Former UFC owners reveal their next move

They bought the MMA organisation for $2m in 2000 and sold it for $4.2bn last year

Former UFC owners reveal their next move

Lorenzo Fertitta with Conor McGregor / thenotoriousmma / Instagram

The duo behind the transformation for the UFC - which they sold to WME-IMG for a reported fee of $4.2bn last year - have announced their next business move.

Frank and Lorenzo Fertitta have launched their own private investment firm called Fertitta Capital.

Nakisa Bidarian - the UFC's former CFO - will serve as the new vehicle's CEO.

It has put together a $500m war chest to invest in, "consumer-facing companies in the technology, media and entertainment sectors."

Lorenzo Fertitta commented, "There is tremendous opportunity in the market for a firm that combines patient capital with this unique team of experienced investors and operators.

"Our long-term view enables us to avoid mandated investment timelines and instead focus exclusively on what really matters - understanding the needs of the companies we partner with and helping them achieve their operational and financial objectives."

Wolfgang Thieme/DPA/PA Images

The brothers are heirs to a Las Vegas casino empire and the family owns a stake in Red Rock Resorts.

The $4.2bn paid to purchase the UFC was the largest sum ever paid to buy a sporting organisation. The company grossed $600m in 2015.

In 2011, The New York Times labelled the meteoric rise of the company "one of the greatest feats of financial alchemy in the history of sports."

You can read about how they transformed the company here.