Matchroom is an entity that is far more than just a British boxing promotion. As a matter of fact, there are multiple Matchroom branches, both in the UK and even in the USA. Their financial filings were released a few weeks ago, so we scrutinized them, crunched some numbers and have those findings here in an easy to understand dissection. Everything fro…

The UFC contract has long been the blueprint by which all other promotions modeled their own contracts upon, so it stands to reason that most contracts look similar. That said, some promotions go the extra mile to be even more draconian and restrictive than their predecessors. PFL is certainly trying to outdo all the others with theirs.

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We were able to obtain a copy thanks to a lawsuit in Brazil where Manoel Sousa de Araujo sued PFL for breach of contract. You can follow along as we break down each section. Just click the link below to download the PDF.

At the beginning of the show, we touch down once more on the UFC antitrust case settlement to look at why the introduction of the class action waiver became the cudgel that likely pushed the Plaintiffs to settle. Here’s our outline for Part 1, which we’re giving away on the house. Part 2 will be available Wednesday, but it will be behind the paywall.

Part 1 Outline

* What are we looking at and how did we get it?

* If we look at the Exclusive Promotional Fight Agreement, sec 4 terms, what does it say?

* Sec 6 Compensation. How does this work on the contract?

* We like to check on the incidentals, what do PFL fighters get in sec 8?

* Anything noteworthy in sec 11 PFL’s rules and code of conduct?

* We now go to exhibit A - terms & conditions. Under promotional rights and MMA bouts, who, according to section 3.5, gets to determine the rules?

* Sec 4, promotional activities. What’s expected of the fighters?

* In your highlighted section (Exclusivity), what happens if a fighter breaches this section?

* Section 7 fighter obligation: What is a fighters obligation to be on time and what is the punishment for failing to do so?

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Now that the UFC antitrust case has ended with a settlement, many are left wondering what the detail of it are aside from the settlement total the community was given. As it stands right now, we know the amount was for $335M and that both cases were settled. Outside the 50 day suspension of the trial (so they can wrap the case) and an order for both parties to file a status report on or before May 1, 2024.

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John Nash, Jason Cruz and Paul Gift (aka the Show Money Podcast) break down the details, provide explainers for terminology and give likely scenarios that could come into play, especially since the second case will see so few of its athletes compensated. Even the first case has some exclusion from inside the Plaintiff’s pool. It’s a must-listen episode and it’s 100% free.

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Earlier today, it was announced that the Plaintiffs (the fighters) in both UFC antitrust cases have reached a settlement with the Defendant (UFC/Zuffa) in the amount of $335M—a figure that will end up being tax deductible for the UFC. No further details were released other than a 50 day suspension of the case (to approve the settlement) and an order for both parties to file a status report on or before May 1, 2024.

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We break down some important factors that will come into play as the final stages of this case get resolved. The episode is brief, but answers the following questions:

* How many fighters are represented in the Le v Zuffa case?

* How many fighters are represented in the Johnson v Zuffa case?

* How many fighters from each of the cases will be eligible for settlements?

* How the $335M amount may have been reached

* How the amount falls in line with recent National Association of Realtors antitrust case

* Method fighters will likely get paid

* Method attorneys will likely get paid

* Possibility of contractual changes

* Why class waivers are such a big deal

* Would other promoters be able to pick up the mantle and file suit against the UFC?

* Would there be reasons why they shouldn’t?

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In part 1 of our UFC antitrust case primer, we went through the suit, starting with its inception, then going through the entire process. We broke down legal terminology, who the named Plaintiffs are and who the Defendant is, when they filed and why it took so long to get to trial. There is also a thorough explainer of how there came to be a second anti…

After being in what seemed like limbo for the better part of a decade, the UFC antitrust case is finally headed to trial in about four weeks. The Plaintiffs (the fighters) will present their case via a crack team of attorneys including MMAFA founder Rob Maysey. The Defendant, better known as Zuffa and/or the UFC, has already gone through a string of set…

In our latest episode, we discuss several topics, starting with the sale of Bloody Elbow and subsequent deletion of all its UFC antitrust content, as well as anything highlighting their business practices. There is an interesting conspiracy theory floating around, and it’s one that doesn’t seem too far-fetched, so we led the conversation with that.

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We also look at the UFC’s increasing use of right wing politicking to further their business enterprise. Just this past Saturday at UFC 299, Donald Trump made yet another appearance at a UFC PPV event. Fun fact, of the last five PPVs, Trump has attended three of them.

Finally, we take a look at Saudi Arabia’s increasing presence in combat sports, especially in boxing. They’ve had two big events but how do they plan to monetize their shows? And will they stick to boxing or will they branch out further with reinforced investment in the PFL?

Episode 42 Outline

* Bloody Elbow discussion

* The UFC’s shift to the right for sponsorship

* Benefits to having Trump in office with regard to the antitrust case

* A Trump presidency over a Biden presidency

* How Joshua and Ngannou did business-wise

* Did Ngannou make a mistake with his career?

* Who is running boxing in Saudi Arabia?

* Is this sports washing?

* What is Saudi Arabia trying to do?

* Is there a better plan for them?

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Francis Ngannou got away and we’re so very happy he did. Going from a $600K payday in the UFC—all because of the UFC’s hard-nosed tactics at the negotiation table—to a 10-figure purse in your second boxing match is unheard of unless your name is Conor McGregor. Ngannou may be giving the Irish superstar a run for the money in that regard very soon, and might even wind up on the coveted Forbes List this year. But how did he get there?

