Case | HBS Case Collection | July 2011 (Revised November 2012)

Ultimate Fighting Championship: License to Operate (A)

by George Serafeim and Kyle Welch


The case describes the challenges that Ultimate Fighting Championship faced as a result of regulatory opposition and loss of the license to operate. The genesis of the business idea, the subsequent growth, and the fall of the UFC are described. The case concludes with Lorenzo Fertitta deciding whether to invest in the company.

Keywords: Governance Compliance; Ethics; Judgments; Investment; Sports Industry; Entertainment and Recreation Industry;


Serafeim, George, and Kyle Welch. "Ultimate Fighting Championship: License to Operate (A)." Harvard Business School Case 112-011, July 2011. (Revised November 2012.)