Already an inventor, entrepreneur, rocketeer and worth an estimated US$173bn – hand-to-hand hand combat was perhaps the glaring omission on Elon Musk’s Avengers application form, that was until his entry into cage fighting.
The Tesla and SpaceX boss was on Wednesday named as a director nominee of UFC owner Endeavor Group Holdings, pending a purchase of shares by the rocketman.
Media outlets have been quick to speculate that Musk’s involvement precedes a fresh attempt to take Endeavor public following a failed float in 2019.
Endeavour also owns the WME ‘mega’ talent agency which counts Dwayne Johnson (‘The Rock’), Oprah Winfrey, Lebron James, Serena Williams, Adele, and Ricky Gervais among its litany of star clients.
The talent agency is backed by Hollywood ‘power broker’ Ari Emanuel who in 2016 led a US$4bn takeover of the mixed martial arts company, along with a consortium of investors that included Hollywood and music A-listers such as Ben Affleck, Mark Wahlberg, Sylvester Stallone, Michael Bay, LL Cool J, Calvin Harris, Adam Levine, and Anthony Kiedis.
That saw Las Vegas casino operators and brothers Frank and Lorenzo Fertitta cash out of the UFC, which they bought for just US$2mln back in 2000.
Adding Elon Musk, and the army of millennial investors that follow is every move – including buying up cryptos, NFTs, and EV shares – is expected to resuscitate the UFC’s stock market ambitions.
In 2019, the planned US400mln share sale to public investors was choked out only a day before it was due amidst weak demand.
Musk’s anticipated investment may, meanwhile, further support for the company.
Reuters, in a report, noted a regulatory filing by Endeavour which disclosed that it had agreed to take full ownership of the UFC and that its long-term debt stands at some US$5.9bn.
A share sale to several existing and new shareholders would raise US$1.77bn, according to Reuters, meanwhile, documents for a placeholder US$100mln IPO had also been filed.
If it proceeds its intended that the shares would trade on the New York Stock Exchange under the symbol ‘EDR’.
Story by ProactiveInvestors
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