B during the 2023-26 cycle [The Athletic]
International 🌍
FIFA scraps $4.2B World Cup investment deal with Josh Kushner’s Thrive Eternal as pressure mounts on Gianni Infantino (July 30th – Aug. 1st)
FIFA abandoned plans to sell a 21% stake in its commercial and event operations after UEFA, Concacaf and the AFC rejected the proposal
The collapse leaves Infantino politically vulnerable after internal executives revolted and Thrive Eternal’s proposed investment became a flashpoint [The Athletic] [The Athletic]
Brookfield completes takeover of Oaktree, the investment firm that owns Inter Milan after seizing the club from Suning (Aug. 5th)
Brookfield reportedly paid $3B for Oaktree’s remaining 26%, valuing the asset manager at roughly $11.5B
The deal gives Brookfield full control of Inter as the owners reportedly weigh a sale following the club’s financial turnaround [Sportcal]
Palo Alto Networks CEO Nikesh Arora’s consortium offers more than $1B for NBA Europe’s proposed London expansion team (Aug. 2nd)
The Palo Alto Networks CEO is leading the same investor group that acquired 49% of The Hundred’s London Spirit
The bid reflects strong demand for NBA Europe franchises, with the league targeting a 16-team launch in late 2027 [The Athletic]
Battersea Power Station site considered for NBA Europe’s proposed London arena (Aug. 4th)
Undeveloped land within the 42-acre redevelopment is among several locations being evaluated for a purpose-built arena
The venue search comes as Nikesh Arora’s consortium and Saudi Arabia’s PIF compete for the London franchise ahead of NBA Europe’s planned 2027 launch [The Athletic]
Liverpool targets U.S. retail expansion as it builds toward 40 global stores by 2030 (Aug. 3rd)
The club is in advanced discussions to open permanent U.S. stores, with America already generating 26% of its international retail sales
Liverpool views physical retail and improved e-commerce as controllable revenue streams that can support higher spending under financial fair play rules [Sportico]
Emerging Properties
LIV Golf says new investor agreement could fund the league through 2030 as Saudi PIF exits (Aug. 5th)
CEO Scott O’Neil said an undisclosed lead investor has signed a board-approved term sheet, though the funding amount and investor identity remain unclear
LIV’s proposed reset would make players majority equity holders, return their NIL rights and feature 10 annual events across the U.S. and international markets [The Athletic]
Churchill Downs, NYRA, Fox and NBC launch six-race Thoroughbred Championship Series beginning in 2027 (Aug. 3rd)
The series will span the Kentucky Derby, Belmont Stakes, Travers Stakes and three additional races from May through September
NBC championship race at Churchill Downs creates premium media and sponsorship inventory while extending fan interest beyond the Triple Crown window [SBJ]
Athletes Unlimited pauses its 2027 basketball season as competing women’s leagues reshape the player market (July 31st)
The league will sit out 2027 with no players under contract, though a return in 2028 or later remains possible
Rising WNBA salaries and competition from Unrivaled and Project B have weakened AU’s roster pipeline despite broader growth in women’s basketball [FOS]
Real Estate Deals
Derek Jeter-backed ALUM launches luxury private clubs and condo-hotels in major college towns (Aug. 4th)
Each property will combine a members’ clubhouse, luxury residences, premium dining and year-round game-day programming near campus
Developing first 68-unit project in Tuscaloosa and planning 30-40 locations; Legends will operate the clubs and support university relationships [ALUM]
TMRW Sports selects Populous to design the first purpose-built professional flag football stadium with Transwestern leading host-city search (July 29th)
The modular venue will prioritize broadcast sightlines, intimate fan viewing, premium hospitality and integrated sponsorship opportunities
Transwestern is leading the host-city search as TMRW Sports and the NFL prepare to launch the league before the 2028 Los Angeles Olympics [TMRW]
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INVESTMENTS
M&A
Most Valuable Promotions and PFL merge to create a global combat sports platform under the MVP brand (July 30th)
The combined company will unite boxing, MMA, live events and global distribution while featuring nearly 400 athletes
MVP gains PFL’s international infrastructure and 34 media partners, while 885 Capital and Knighthead commit new capital to accelerate growth [PFL]
Underdog’s $1.3B sale to IG Group reveals 950K+ monthly users and a sharp profitability turnaround (July 30th)
IG Group will pay at least $1.1B, repay roughly $160M of debt and could add a $200M earnout, while Underdog remains independently operated
Underdog averaged 952.5K monthly users and generated $59.6M of first-half EBITDA as its owned prediction exchange becomes a central growth driver [Sportico]
Aser Ventures explores selling part of its DAZN stake to fund expansion across sports and technology (July 29th)
Andrea Radrizzani’s investment firm is considering financing, hybrid or equity options that could reduce its minority holding in DAZN
The move would unlock capital for new investments as DAZN restructures for future fundraising and a potential public listing [Reuters]
Axum Capital Partners acquires controlling stake in BARCODE alongside NBA star Victor Wembanyama (Aug. 6th)
Charlotte-based private equity firm partners with Wemby, who remains a shareholder and strategic advisor, to scale the performance hydration brand [BARCODE]
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STARTUPS & TECHNOLOGY
Startup Fundraising
Function Health secures $450M in growth financing from General Catalyst to scale its longevity platform and pursue further health-tech acquisitions (July 31st)