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The long and the short of it is that he bet on himself and waited for the terms of his sunset clause to come to their conclusion, and then he took the Francis Ngannou show on the road. First stop, Riyadh, where he took the lineal heavyweight boxing champion of the world to a split decision that many in the community felt he won. He even put the champ on the canvas. Impressive for a pro debut, to say the least.

Now, he’s set to take on the number one contender in the world, a former champion in Anthony Joshua, and he’ll be doing it for a huge payday. After it’s all said and done, Francis could be looking at a $30M - $40M payday in his second pro bout. And the best part is he doesn’t have to give up a percentage of that to his MMA promoter, as the UFC requires.

Let’s take a look at some of the topics we covered in this episode:

1. How much do we think Ngannou is making for this fight?

2. How much is Joshua making?

3. What is PFL going to be watching to come out of this match?

4. There is a Harvard case study that came out, what does that say about Ngannou's PFL contract? Does it give us any info on what the terms are? How much he is getting paid? 

5. When we look at what Ngannou is making, one would think other fighters would try to follow his path. Why haven't we seen other UFC fighters do what he did?

6. What are the changes the UFC made in their contracts that prevents other fighters from doing what Francis did?

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TKO Group Holdings, the conglomerate that went public last fall after the merger of the UFC with the WWE, released its full 2023 financial results last week. Having reported on their SEC and investor reports for the first and second quarter of last year, I am once again only going to focus on what we learn about the UFC’s finances from their 8-K, 10-K and earnings call.

The big takeaway is that everything was gold for the UFC, setting records in almost every category. They saw increases in their revenue (including increases in each of the four segments that make up revenue), an increase in their EBITDA, and, in some good news for their fighters, even an increase in their athlete costs AKA fighter pay.

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REVENUE

In 2023, the UFC delivered record financial results once again. Total revenue increased 13%, from $1.140 billion to $1.292 billion, an increase of $152 million. A breakdown of the individual segments is as follows:

* Media rights and content fees were up 10%, from 2022, going up $76.2 million from $794 million to $871 million last year. “The increase in media rights and content fees was primarily related to higher domestic and international rights fees resulting from increases in contractual revenues, higher fees associated with international renewals and one additional pay-per-view event in 2023 as compared to the prior year period.”

* Live events revenue were up 34%, a $42.6 million increase to a record $168 million, driven by growth in ticket revenues and site fees. “The increase in live events revenue was primarily related to 5 additional events with a live audience (26 in 2023 as compared to 21 in the prior year) and higher site fees.” In 2021 they sold out 20 live events with seven of them now ranking among the top 20 highest grossing UFC events of all time.

* Sponsorship revenue were up $29.5 million over the previous year, an 18% increase to another record $196 million. This was driven by new brand partners and renewal increases.

* Consumer product licensing was up from $53.6 million in 2022 to $57.3 million last year.

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Ryan Garcia has once again called out UFC’s bantamweight champion Sean O’Malley. Boxing’s babyfaced superstar engaged in a back-and-forth on X (formerly Twitter) with the UFC bantamweight champion, prompting many to wonder if Oscar De La Hoya’s Golden Boy Promotions would be able to co-promote a fight with the UFC between the two sluggers. O’Malley has issued his own boxing callout last year, only it was to Gervonta Davis. Garcia actually replied back then, suggesting a fight of his own with O’Malley.

Now, with a title fight already made official with super lightweight champion Devin Haney, Garcia is looking to “Sugar” Sean again. How serious he is remains to be seen, but this latest conversation began with Ryan posting the following:

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“I’d fight Sean O’Malley in the UFC that’s it but Dana you’d have to cut me that real check.”

O’Malley quickly replied back.

“Brother I KILL YOU within minutes” and from there, the would-be UFC star kept the ball rolling with one more round of chest thumping.

“say less for real set it up rainbow head” and followed up with one last post, “Alright rainbow head, There is only one way to find out… Dana let’s do this”

Garcia would then guest on The MMA Hour where he doubled down on his callout, vowing to “destroy” O’Malley. Is there a even a snowball’s chance in the hot place that a co-promotion could happen to make this contest a reality? John Nash weighs in on the callout, as well as Garcia’s claim that by year’s end, he will have made in the neighborhood of $100M.

1. PFL vs Bellator event

* What, if anything, does Bellator winning 5-1 say about the two entities and PFL's acquisition of Bellator?

* Do we think it was successful for PFL? With PPV sales or with the Saudis?

* Do we think PFL is happy that Renan Ferreira beat Ryan Bader? Do we think FRancis Ngannou was happy with it and do we think they actually fight?

* Does Ngannou have to fight in the PFL?

2. Who do we think invited Jones to the PFL?

* What do we think about the questions they asked him, specifically about fighting Ngannou?

* Is there any chance we can see Ngannou vs Jones?

3. What do we think is going on with Conor McGregor and the UFC? 

* McGregor says he wants to fight, while Dana says he's not interested (because he's rich) and Michael Chandler says it's definitely happening. 

* Could he use the Ali Act to get out of his contract?

4. Zuffa's list of witnesses

* Who is testifying on behalf of the UFC? Any surprises?

* Are they being subpoenaed or volunteering to testify for the UFC?

* Could it backfire having some of these people testify?

5. Ryan Garcia’s callout of Sean O’Malley

* Could this fight realistically be co-promoted

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