Expanding its $365 annual membership, which combines 160+ lab tests with optional full-body MRI screening
After acquiring Ezra, Getlabs and SuppCo, Function is building an integrated health operating system and remains open to future M&A [Athletech]
USTA Ventures invests in Rec to modernize public tennis court access nationwide (Aug. 6th)
Rec’s AI-powered platform simplifies court bookings, lesson registration and coach discovery across nearly 100 U.S. cities
The investment supports the USTA’s goal of reaching 35M players by 2035 while improving access for the 40% of players who use public parks [USTA]
Product Launches
Novig launches federally regulated sports prediction market nationwide after receiving CFTC approval (Aug. 4th)
The platform adds instant live trading, deeper liquidity and expanded payment options while maintaining a 21+ age requirement
With more than $6B in cumulative volume, Novig can now scale nationally through its own designated contract market and enhanced compliance infrastructure [Novig]
Disney explores free ad-supported streaming service as ESPN expands its use of AI (Aug. 5th)
The proposed FAST or AVOD product would target price-sensitive viewers, expand Disney’s advertising inventory and drive new customers toward Disney+
ESPN is already using AI for personalized highlights, new ad formats, live captioning and automated clipping through products like SportsCenter for You [SBJ]
Former Intel president Renée James launches Rule42 to modernize amateur athlete discovery with AI (Aug. 5th)
The platform will help athletes build visibility while giving scouts and teams faster, more objective tools to identify and track talent
Rule42 will initially focus on baseball and softball before expanding its sport-agnostic technology into additional amateur sports [Rule42]
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STRATEGIC VENTURES
Media Deals & Updates
Polymarket adds Genius Sports and ATP Tour rights to strengthen its U.S. sports prediction platform (Aug. 4th)
Genius Sports will provide live streams, official data and integrity monitoring across properties including Serie A
Polymarket also gains U.S. streaming rights to roughly 20,000 ATP and Challenger matches, pairing live coverage with in-game prediction markets [SportCal]
Netflix agrees to pay $200M for U.S. and Canadian rights to the 2027 FIFA Women’s World Cup (July 30th)
The streamer also secured rights to the 2031 tournament, with future economics expected to depend on the commercial performance of the 2027 event
The record deal strengthens Netflix’s live sports strategy while supporting FIFA’s goal of generating $1B from the next Women’s World Cup [HITC]
DirecTV and EverPass extend NFL Sunday Ticket distribution across 300K+ commercial venues (July 31st)
DirecTV for Business will continue delivering Sunday Ticket to bars, restaurants, hotels and casinos under a new multi-year agreement
DirecTV also becomes EverPass’ sales and preferred distribution partner, helping migrate commercial customers toward its streaming platform [SBJ]
Minnesota Timberwolves name DAZN exclusive local streaming partner with 15 games available free (July 30th)
Launching team-branded subscription service carrying local games, pre- & postgame coverage, highlights and original content across the Timberwolves’ broadcast territory [Timberwolves]
NWSL terminates Victory+ media rights deal over unfulfilled payments less than one year into the partnership (July 30th)
The league will move Victory+’s 57-match package to its free NWSL+ platform without changing the broader broadcast schedule
The split adds to Victory+’s instability after the Rangers exited and the Ducks signaled plans to leave amid financing and payment issues [The Athletic]
ESPN becomes exclusive streaming home of the Women’s Pro Baseball League’s inaugural season (July 30th)
Streaming all 37 games, including the full regular season and postseason; 11 games also airing on Scripps Sports Network
The deal gives the first U.S. women’s professional baseball league since 1954 national distribution as it launches with four teams in Springfield, Illinois [USA Today]
Other Partnerships
Polymarket becomes an Official Prediction Market Partner of the New York Yankees (Aug. 6th)
The deal includes Yankee Stadium LED and home-plate signage, premium hospitality and exclusive fan experiences for the remainder of the 2026 season
The partnership extends Polymarket’s MLB presence into team-level sponsorship as it expands across major leagues and franchises [Polymarket]
Paris Saint-Germain signs Google Gemini and Pixel as premium partners through 2029 (Aug. 3rd)
Google Gemini becomes PSG’s Official AI Assistant, while Google Pixel becomes the club’s Official Smartphone
The partnership will integrate Google technology across content creation, club operations and a dedicated innovation space at Parc des Princes [PSG]
Kings League partners with Shikenso to measure sponsorship value across its global competition ecosystem (July 31st)
Shikenso will track video and social media exposure across nine leagues and two annual World Cups
Gives sponsors standardized valuation across Kings League’s global streaming footprint, which recently generated 120M+ cumulative World Cup viewers [Shikenso]
WTA Ventures appoints IMG to produce and distribute coverage across 50+ annual events (Aug. 5th)
Beginning in 2027, IMG will oversee broadcast production, venue connectivity, global distribution and short-form content across the WTA Tour
The deal expands IMG’s broader WTA relationship by adding end-to-end production to its existing media rights and commercial responsibilities [IMG]
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JOB BOARD
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